Financial Services Authority Regulation Number 17/POJK.05/2016 Concerning Pension Fund Technical Reports

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 17/POJK.05/2016
CONCERNING
PENSION FUND TECHNICAL REPORTS
BY THE GRACE OF GOD THE ALMIGHTY
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering:
a. that in order to implement the provisions of Article 52 of Law Number 11 of 1992 concerning Pension Funds and to enhance supervision to be more effective and efficient for the pension fund industry, it is necessary to have pension fund technical reports that convey up-to-date and accurate operational technical data and information; b. that based on the considerations as referred to in letter a, it is necessary to establish a Financial Services Authority Regulation concerning Pension Fund Technical Reports;

Recalling:

1. Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Additional State Gazette Number 3477);

2. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Additional State Gazette of the Republic of Indonesia Number 5253);

3. Government Regulation Number 76 of 1992 concerning Employer Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 120, Additional State Gazette Number 3507);

4. Government Regulation Number 77 of 1992 concerning Financial Institution Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 127, Additional State Gazette Number 3508);

DECIDING:

To establish:
FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING PENSION FUND TECHNICAL REPORTS.

CHAPTER I
GENERAL PROVISIONS

Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Pension Fund is a legal entity that manages and runs a program promising pension benefits.
2. Founder is:
   a. a person or entity that establishes an Employer Pension Fund; b. a bank or life insurance company that establishes a Financial Institution Pension Fund.
3. Technical Report is a report submitted by the Pension Fund to the Financial Services Authority, which presents information regarding membership and operational activities of the Pension Fund for 1 (one) year.
4. Financial Services Authority, hereinafter abbreviated as OJK, is the Financial Services Authority as referred to in Law Number 21 of 2011 concerning the Financial Services Authority.

CHAPTER II
OBLIGATION TO SUBMIT PENSION FUND TECHNICAL REPORTS

Article 2
Pension Funds are obligated to submit Technical Reports annually to the OJK c.q. the Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution Supervision.

CHAPTER III
FORM AND STRUCTURE OF THE REPORT

Article 3
(1) The Technical Report shall contain at least information regarding:
a. Pension Funds and Pension Fund Founders; b. the implementation of the pension program;
c. pension program membership; and
d. pensioners and entitled parties.
(2) The submission of the Technical Report is accompanied by a statement regarding the completeness and truthfulness of the data, signed by the Pension Fund management, and accompanied by the Technical Report in digital format.

Article 4
(1) The Technical Report as referred to in Article 3 is prepared in accordance with the form and structure of the Technical Report.
(2) Further provisions regarding the form and structure of the Technical Report as referred to in paragraph (1) are regulated by an OJK Circular.

CHAPTER IV
REPORTING PERIOD

Article 5
(1) The Technical Report covers the activity period from January 1 to December 31 of the relevant year.
(2) Pension Funds whose establishment is approved by the OJK after January 1 of the Technical Report year must submit the report, with the activity period of the Technical Report calculated from the date of Pension Fund approval by the OJK until December 31 of the relevant year.

Article 6
(1) The Technical Report as referred to in Article 2 is submitted at the latest 3 (three) months after the end of the Pension Fund's activity period.
(2) The submission of the Technical Report as referred to in paragraph (1) can be done in the following ways:
a. handed directly to the Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution Supervision u.p. Head of IKNB 1B Supervision Department; b. sent via registered post office; or
c. sent via a courier/delivery service company.
(3) The date of submission of the Technical Report as referred to in paragraph (1) is:
a. the date of receipt of the Technical Report, if the Technical Report is handed directly to the Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution Supervision u.p. Head of IKNB 1B Supervision Department; and b. the date of shipment indicated in the shipping proof, if the Technical Report is sent via post office or courier/delivery service company. (4) If the final deadline for submitting the Technical Report as referred to in paragraph (1) falls on a holiday, the final deadline for report submission is the next working day.

CHAPTER V
ADMINISTRATIVE SANCTIONS

Article 7
(1) In the event that a Pension Fund is late in submitting the Technical Report, the Pension Fund Founder is subject to an administrative sanction in the form of a fine of Rp100,000.00 (one hundred thousand rupiah) for each day of delay, calculated from the first day after the final submission deadline as referred to in Article 6 paragraph (1) until the date of submission of the Technical Report. (2) The letter imposing the administrative sanction in the form of a fine is established by the Executive Head of Insurance, Pension Fund, Financing Institution, and Other Financial Services Institution Supervision on behalf of the OJK. (3) In the event that the Pension Fund Founder has not paid the fine as referred to in paragraph (1), the fine is declared as a debt of the Pension Fund Founder to the State and must be included in the financial report of the relevant Pension Fund Founder.

CHAPTER VI
CLOSING PROVISIONS

Article 8
At the time this OJK Regulation comes into force, provisions concerning Pension Fund Technical Reports are subject to this OJK Regulation.

Article 9
This OJK Regulation comes into force on the date of its promulgation.

To ensure that everyone knows it, it is ordered to promulgate this OJK Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on February 23, 2016
CHAIRMAN OF THE COMMISSIONERS
FINANCIAL SERVICES AUTHORITY,

signed
MULIAMAN D. HADAD

Promulgated in Jakarta on March 1, 2016
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA,

signed
YASONNA H. LAOLY

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2016 NUMBER 41 Copy in accordance with the original Legal Director 1 Legal Department

signed
Yuliana

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 17/POJK.05/2016
CONCERNING
PENSION FUND TECHNICAL REPORTS

I. GENERAL

That since December 31, 2012, the functions, duties, and authorities for regulation and supervision of financial services activities in the insurance, Pension Fund, financing institution, and other financial services institution sectors, as well as the capital market sector, have shifted from the Minister of Finance and the Capital Market and Financial Institution Supervisory Agency to the Financial Services Authority.

In relation to the above, it is necessary to reorganize the existing regulatory structure, particularly those related to Pension Funds, by converting regulations before the Financial Services Authority was formed into Financial Services Authority Regulations and their implementing regulations into Financial Services Authority Circulars. This reorganization is carried out so that there are Financial Services Authority Regulations concerning Pension Funds that are consistent with Financial Services Authority Regulations in other sectors.

Based on this background, it is necessary to replace the Pension Fund legislation regulating Pension Fund Technical Reports, namely the Minister of Finance Regulation of the Republic of Indonesia Number 100/PMK.010/2007 dated September 5, 2007 concerning Pension Fund Technical Reports as amended by the Minister of Finance Regulation of the Republic of Indonesia Number 22/PMK.010/2012 dated February 1, 2012 concerning Amendments to the Minister of Finance Regulation of the Republic of Indonesia Number 100/PMK.010/2007 concerning Pension Fund Technical Reports, into a Financial Services Authority Regulation concerning Pension Fund Technical Reports.

II. ARTICLE BY ARTICLE

Article 1
Clear enough.

Article 2
Clear enough.

Article 3
Clear enough.

Article 4
Clear enough.

Article 5
Clear enough.

Article 6
Clear enough.

Article 7
Clear enough.

Article 8
Clear enough.

Article 9
Clear enough.

ADDITIONAL STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 5855