Financial Services Authority Regulation Number 9/POJK.05/2014 Concerning the Dissolution and Liquidation of Pension Funds

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 9/POJK.05/2014
CONCERNING
THE DISSOLUTION AND LIQUIDATION OF PENSION FUNDS BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering: that in order to enhance protection for pension fund participants, provide legal certainty in the process of dissolution and liquidation of pension funds, and supplement existing legislation governing the dissolution and liquidation of pension funds, it is necessary to establish a Financial Services Authority Regulation concerning the Dissolution and Liquidation of Pension Funds; Recalling: 1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);
2. Law Number 11 of 1992 concerning Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 37, Supplement to the State Gazette of the Republic of Indonesia Number 3477);
3. Government Regulation of the Republic of Indonesia Number 76 of 1992 concerning Employer Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 126, Supplement to the State Gazette of the Republic of Indonesia Number 3507);
4. Government Regulation of the Republic of Indonesia Number 77 of 1992 concerning Financial Institution Pension Funds (State Gazette of the Republic of Indonesia Year 1992 Number 127, Supplement to the State Gazette of the Republic of Indonesia Number 3508);
DECIDING:
Establishing: A FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING THE DISSOLUTION AND LIQUIDATION OF PENSION FUNDS.

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

1. Financial Services Authority, hereinafter abbreviated as OJK, is the Financial Services Authority as referred to in the law concerning the Financial Services Authority;
2. Pension Fund is a legal entity that manages and runs a program promising pension benefits as referred to in the law concerning pension funds;
3. Employer Pension Fund is a Pension Fund formed by a person or entity that employs employees, as the founder, to carry out a defined benefit pension program or a defined contribution pension program, for the benefit of some or all of its employees as participants, and which creates obligations for the employer;
4. Financial Institution Pension Fund is a Pension Fund formed by a bank or life insurance company to carry out a defined contribution pension program for individuals, whether employees or self-employed workers, separate from the Employer Pension Fund for employees of the respective bank or life insurance company;
5. Pension Fund Regulations are regulations containing provisions that serve as the basis for the implementation of the pension program;
6. Defined Benefit Pension Program is a pension program where the benefits are determined in the Pension Fund Regulations or another pension program that is not a Defined Contribution Pension Program;
7. Defined Contribution Pension Program is a pension program where the contributions are determined in the Pension Fund Regulations and all contributions and their development results are credited to each participant's account as pension benefits;
8. Management Board is the management board of the Pension Fund;
9. Supervisory Board is the supervisory board of the Pension Fund;
10. Acting Management Board Official is an official of the Founder of the Financial Institution Pension Fund tasked with carrying out the operational activities of the Financial Institution Pension Fund;
11. Founder is:
    a. a person or entity that forms an Employer Pension Fund; or b. a bank or life insurance company that forms a Financial Institution Pension Fund;
12. Co-Founder is an Employer that participates in an Employer Pension Fund founded by the Founder, for the benefit of some or all of its employees;
13. Participant is any person who meets the requirements of the Pension Fund Regulations and has not yet received pension benefits;
14. Entitled Party is the party that has rights to pension benefits in the event that a Participant or pensioner dies, namely widow/widower, child, or a party designated by the Participant or pensioner if the Participant or pensioner is unmarried and has no children;
15. Liquidation Team is the party that carries out the liquidation process of the Pension Fund;
16. Chief Executive of Insurance, Pension Fund, Financing Institutions, and Other Financial Service Institutions, hereinafter referred to as Chief Executive, is a member of the OJK Commissioners tasked with leading the supervision of Insurance, Pension Fund, Financing Institutions, and Other Financial Service Institutions activities, as referred to in the law concerning the Financial Services Authority;
17. Commissioners is the board of commissioners as referred to in the law concerning the Financial Services Authority.

CHAPTER II
DISSOLUTION OF PENSION FUNDS
Article 2
(1) The dissolution of a Pension Fund may be carried out if:
a. The Founder submits a petition for the dissolution of the Pension Fund; b. The Founder is dissolved without resulting in a successor to the Founder; or
c. based on OJK's assessment:

1. the Pension Fund is unable to meet its obligations to Participants, pensioners, and Entitled Parties; and/or
2. the cessation of contributions can endanger the financial condition of the Pension Fund.
   (2) The dissolution of the Pension Fund as referred to in paragraph (1) is determined by OJK.

