there is no minimum funding requirement under the law. The RBTF exposes the Group and the Company to risks from interest rates from defined benefit being greater than expected due to assumptions such as salary increment or turnover rates not being borne out. The RBTF is also exposed to investment risks in relation to the assets of the plan. Any surplus in RBTF will be used to reduce any future contributions to be paid by the Group and the Company. The funding of the RBTF is based on recommendation of the actuary and approved by the Group and the Company. The contributions by the Group and the Company are based on 7.0% (2022: 7.0%) of the annual basic salaries of the members. The employees are not required to contributeto the plan. The Group and the Company expect to contribute 6.0% (2022: 6.0%) of the annual basic salaries of members to the plan in the next financial year. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 TENAGA NASIONAL BERHAD Integrated Annual Report 2023 260 24 EMPLOYEE BENEFITS (CONTINUED) Accounting Policy (continued) Defined benefit plans (continued) (ii) Post-Retirement Medical Benefit Scheme (‘PRMBS’) The Group and the Company operate a post-retirement medical benefits plan in Malaysia. The PRMBS is closed to new entrants effective on 1 September 1998 and 1 September 1990 for the Group and the Company, respectively. There is no minimum funding requirement under the current law. The PRMBS is unfunded. The PRMBS exposes the Group and the Company to risks from interest rates and from defined benefits being greater than expected due to assumptions such as projection of medical benefit costs and mortality not being borne out. There has not been any settlement or curtailment during the current financial year. The movements in the financial statements are as follows: RBTF PRMBS Total Defined benefit obligation RM’million Fair value of plan asset RM’million Net defined benefit liability RM’million RM’million RM’million Group At 1 January 2023 1,920.1 (1,854.3) 65.8 11,492.4 11,558.2 Included in