Regulation of the Financial Services Authority of the Republic of Indonesia Number 5/POJK.05/2017 Concerning Contributions, Pension Benefits, and Other Benefits Administered by Pension Funds

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FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
FINANCIAL SERVICES AUTHORITY REGULATION
NUMBER 5 /POJK.05/2017
CONCERNING
CONTRIBUTIONS, PENSION BENEFITS, AND OTHER BENEFITS ADMINISTERED BY PENSION FUNDS BY THE GRACE OF GOD THE ALMIGHTY, THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY, Considering:
a. that in developing the implementation of pension programs and increasing the welfare and continuity of income for retirees, it is necessary to adjust contributions and pension benefits for participants of pension programs; b. that in updating the implementation of pension programs and balancing benefits that have developed in the labor system, it is necessary to open other benefits to add to the benefits for participants of pension programs;
c. that based on the considerations as referred to in letters a and b, it is necessary to establish a Financial Services Authority Regulation concerning Contributions, Pension Benefits, and Other Benefits Administered by Pension Funds;
Recalling: 1. 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);
2. 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);
3. Government Regulation 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 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:
Determining: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING CONTRIBUTIONS, PENSION BENEFITS, AND OTHER BENEFITS ADMINISTERED BY PENSION FUNDS.

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

1. Pension Fund is a legal entity that manages and runs a program promising pension benefits as referred to in Law Number 11 of 1992 concerning Pension Funds, including Pension Funds that conduct all or part of their business using Sharia principles.
2. Employer Pension Fund, hereinafter abbreviated as DPPK, is a Pension Fund established by a person or entity that employs employees, as the founder, to administer 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 as referred to in Law Number 11 of 1992 concerning Pension Funds.
3. Financial Institution Pension Fund, hereinafter abbreviated as DPLK, is a Pension Fund established by a bank or life insurance company to administer a defined contribution pension program for individuals, both employees and self-employed workers, who are separate from the DPPK for employees of the respective bank or life insurance company as referred to in Law Number 11 of 1992 concerning Pension Funds.
4. Actuarial Assumptions are a collection of estimates regarding changes in the future, used to calculate the present value of a payment or payments in the future, and include among others interest rates, probability rates of death and disability, and rates of increase in base pension income.
5. Pension Benefit is periodic payments made to participants at the time and in the manner established in the Pension Fund regulations as referred to in Law Number 11 of 1992 concerning Pension Funds.
6. Other Benefits are benefit payments other than Pension Benefits that can be made by the Pension Fund and are regulated in the Pension Fund regulations.
7. Present Value is the value on a specific date, of payments or payments to be made after that date, calculated by discounting the payments or payments in question actuarially based on assumed interest rates and specific probability rates for the occurrence of such payments.
8. Income is a person's income as referred to in Law Number 7 of 1983 concerning Income Tax as amended several times, lastly with Law Number 36 of 2008 concerning the Fourth Amendment to Law Number 7 of 1983 concerning Income Tax.
9. Base Pension Income is part or all of an employee's Income received from the employer and established in the regulations of a DPPK Pension Fund as the basis for calculating the amount of contributions and/or Pension Benefits for participants.
10. Employer is the founder or co-founder who employs employees as referred to in Law Number 11 of 1992 concerning Pension Funds.
11. Founder is:
    a. a person or entity that establishes a DPPK; or b. a bank or life insurance company that establishes a DPLK, as referred to in Law Number 11 of 1992 concerning Pension Funds.
12. Pension Fund Regulations, hereinafter abbreviated as PDP, are regulations containing provisions that form the basis for the implementation of pension programs as referred to in Law Number 11 of 1992 concerning Pension Funds.
13. Deferred Pension is the right to Pension Benefits for participants who stop working before reaching normal retirement age, with payments deferred until the participant retires according to the PDP as referred to in Law Number 11 of 1992 concerning Pension Funds.
14. Participant is any person who meets the PDP requirements as referred to in Law Number 11 of 1992 concerning Pension Funds.
15. Entitled Party is the party having rights to Pension Benefits or Other Benefits in the event of the death of a Participant or retiree, namely widow/widower, children, or parties designated by the Participant or retiree if the Participant or retiree is unmarried and has no children.
16. Defined Benefit Pension Program, hereinafter abbreviated as PPMP, is a pension program whose benefits are established in the PDP or other pension programs that are not defined contribution pension programs as referred to in Law Number 11 of 1992 concerning Pension Funds.
17. Defined Contribution Pension Program, hereinafter abbreviated as PPIP, is a pension program whose contributions are established in the PDP and all contributions and their development results are credited to each Participant's account as Pension Benefits as referred to in Law Number 11 of 1992 concerning Pension Funds.
18. Monthly Formula is the method of calculating the monthly Pension Benefit amount to be received by the Participant.
19. Lump Sum Formula is the method of calculating the Pension Benefit amount to be received by the Participant in a lump sum value which will subsequently be converted into monthly Pension Benefits.
20. Insurance Company is a life insurance company and a Sharia life insurance company.