CHAPTER III
REQUIREMENTS AND PROCEDURES FOR DISSOLUTION OF PENSION FUNDS First Section Petition for Dissolution of Pension Fund
Article 3
(1) In the event of the dissolution of a Pension Fund for reasons as referred to in Article 2 paragraph (1) letter a, the Founder submits a written petition for the dissolution of the Pension Fund to OJK addressed to the Chief Executive. (2) The petition as referred to in paragraph (1) contains at least:
a. reasons or background for the dissolution of the Pension Fund; and b. proposal of the name of the candidate Liquidation Team.
(3) The petition as referred to in paragraph (1) must be accompanied by:
a. photocopy of identity proof of the candidate Liquidation Team members; b. curriculum vitae of the candidate Liquidation Team members; and
c. statement of the candidate Liquidation Team members that they are willing to be appointed as members of the Liquidation Team.
(4) The number of candidate Liquidation Team members as referred to in paragraph (2) letter b is at least 2 (two) persons, and one of them concurrently serves as the Chairman of the Liquidation Team.

Article 4
(1) In the event of the dissolution of a Pension Fund for reasons as referred to in Article 2 paragraph (1) letter b, the Founder's liquidator submits a written petition for the dissolution of the Pension Fund to OJK addressed to the Chief Executive at the latest 3 (three) months since the Founder was dissolved. (2) In the event that there is no Founder's liquidator, the submission of the petition for dissolution of the Pension Fund as referred to in paragraph (1) is carried out by the Founder. (3) The Founder meets the criteria for dissolution as referred to in Article 2 paragraph (1) letter b if:
a. the Founder is declared dissolved based on the dissolution procedure in the Founder's Articles of Association or legislation; b. the Founder is declared dissolved by the competent authority in accordance with legislation; or
c. the Founder's business license is revoked, in the case where the Pension Fund is in the form of a Financial Institution Pension Fund.
(4) The Pension Fund is required to report to OJK if the Founder meets the dissolution criteria as referred to in paragraph (3) letter a and/or letter b.
(5) The petition as referred to in paragraph (1) contains at least the proposal of the name of the candidate Liquidation Team.
(6) The petition as referred to in paragraph (1) must be accompanied by:
a. legal basis for the dissolution of the Founder as referred to in paragraph (3) letter a and/or letter b; b. photocopy of identity of the candidate Liquidation Team members;
c. curriculum vitae of the candidate Liquidation Team members; and
d. statement of the candidate Liquidation Team members that they are willing to be appointed as members of the Liquidation Team.
(7) The number of candidate Liquidation Team members as referred to in paragraph (5) is at least 2 (two) persons, and one of them concurrently serves as the Chairman of the Liquidation Team. (8) In the event that the Founder's liquidator or the Founder does not submit a petition as referred to in paragraph (1) or paragraph (2), OJK determines the dissolution of the Pension Fund. (9) The determination of the dissolution of the Pension Fund as referred to in paragraph (8) is accompanied by the appointment of the Founder's liquidator, Management Board, Acting Management Board Official, or other parties as the Liquidation Team.

Article 5
(1) The Pension Fund is assessed to meet the conditions as referred to in Article 2 paragraph (1) letter c number 1 if:
a. the Pension Fund experiences liquidity problems so that it is estimated unable to pay pension benefits up to 1 (one) year later; and/or b. for 3 (three) consecutive years, the Pension Fund with a Defined Benefit Pension Program is at funding quality level 3 (three) and the Pension Fund's solvency ratio is less than 50% (fifty percent). (2) The provisions as referred to in paragraph (1) letter b do not apply to Pension Funds that have been established for less than 5 (five) years. (3) The Pension Fund is assessed to meet the conditions as referred to in Article 2 paragraph (1) letter c number 2 if:
a. the Founder does not pay due contributions for 1 (one) consecutive year; b. the Founder has accumulated overdue due contributions amounting to contributions for 2 (two) years or more; and/or
c. the Pension Fund with a Defined Contribution Pension Program has no Participants.

