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Government Employees Pension Law, 1996

Schedule 1 : Rules of the Government Employees Pension Fund

4. Management of the fund

4.11 Powers of the Board

 

Save for the appropriate provisions of the Law, the Board shall in the exercise of its powers and duties be entitled to:

 

4.11.1 raise money for the purposes of the Fund or borrow money as bridging facilities for a temporary cash deficit or to complete an investment, or to loan money;

 

4.11.2 invest, loan, advance on interest and place on deposit moneys not needed immediately for the current expenditure of the Fund or to deal therewith any in another way against such securities and in such a way as the Board may determine and to convert into money, adjust such securities, reinvest the proceeds thereof or to deal therewith in any other way as determined by the Board;

 

4.11.3 purchase, erect, sell, let or alienate movable or immovable property for purposes of the Fund;

 

4.11.4 prescribe in which way claims must be lodged against and handled by the Fund;

 

4.11.5 appoint any person, committee or body to perform such investigation, research or any other duty as instructed by the Board, subject to such conditions as the Board may determine and pay such person, committee or body from the Fund;

 

4.11.6 employ personnel or make any other suitable arrangement to administer the Fund and to manage the investments of the Fund;

 

4.11.7 determine the remuneration and other conditions of service of the personnel referred to in rules 4.11.5 and 4.11.6 and make such rules as in its discretion are necessary to regulate personnel matters;

 

4.11.8 pay from the Fund the expenditure connected with the management of the Fund's business;

 

4.11.9 in general take any steps necessary or perform any actions which are advantageous for the achievement of the Fund's objectives.

 

4.11.10 develop policies concerning the registration of spouses; and

 

4.11.11 develop policies concerning the payment of benefits in exceptional or extenuating circumstances.