Section 8
Section 11 of the principal Act is amended—
of Tabung Angkatan Tentera (Amendment) Act 2022
(a)
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.”;
(b)
in subsection (2)—
(i)
by deleting for paragraph (a);
(ii)
in paragraph (ba), by substituting for the words
“as the actuary considers sufficient” the word
“sufficient”; and
Tabung Angkatan Tentera (Amendment)
(iii)
by substituting for paragraph (c) the following paragraph:
“(c) the Lembaga is satisfied with the ability of the Tabung to meet all payments required to be paid under this Act is not endangered by the declaration of the rate.”; and
(c)
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.
(2b)
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