KUALA LUMPUR (Aug 4): The Armed Forces Fund Board, or better known as Lembaga Tabung Angkatan Tentera (LTAT), highlighted that the passing of the Tabung Angkatan Tentera (Amendment) Bill 2022 is expected to benefit almost 120,000 members of the Malaysian Armed Forces (MAF).

In a statement on Thursday (Aug 4), LTAT described the Bill, which was tabled by Deputy Minister of Defence Datuk Seri Ikmal Hisham Abdul Aziz and approved by the Dewan Rakyat on Aug 1, as a pivotal milestone in conjunction with the 50th anniversary of LTAT since its establishment in 1972.

“The board and management of LTAT would like to express our gratitude to the Senior Minister of Defence, Y.B. Dato’ Seri Hishammuddin Tun Hussein, for his full support to the amendments as well as appreciation to all Members of Dewan Rakyat who took part in the debate and supported the passing of the Bill.

“This signifies a new beginning in advancing LTAT’s transformation agenda to become a competitive and sustainable retirement fund that is able to safeguard the socio-economic position of almost 120,000 members of the MAF,” according to LTAT chief executive officer Datuk Ahmad Nazim Abdul Rahman.

The amendment of the Bill includes protecting contributions MAF members through Government guarantee that has been proposed as part of the amendment and enhancement of social security protection whereby contributors are allowed to contribute beyond the statutory rate without limit.

It also aims to strengthen the LTAT’s corporate governance by increasing qualified and experienced expertise and enabling restructuring of LTAT’s investment portfolio to ensure LTAT will be able to continue declaring competitive and sustainable dividends in line with other retirement funds.

The fund added the Tabung Angkatan Tentera (Amendment) Bill 2022 will be tabled at the Dewan Negara for approval before being sent for royal assent by His Majesty The Yang di-Pertuan Agong to become law.