The Armed Forces Fund Board (also commonly known by its Malay name Lembaga Tabung Angkatan Tentera and LTAT in short) is a

statutory body A statutory body or statutory authority is a body set up by law (statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being Primary and secondary legislation, empowered or deleg ...

which manages the

pension fund A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides pension, retirement income. The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the ...

for certain members of the

Malaysian Armed Forces The Malaysian Armed Forces (: MAF; ; Jawi alphabet, Jawi: ), are the armed forces of Malaysia, consists of three branches; the Malaysian Army, Royal Malaysian Navy and the Royal Malaysian Air Force. The number of MAF active personnel is 113,000 ...

. LTAT was established in August 1972 by the Armed Forces Fund Act (also known as the Tabung Angkatan Tentera Act). The fund is considered the smallest among Malaysian government-linked investment companies, and owns controlling stakes in several public listed companies in Malaysia, including Boustead Holdings and Affin Holdings. It is overseen by the

Ministry of Defence A ministry of defence or defense (see American and British English spelling differences#-ce.2C -se, spelling differences), also known as a department of defence or defense, is the part of a government responsible for matters of defence and Mi ...

. For officers, participation in the fund is voluntary, with no contribution towards their accounts by the Government of Malaysia. Armed forces members of other ranks (compulsory contributors) are required to contribute a portion of their monthly salary to LTAT, with the government contributing as employer. A compulsory non-pensionable contributor receives his/her retirement benefit in the form of a lump sum payment when he dies (next-of-kin), retires or is discharged from service, or reaches the age of 50. A compulsory pensionable contributor receives his/her retirement benefit on his/her death (next-of-kin), retirement or reaching the age of 50 in the form of a lump sum payment of his/her contribution, while the government-contributed portion is transferred to Retirement Fund (Incorporated) (the civil service pension fund) which then administers monthly pension payments. Voluntary members may withdraw their contributions at any time. The fund had RM10 billion in

assets under management In finance, assets under management (AUM), sometimes called fund under management, refers to the total market value of all financial assets that a financial institution—such as a mutual fund, venture capital firm, or depository institutio ...

at the end of 2017.

References

External links

* {{authority control Government-owned companies of Malaysia Age pension systems Social security in Malaysia Investment in Malaysia 1972 establishments in Malaysia Ministry of Defence (Malaysia) Public pension funds