Section 13
Section 13
A fund to be known as the Retirement Fund is established.
(2)
There shall be paid or transferred from time to time into the
Fund—
(a)
moneys appropriated from the Consolidated Fund to and for the purposes of the Fund;
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(b)
such sums as may be paid from time to time by the
Employees Provident Fund Board to the Fund under section 56 of the Employees Provident Fund Act 1991
[Act 452];
(c)
all monthly contributions made by employers and organizations to the Fund under section 8 of the Statutory and Local Authorities Pensions Act 1980 [Act 239];
(d)
moneys and such other property earned or arising from any investment of the Fund;
(da) moneys received by the Retirement Fund (Incorporated)
for services rendered by the
Retirement
Fund
(Incorporated) to the Government of Malaysia as its agent under section 4A; and
(e)
contributions from pensionable officers as may be prescribed in any law relating to pensions.
(3)
The moneys and property referred to in paragraph (2)(d) shall include—
(a)
moneys earned by the operation of any project, agency, scheme or enterprise undertaken by the Retirement Fund
(Incorporated);
(b)
any property, investment, mortgage, lease, tenancy, charge or debenture acquired by or vested in the
Retirement Fund (Incorporated) and moneys earned or arising therefrom; and
(c)
all other sums or property which may in any manner become payable to or vested in the Retirement Fund
(Incorporated) in respect of any matter incidental to its functions, powers or duties.
(4)
Notwithstanding subsections (2) and (3), there shall be paid to or vested in the Fund such moneys and property from any source or under any law or as the Minister may approve.
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(5)
The Fund shall be applied towards the cost of payment of any pension, gratuity or other benefit granted under any written law in such manner and at such times as shall be authorized by the Minister.
(6)
The Fund may be applied towards—
(a)
meeting all payments required to be made under this Act;
(b)
any investment authorized under this Act;
(c)
payments to satisfy any judgment, decision or award by any court or tribunal against the Retirement Fund
(Incorporated);
(d)
defraying the expenses, costs or expenditure properly and necessarily incurred by the Board in carrying out its duties;
(e)
the costs and expenses incurred for the establishment, incorporation or acquisition of a corporation or company under paragraph 4(3)(b) or (c);
(f)
remuneration, termination benefits of and the granting of loans and advances to employees, officers or servants of the Retirement Fund (Incorporated) in accordance with any regulation made under this Act or on such terms as the Board may decide; and
(g)
any administrative cost, expense, expenditure or other payment attributable or incidental to or in connection with the administration and management of the Fund and for carrying into effect the provisions of this Act.
(7)
Any person who causes moneys or any property to be paid or transferred out of the Fund in contravention of subsections (4), (5)
and (6) shall be guilty of an offence and shall, on conviction, be liable to a fine not exceeding two million ringgit or to imprisonment for a term not exceeding ten years or to both.
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