(1)  The Commission is to be the sole trustee of the Fund.

(2)  The functions of the Commission are to –

(a) manage the Fund so as to maximise the return earned on the Fund, having regard to –

(i) the need to provide for payments out of the Fund; and

(ii) the need to exercise reasonable care and prudence so as to maintain the integrity of the Fund; and

(b) administer the receipt of contributions and the payment of benefits having due regard to the need for equity among employees and beneficiaries; and

(c) collect contributions and to pay benefits; and

(d) establish policies in respect of the administration of these regulations and the investment of money standing to the credit of the Fund and to adopt strategies designed to achieve those policies; and

(e) determine, authorise and approve programs for the administration of these regulations and the investment of money standing to the credit of the Fund; and

(f) take, purchase, lease, hold, sell, exchange and dispose of real and personal property for the purposes of these regulations; and

(g) inform contributors about the management of the Fund, including making available to contributors, at least once a year, a summary of information relating to their entitlements; and

(h) provide for the payment of any taxation or surcharge liability imposed under the law of the Commonwealth on the Fund or in respect of any benefits payable by the Commission.

(3)  In performing its functions, the Commission must –

(a) act honestly in all matters concerning the Fund; and

(b) conduct its operations in an efficient, effective and economic manner; and

(c) exercise, in respect of all matters affecting the Fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another person for whom that person felt morally bound to provide; and

(d) ensure that the Commission's functions and powers are performed and exercised in the best interests of the beneficiaries and, in respect of Part 4 , having regard to the interests of the State; and

(e) keep the money and other assets of the Fund separate from any money and assets –

(i) that are held by the Commission in its own right; or

(ii) that are money or assets of the State or an Agency; and

(f) subject to these regulations, not enter into any contract, or do anything else, that would prevent the Commission from, or hinder the Commission in, properly performing or exercising its functions or powers; and

(g) formulate and give effect to an investment strategy that has regard to the whole of the circumstances of the Fund including –

(i) the risk involved in making, holding and realising, and the likely return from, the Fund's investments having regard to its objectives and its expected cash flow requirements; and

(ii) the composition of the Fund's investments as a whole, including the extent to which the investments are diverse or involve the Fund in being exposed to risks from inadequate diversification; and

(iii) the liquidity of the Fund's investments, having regard to its expected cash flow requirements; and

(iv) the ability of the Fund to discharge its existing and prospective liabilities; and

(h) if there are any reserves of the Fund, formulate and give effect to a strategy for the prudent management of those reserves; and

(i) allow a beneficiary access to any information or any documents to which he or she is entitled to access under an Act of the Commonwealth or of Tasmania.