THE AUSTRALIAN NATIONAL UNIVERSITY
Statute No.
SUPERANNUATION FUNDS (INVESTMENT AND MANAGEMENT) STATUTE
Citation | - This Statute may be cited as the Superannuation Funds (Investment and Management) Statute.
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Inter-
pretation | 2. In this Statute, unless the contrary intention appears - “Academic Cash Accumulation Fund” means the fund established for the purposes of the Staff Superannuation Scheme, being the scheme established and maintained by the Council pursuant to section 2 of the Staff Superannuation Statute; “Cash Accumulation Superannuation Fund” means the fund established for the purposes of the Cash Accumulation Superannuation Scheme, being the scheme established on 12 June 1959 by resolution of the Finance Committee of the Council; “1966 Supplementary Superannuation Benefits Fund” means the fund established pursuant to section 53 of the Staff Superannuation Statute; “superannuation fund” means – (a) the Academic Cash Accumulation Fund; (b) the Cash Accumulation Superannuation Fund; (c) the 1966 Supplementary Superannuation Benefits Fund; or (d) the Supplementary Superannuation Benefits Fund; “Supplementary Superannuation Benefits Fund” means the fund established pursuant to section 52 of the Staff Superannuation Statute; “University money” means any money held or invested by the University other than money belonging to a superannuation fund. |
Investment
of Super-annuation Funds | 3. (1) A superannuation fund may be invested in any way that Council may direct. (2) Without limiting the generality of sub-section (1), the Council may – (a) invest part or all of any superannuation fund with part or all of each of any one or more other superannuation funds; and (b) invest part or all of each of any one or more superannuation funds with University money. |
Records | 4. The Council shall keep separate accounts for each superannuation fund that record and explain each transaction in relation to the fund. |
Given under the Common Seal of The Australian National University
this Eighth day of May 1986.
(signed) Peter Karmel
Vice-Chancellor,
(SEAL)
(signed) W R Williams
Secretary.
I, the Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby approve the foregoing Statute.
dated 17 July 1986
(signed) Ninian Stephen
Governor-General
(signed) Susan Ryan
Minister for Education
Overview
The Superannuation Funds (Investment and Management) Statute 1986 was enacted to provide a clear legal framework for the management and investment of superannuation funds within the Australian National University (ANU). This statute was designed to address the need for a structured approach to the administration and oversight of superannuation funds, ensuring that these funds are managed in a manner that aligns with the best interests of the beneficiaries. Enacted by the ANU Council, the statute outlines the procedures for the investment of superannuation funds and mandates the maintenance of detailed records for each fund. The policy objective is to ensure that the superannuation funds are managed prudently and transparently, safeguarding the financial interests of the university's staff and other beneficiaries.
Scope and Application
The Superannuation Funds (Investment and Management) Statute applies to the specific superannuation funds managed by The Australian National University (ANU), including the Academic Cash Accumulation Fund, the Cash Accumulation Superannuation Fund, the 1966 Supplementary Superannuation Benefits Fund, and the Supplementary Superannuation Benefits Fund. The Act governs the investment and management of these superannuation funds, providing the University Council with broad authority to direct how these funds are invested. The Council is permitted to invest parts or all of any superannuation fund within another superannuation fund or with the University's general funds, known as University money. The Statute also mandates that the Council maintain separate and detailed accounts for each superannuation fund to record and explain every transaction. This legislation is specific to the ANU and its superannuation funds, with no stated geographic or jurisdictional limitations beyond the institution itself. There are no explicit exclusions, exemptions, or thresholds mentioned in the Statute, but the application of the Act may be further defined or restricted through subordinate instruments issued by the ANU Council.
Key Provisions
The Superannuation Funds (Investment and Management) Statute outlines the framework for the management and investment of superannuation funds within the Australian National University (ANU). Under section 3(1), it provides that a superannuation fund can be invested in any manner directed by the Council, offering flexibility in investment strategies. Section 3(2) further elaborates by allowing the Council to either invest part or all of a superannuation fund with other superannuation funds or to invest funds from different superannuation accounts into University money, promoting diversified investment practices.
The obligations imposed by the Act on the Council and other governing bodies are detailed primarily in sections 3 and 4. Section 3 mandates that the Council has the authority to direct the investments of superannuation funds, ensuring that these investments align with the strategic objectives of the ANU. Section 4, on the other hand, places a requirement on the Council to maintain separate accounts for each superannuation fund, ensuring that all transactions related to each fund are meticulously recorded and explained. This stipulation underscores the importance of transparency and accountability in the management of superannuation funds.
Breach of the provisions outlined in this Statute can lead to significant consequences. Although the Statute does not explicitly outline specific offences or penalties, non-compliance with the investment directives or the record-keeping requirements could potentially lead to legal challenges or administrative penalties. For instance, failure to maintain accurate records as mandated in Section 4 could result in accusations of mismanagement or misappropriation of funds, which may have serious legal repercussions. Additionally, improper investment decisions that do not adhere to the Council’s directions could lead to financial losses for the superannuation funds, prompting further scrutiny and potential legal action against those responsible for the mismanagement.