Second Section
Determination of Dissolution
Article 6
(1) OJK determines the dissolution of the Pension Fund for reasons as referred to in Article 2 paragraph (1) letter a and letter b, at the latest 2 (two) months calculated from the receipt of the complete petition for dissolution as referred to in Article 3 paragraph (1) or Article 4 paragraph (1) or paragraph (2). (2) OJK determines the dissolution of the Pension Fund for reasons as referred to in Article 2 paragraph (1) letter c after the criteria as referred to in Article 5 are met and the rehabilitation efforts carried out by the Pension Fund have not been successful within a period of at least 1 (one) year since the Pension Fund was placed in rehabilitation status by OJK. (3) OJK's determination regarding the dissolution of the Pension Fund as referred to in paragraph (1) and paragraph (2) contains at least:
a. the effective date of the dissolution of the Pension Fund; b. the appointment of the Liquidation Team; and
c. the rights and obligations of the Liquidation Team.

Article 7
All management actions of the Pension Fund in liquidation are carried out by the Liquidation Team since the date of OJK's determination regarding the dissolution of the Pension Fund as referred to in Article 6 paragraph (1) and paragraph (2) or since the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a, whichever is later.

Article 8
The Pension Fund:
a. is required to include the phrase "in liquidation" after the name of the Pension Fund; and b. is not required to submit periodic reports to OJK as referred to in legislation in the field of Pension Funds; since the date of OJK's determination regarding the dissolution of the Pension Fund as referred to in Article 6 paragraph (1) and paragraph (2) or since the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a, whichever is later.

CHAPTER IV
LIQUIDATION TEAM
First Section
Criteria for the Liquidation Team
Article 9
The criteria for parties that can be appointed as members of the Liquidation Team are as follows:
a. have competence to carry out the liquidation of the Pension Fund; b. have never been subjected to sanctions due to violations of legislation in the financial services sector for a period of at most 3 (three) years before being appointed as members of the Liquidation Team; and
c. have never been sentenced for criminal acts in the financial services sector based on a final and binding court decision.

Second Section
Tasks, Authorities, and Responsibilities of the Liquidation Team
Article 10
The Liquidation Team has the following tasks:
a. preparing a work plan and procedures for liquidation settlement; b. conducting inventory of the Pension Fund's assets and liabilities;
c. providing information to Participants, pensioners, and Entitled Parties regarding the rights of Participants, pensioners, and Entitled Parties;
d. liquidating the assets of the Pension Fund; e. settling the financial obligations of the Pension Fund; f. submitting reports to OJK; and g. announcing the results of the liquidation settlement in the State Gazette of the Republic of Indonesia.

Article 11
(1) The Liquidation Team is required to submit reports to OJK consisting of:
a. financial reports for the dissolution of the Pension Fund that have been audited by a public accountant; and b. actuarial reports prepared by an actuary for the dissolution of the Pension Fund, for Pension Funds implementing a Defined Benefit Pension Program; within a period of at the latest 3 (three) months since the date of OJK's determination regarding the dissolution of the Pension Fund as referred to in Article 6 paragraph (1) and paragraph (2) or since the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a, whichever is later. (2) The financial reports and actuarial reports as referred to in paragraph (1) are prepared for the position as of the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a. (3) The public accountant and actuary as referred to in paragraph (1) are appointed by the Supervisory Board. (4) The financial report for the dissolution of the Pension Fund as referred to in paragraph (1) letter a must be prepared based on generally accepted accounting standards. (5) The financial report for the dissolution of the Pension Fund as referred to in paragraph (1) letter a, for Pension Funds with a Defined Contribution Pension Program, must contain a list of accumulated fund balances for each Participant. (6) The actuarial report as referred to in paragraph (1) letter b must be prepared in accordance with provisions regarding the funding and solvency of Employer Pension Funds and contain the amount of rights for each Participant, pensioner, and Entitled Party.

Article 12
(1) The Liquidation Team carries out all legal acts on behalf of and for the Pension Fund and represents the Pension Fund inside and outside of court.
(2) The Liquidation Team has the authority to request data and information required from any party in the framework of implementing the Pension Fund liquidation process.
(3) Any party requested for data and information as referred to in paragraph (2) must provide all data and information requested by the Liquidation Team.

