TABUNG ANGKATAN TENTERA (AMENDMENT) ACT 2022

This Act comes into operation on a date to be appointed by the Minister by notification in the Gazette.

Amendment of section 2

in paragraph (3)(e), by inserting after the words

“appointed by the Minister” the words “on the advice of the Lembaga”; and

by inserting after subsection (3) the following subsections:

“(3a)  In determining whether a person is a fit and proper for the purposes of subsection (3), the Minister shall have regard to—

the probity, competence and soundness of judgment of the person in fulfilling his responsibilities as a member of the Lembaga;

and

the diligence with which the person is likely to fulfil his responsibilities as a member of the Lembaga.

Without prejudice to the generality of subsection (3), a person shall be disqualified from being appointed or being a member of the Lembaga, if he—

The circumstances referred to in subsection (3b)

shall be applicable to circumstances in or outside

Malaysia.”.

Amendment of section 6

in subsection (2)—

by inserting after paragraph (c) the following paragraph:

“(ca) a representative from the Ministry of

Defence;”;

by inserting after subsection (2) the following subsections:

“(2a)  For the purpose of paragraph (2)(a), the Chairman shall not be the Chairman of the Lembaga.

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In determining whether a person is a fit and proper for the purposes of subsection (2), the Minister shall have regard to—

Without prejudice to the generality of subsection (2), a person shall be disqualified from being appointed or being a member of the Investment

Panel, if he—

The circumstances referred in subsection (2c)

shall be applicable to circumstances in or outside

Malaysia.”.

Tabung Angkatan Tentera (Amendment)

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Substitution of section 8

by substituting for the shoulder note the following shoulder note:

“Contribution of servicemen”;

by inserting after subsection (1) the following subsection:

“(1a)  A serviceman may also request a further deduction exceeding ten per centum of his monthly salary as may be determined by the serviceman as his contribution to the Tabung and the amount of the contribution shall be credited to the account of the serviceman.”; and

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by substituting for the words “subsection (1)” wherever appearing the words “subsections (1) and (1a)”.

Amendment of section 9a

by substituting for the shoulder note the following shoulder note:

“Contribution of officers”;

by inserting after subsection (1) the following subsection:

“(1a)  An officer may also request a further deduction exceeding ten per centum of his monthly salary as may be determined by the officer as his contribution to the Tabung and the amount of the contribution shall be credited to the account of the officer.”; and

by substituting for the words “subsection (1)” wherever appearing the words “subsections (1) and (1a)”.

Amendment of section 11

by substituting for subsection (1) the following subsection:

“(1)  Subject to the provisions of this section, the Lembaga may, with the approval of the Minister, at or after the end of the financial year of each year, declare a rate of profit on the contributions to the Tabung based on the actual financial performance of the Lembaga for that year.”;

in subsection (2)—

by deleting for paragraph (a);

by inserting after subsection (2) the following subsections:

“(2a)  For the purpose of declaration of profit under subsection (1), the Lembaga shall be regarded as solvent if the Lembaga is able to pay its debts as and when the debts become due within twelve months immediately after the declaration is made.

The Lembaga may, from time to time as it considers necessary, appoint a qualified and independent actuary to assist the Lembaga in assessing its financial performance pursuant to this section and such assessment may be served as a guide to the Lembaga.”.

Amendment of section 12

by substituting for subsection (1) the following subsection:

“(1)  Subject to this Act, any amount standing to the credit of a contributor’s account under this Act may only be withdrawn—

on the death of the contributor;

when the contributor has been certified as physically or mentally incapacitated from engaging in the service;

on the contributor attaining the age of fifty years and, where the contributor is an officer, on the officer attaining the age of compulsory retirement;

thirty days after the contributor has retired from service; or

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thirty days after the contributor has been discharged from service.”;

in subsection (1a), by substituting for the words

“paragraph (1)(b) or (c)” the words “paragraph (1)(c),

or (e)”;

by inserting after subsection (1a) the following subsection:

“(1b)  For the purpose of withdrawal under paragraph 12(1)(a) or (b), the Lembaga shall authorize the withdrawal of all sum of money standing to the credit of the contributor’s account under this Act, if—

applied by the heir of the contributor on the death of the contributor; or

applied by the next of kin of the contributor who has been certified to be physically or mentally incapacitated from engaging in the service.”;

by inserting after subsection (2) the following subsection:

“(2a)  The contributor who has been discharged or has retired from service may opt to withdraw or retain any amount standing to the credit of his account in the Tabung and the amount standing shall be entitled to receive a rate of profit on the contributions retained in the Tabung under this Act.”; and

in subsection (3), by substituting for the words

“paragraph (1)(b)” the words “paragraphs (1)(d) and (e)”.

Substitution of section 15

by deleting subparagraph 1(1); and

by inserting after paragraph 2 the following paragraph:

“2a.  The Chairman or, in his absence, the member elected by the members of the Investment Panel present shall preside over the meetings of the Investment Panel.”.