Regulatory AlertsOJK Regulation No. 21 of 2024 on Periodic Reports of Pension Funds
The Financial Services Authority (OJK) issued Regulation No. 21 of 2024 to consolidate and streamline the periodic reporting requirements for pension funds in Indonesia. This regulation mandates that pension funds submit monthly, annual, and other reports electronically to the OJK, replacing the fragmented reporting obligations of the previous regulation. It also establishes strict deadlines for submissions, requires accurate data correction based on OJK supervision, and officially repeals the prior Regulation No. 5/POJK.05/2018.
Regulation of the Financial Services Authority Republic of Indonesia Number 21 of 2024 concerning Periodic Reports of Pension Funds
Abstract: To implement the provisions of Article 181 paragraph (3) and Article 182 paragraph (5) of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, and to adjust the regulations of Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds to the developments of the pension fund industry in Indonesia, it is necessary to establish a Financial Services Authority Regulation concerning Periodic Reports of Pension Funds.
The legal basis for this Financial Services Authority Regulation (POJK) is: Law No. 21 of 2011 as amended by Law No. 4 of 2023; and Law No. 4 of 2023.
Pension funds are currently required to submit reports to the Financial Services Authority with varying frequencies and scattered across several separate regulations. Given the diversity of report types that must be submitted by the pension fund industry to the Financial Services Authority, it is necessary to re-evaluate the quantity and types of reporting. This is expected to eliminate duplication of report requests and integrate pension fund reporting information, thereby facilitating pension fund operators and the Financial Services Authority in compiling and analyzing reports.
Furthermore, as mandated by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector, it is necessary to refine the regulations in Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds regarding the obligation of pension funds to submit public disclosure reports to participants and/or the public, and due to substantive changes in the main provisions of Law Number 11 of 1992 concerning Pension Funds, which allows Employer Pension Funds to operate 2 (two) pension programs, namely defined benefit pension programs and defined contribution pension programs.
Managers are responsible for the preparation and presentation of Periodic Reports that are complete, accurate, and timely.
Pension funds are required to submit Periodic Reports to the Financial Services Authority in the form of: a. Monthly Reports submitted no later than the 10th day of the following month; b. Annual Reports submitted no later than April 30 of the following year; and c. Other Reports submitted according to the time limits regulated in Financial Services Authority Regulations or other statutory regulations requiring the submission of such reports.
Pension funds are required to submit Periodic Reports to the Financial Services Authority electronically through the Financial Services Authority's reporting system.
In the event that errors in information are found based on the results of the Financial Services Authority's supervision over the Monthly Reports submitted by Pension Funds, the Pension Fund is required to submit corrections using the results of such supervision.
In the event that the Financial Services Authority's reporting system experiences technical disturbances or force majeure, preventing the Pension Fund from submitting Periodic Reports and/or corrections to Monthly Reports, the Financial Services Authority will notify the Pension Fund of the occurrence of technical disturbances or force majeure.
Note: This Financial Services Authority Regulation takes effect on June 1, 2025. This Financial Services Authority Regulation was promulgated on December 3, 2024, and established on November 25, 2024. Upon the entry into force of this Financial Services Authority Regulation, the implementation provisions of Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds remain in force insofar as they do not conflict with this Financial Services Authority Regulation. Upon the entry into force of this Financial Services Authority Regulation, Financial Services Authority Regulation Number 5/POJK.05/2018 concerning Periodic Reports of Pension Funds is repealed and declared invalid.
Explanation: 6 pages.