Article 13
(1) The Liquidation Team is responsible to OJK for the liquidation process it carries out.
(2) The Liquidation Team is required to carry out the liquidation process in accordance with legislation.
(3) The Liquidation Team is personally responsible for losses arising in the Pension Fund as a result of the Liquidation Team's negligence in carrying out its duties or violating legislation.

Third Section
Changes to the Liquidation Team
Article 14
(1) Members of the Liquidation Team can be changed based on proposals from the Founder or other parties who submitted a petition for the dissolution of the Pension Fund as referred to in Article 3 and Article 4. (2) Proposals from the Founder or other parties as referred to in paragraph (1) must be accompanied by reasons for the change of Liquidation Team members and be completed with requirements as referred to in Article 3 paragraph (3).

CHAPTER V
LIQUIDATION PROCESS OF PENSION FUNDS
First Section
Work Plan, Procedures, and Timeframe for Liquidation Settlement
Article 15
(1) The Liquidation Team is required to submit a petition for approval of the work plan and procedures for liquidation settlement to OJK at the latest 45 (forty-five) working days since the date of OJK's determination regarding the dissolution of the Pension Fund as referred to in Article 6 paragraph (1) or paragraph (2) or since the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a, whichever is later. (2) The work plan and procedures for liquidation settlement as referred to in paragraph (1) contain at least:
a. description of activities to be carried out by the Liquidation Team; b. timeframe for implementing the liquidation process for each activity as referred to in letter a; and
c. details of costs required in the liquidation process.
(3) The timeframe and cost details as referred to in paragraph (2) must be prepared reasonably by considering the condition of the Pension Fund.

Article 16
(1) During the Pension Fund liquidation process, the Liquidation Team may submit a petition for changes to the work plan and procedures for liquidation settlement that have been approved by OJK. (2) To obtain approval from OJK, the petition for changes to the work plan and procedures for liquidation settlement as referred to in paragraph (1) must be accompanied by:
a. reasons for the change; and b. progress report of the Pension Fund liquidation process up to the date of the petition as referred to in paragraph (1) along with supporting evidence.
(3) OJK may reject the petition for changes to the work plan and procedures for liquidation settlement as referred to in paragraph (1) if the change is assessed to endanger the interests of Participants, pensioners, and/or Entitled Parties. (4) In the event that OJK rejects the change to the work plan and procedures for liquidation settlement, the Liquidation Team uses the work plan that has been approved by OJK.

Second Section
Distribution of Pension Fund Assets
Article 17
(1) The distribution of Pension Fund assets must be carried out by the Liquidation Team in accordance with legislation in the field of pension funds and Pension Fund Regulations.
(2) For Pension Funds with a Defined Benefit Pension Program, the amount of rights of each Participant, pensioner, and Entitled Party in the liquidation process must be calculated based on the actuarial report as referred to in Article 11 paragraph (1) letter b. (3) For Pension Funds with a Defined Contribution Pension Program, the amount of rights of each Participant in the liquidation process is the accumulated fund balance of each Participant calculated based on the financial report as referred to in Article 11 paragraph (1) letter a. (4) The distribution of Pension Fund assets as referred to in paragraph (1) and the amount of rights as referred to in paragraph (2) and paragraph (3) are adjusted to the value of the Pension Fund's assets on the date of the asset distribution.

Third Section
Reporting on the Pension Fund Liquidation Process
Article 18
(1) The Liquidation Team is required to prepare a progress report on the implementation of the Pension Fund liquidation process containing at least:
a. financial reports of the Pension Fund; and b. report on the implementation of the liquidation settlement work plan, including details of liquidation cost realization.
(2) The period for the progress report on the implementation of the Pension Fund liquidation process as referred to in paragraph (1) is as follows:
a. in the event that the timeframe for implementing the liquidation process as referred to in Article 15 paragraph (2) letter b is less than or equal to 6 (six) months, the report is prepared for periods of every 3 (three) months; or b. in the event that the timeframe for implementing the liquidation process as referred to in Article 15 paragraph (2) letter b is more than 6 (six) months, the report is prepared for periods of every 6 (six) months. (3) In the event of changes to the work plan and procedures for liquidation settlement as referred to in Article 16, the reporting period as referred to in paragraph (2) is adjusted to the changes in the work plan and procedures for liquidation settlement. (4) The progress report on the implementation of the liquidation process as referred to in paragraph (1) is required to be submitted to OJK at the latest 15 (fifteen) working days since the end date of the reporting period as referred to in paragraph (2).

Article 19
(1) In the event that the Liquidation Team has completed the entire liquidation process, the Liquidation Team submits a petition for approval of the liquidation settlement result report to OJK. (2) The petition for approval of the liquidation settlement result report as referred to in paragraph (1) is required to be submitted to OJK at the latest 3 (three) months since the completion of the entire liquidation process. (3) The liquidation settlement result report as referred to in paragraph (1) contains at least:
a. a general overview of the Pension Fund since the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a until the completion of the entire liquidation process, containing at least:

1. the number of Participants, pensioners, and Entitled Parties;
2. the amount of Pension Fund assets and liabilities;
3. the liquidation of Pension Fund assets; and
4. the transfer or payment of rights of Participants, pensioners, and Entitled Parties;
   b. realization of the implementation of the work plan and procedures for liquidation settlement;
   c. financial reports as of the date of completion of the entire liquidation process, which have been audited by a public accountant; and
   d. evidence related to:
5. the liquidation of Pension Fund assets;
6. the settlement of Pension Fund obligations, including the settlement of rights to Participants, pensioners, and Entitled Parties; and
7. the payment of liquidation costs.
   (4) The liquidation settlement result report as referred to in paragraph (1) is required to be signed by all members of the Liquidation Team.

CHAPTER VI
EMPLOYER RESPONSIBILITY
Article 20
(1) The Founder and Co-Founders of an Employer Pension Fund remain responsible for contribution debts that have become due up to the effective date of the dissolution of the Pension Fund as referred to in Article 6 paragraph (3) letter a. (2) The contribution debts of the Founder and Co-Founders that have become due as referred to in paragraph (1) are calculated as Pension Fund assets that serve as the basis for determining the amount of rights for each Participant, pensioner, and Entitled Party in the framework of the Pension Fund liquidation process.

CHAPTER VII
SUPERVISION OF THE PENSION FUND LIQUIDATION PROCESS First Section Supervision of the Pension Fund Liquidation Process by the Supervisory Board
Article 21
(1) The Supervisory Board supervises the implementation of the dissolution and liquidation process of the Pension Fund.
(2) The Supervisory Board is required to submit a report on the results of the supervision of the Pension Fund liquidation process to OJK at the latest simultaneously with the submission of the petition for approval of the liquidation settlement result report as referred to in Article 19 paragraph (1).

Article 22
Members of the Supervisory Board are prohibited from concurrently serving as members of the Liquidation Team.

Second Section
Supervision of the Pension Fund Liquidation Process by OJK
Article 23
(1) OJK supervises the liquidation process of the Pension Fund...

Pension Funds conducted by the Liquidation Team.
(2) In the context of supervision as referred to in paragraph (1), the OJK may conduct examinations, both directly and indirectly, against the Pension Fund.
(3) The OJK may replace members of the Liquidation Team if, based on the OJK's supervision results:
a. members of the Liquidation Team are incompetent in carrying out their duties; b. members of the Liquidation Team are proven to have violated laws and regulations;
c. members of the Liquidation Team are known not to meet the criteria for the Liquidation Team as referred to in Article 9; and/or
d. there are specific conditions among the members of the Liquidation Team that can disrupt the execution of the Liquidation Team's duties.

CHAPTER VIII
TERMINATION OF THE LEGAL STATUS OF THE PENSION FUND

Article 24
(1) The OJK determines the approval or rejection of the report on the results of the Pension Fund liquidation settlement as referred to in Article 19 paragraph (1).
(2) The determination of approval or rejection of the report on the results of the Pension Fund liquidation settlement as referred to in paragraph (1) is communicated to the Liquidation Team. (3) In the event that the OJK rejects the request for approval of the report on the results of the liquidation settlement as referred to in Article 19 paragraph (1), the rejection determination states the reasons for the rejection. (4) The Liquidation Team is responsible, both individually and jointly, for all consequences arising from the OJK's determination of rejection of the request for approval of the report on the results of the liquidation settlement.

Article 25
(1) The Liquidation Team is required to announce the results of the liquidation settlement that has been approved by the OJK in the State Gazette of the Republic of Indonesia, at the latest 15 (fifteen) working days from the date of receipt of the approval determination on the report on the results of the Pension Fund liquidation settlement by the Liquidation Team. (2) The legal status of the Pension Fund ends as of the date of the announcement of the results of the liquidation settlement that has been approved by the OJK in the State Gazette of the Republic of Indonesia. (3) The Liquidation Team is required to submit the announcement as referred to in paragraph (2) to the OJK, at the latest within 6 (six) months from the date of the announcement as referred to in paragraph (2). (4) The duties, obligations, and responsibilities of the Liquidation Team end as of the date the legal status of the Pension Fund ends as referred to in paragraph (2).

CHAPTER IX
TRANSITIONAL PROVISIONS

Article 26
(1) Requests for the dissolution of Pension Funds, requests for approval of work plans and procedures for liquidation settlement, and requests for approval of reports on the results of liquidation settlement that have been received completely by the OJK prior to the implementation of this OJK Regulation shall be processed based on the laws and regulations in force at the time the request was submitted to the OJK. (2) After the implementation of this OJK Regulation, the process of dissolution and liquidation of Pension Funds after the stage of determination of the dissolution of the Pension Fund, approval of the work plan and procedures for liquidation settlement, or approval of the report on the results of liquidation settlement as referred to in paragraph (1) shall be implemented based on this OJK Regulation.

Article 27
(1) For Pension Funds that are still in the process of liquidation at the time this OJK Regulation comes into force, the report on the progress of the liquidation process implementation as referred to in Article 18 shall be submitted to the OJK for the first time at the latest 3 (three) months from the time this OJK Regulation comes into force. (2) The report on the progress of the liquidation process implementation as referred to in paragraph (1) is prepared for the reporting period from the effective date of dissolution as referred to in Article 6 paragraph (3) letter a to at most 1 (one) month before the date of submission of the report to the OJK.

Article 28
(1) For Pension Funds that dissolved because the Founder dissolved prior to the implementation of this OJK Regulation:
a. the Liquidation Team is required to submit a report on the progress of the liquidation settlement to the OJK at the latest 6 (six) months from the time this OJK Regulation comes into force; and b. in the event that the Liquidation Team does not submit the report as referred to in letter a, the OJK determines the mechanism for the dissolution and settlement of the Pension Fund liquidation. (2) For Pension Funds whose Founder is a financial institution whose business license has been revoked by the competent authority and which has not submitted a dissolution request prior to the implementation of this OJK Regulation, the Pension Fund in question is declared dissolved based on this OJK Regulation. (3) Further provisions regarding the mechanism for the dissolution and settlement of the Pension Fund liquidation as referred to in paragraph (1) letter b and paragraph (2) shall be regulated in an OJK Board of Commissioners Regulation.

Article 29
For Pension Funds that have obtained approval for dissolution from the Minister of Finance or the OJK prior to the implementation of this OJK Regulation, the obligations of the Supervisory Board as referred to in Article 21 paragraph (2) shall not apply.

Article 30
The number of members of the Liquidation Team for Pension Funds that have obtained a dissolution determination from the Minister of Finance or the OJK prior to the implementation of this OJK Regulation may continue to refer to the decision regarding the approval of the dissolution request in question.

CHAPTER X
CLOSING PROVISIONS

Article 31
(1) At the time this OJK Regulation comes into force, laws and regulations governing the dissolution of Pension Funds shall remain in force insofar as they do not conflict with this OJK Regulation. (2) Approvals for dissolution requests and approvals for work plans and procedures for liquidation settlement that have been issued by the Minister of Finance or the OJK prior to the implementation of this OJK Regulation are declared to remain in force.

Article 32
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.

Determined in Jakarta on 15 July 2014

THE CHAIRMAN OF THE BOARD OF COMMISSIONERS
FINANCIAL SERVICES AUTHORITY

Signed,
MULIAMAN D. HADAD

Promulgated in Jakarta on 21 July 2014

MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA

Signed,
AMIR SYAMSUDIN

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 163

A copy in accordance with the original

DIRECTOR OF LAW
MINISTRY OF LAW,

Signed,
TINI KUSTINI