CHAPTER II
EMPLOYER PENSION FUNDS
DEFINED BENEFIT PENSION PROGRAM
Section One
Pension Contributions
Article 2
Contributions in DPPK administering PPMP consist of:
a. Employer contributions and Participant contributions; or b. Employer contributions.
Article 3
Contributions borne by the Employer in DPPK administering PPMP are calculated based on actuarial valuation results.
Section Two
Pension Benefits
Article 4
(1) The amount of Pension Benefits is calculated using:
a. Monthly Formula; or b. Lump Sum Formula.
(2) Pension Benefits calculated using the Monthly Formula consist of:
a. Pension Benefits linked to length of service, which is the result of multiplying:
1. reward factor per year of service expressed in percentage;
2. length of service; and
3. Base Pension Income, in the form of:
a) Base Pension Income of the last month; b) average Base Pension Income over several recent months; c) average Base Pension Income over several recent years; or d) average Base Pension Income over the length of service; b. Pension Benefits not linked to length of service, which is the result of multiplying:
1. reward factor expressed in percentage; and
2. Base Pension Income, in the form of:
a) Base Pension Income of the last month; b) average Base Pension Income over several recent months; c) average Base Pension Income over several recent years; or d) average Base Pension Income over the length of service. (3) Pension Benefits calculated using the Lump Sum Formula consist of:
a. Pension Benefits linked to length of service, which is the result of multiplying:
1. reward factor per year of service expressed in decimal number;
2. length of service; and
3. Base Pension Income, in the form of:
a) Base Pension Income of the last month; b) average Base Pension Income over several recent months; c) average Base Pension Income over several recent years; or d) average Base Pension Income over the length of service; b. Pension Benefits not linked to length of service, which is the result of multiplying:
1. reward factor expressed in decimal number; and
2. Base Pension Income, in the form of:
a) Base Pension Income of the last month; b) average Base Pension Income over several recent months; c) average Base Pension Income over several recent years; or d) average Base Pension Income over the length of service;
c. Pension Benefits whose asset development results are fixed (cash balance plan) which is the accumulation of the sum of multiplications of:
1. reward factor expressed in percentage;
2. Base Pension Income of the last month; and
3. accumulation of multiplication of development rate with a certain rate.
Article 5
(1) Participant contributions in 1 (one) year for DPPK administering PPMP using the Monthly Formula as referred to in Article 4 paragraph (1) letter a, are at most 3 (three) times the reward factor per year of service times the annual Base Pension Income. (2) Participant contributions in 1 (one) year for DPPK administering PPMP using the Lump Sum Formula as referred to in Article 4 paragraph (1) letter b, are at most 3% (three percent) times the reward factor per year of service times the annual Base Pension Income.
Article 6
(1) Participants who stop working and are re-employed by the same Employer within a period of 30 (thirty) days, their membership period in the implementation of the Pension Program must be calculated continuously without interruption. (2) The provisions as referred to in paragraph (1) do not apply if:
a. the Participant has received payment of their rights in a lump sum, namely at least equal to the sum of their own contributions, plus fair interest, in the event the Participant stops working and has a membership period of less than 3 (three) years; or b. the Participant has transferred their rights to Deferred Pension to another DPPK or DPLK, unless if the rights that have been paid or transferred are returned to the respective DPPK within a period of 30 (thirty) days from the receipt of the payment or transfer of rights.
Article 7
(1) In the event a Participant changes jobs and there is a transfer of funds from the old DPPK to the new DPPK, the length of service recognized in the PPMP must not exceed the sum of the length of service in the new DPPK and the length of service in the old DPPK. (2) In the event a Participant dies or becomes disabled before retirement, the maximum length of service recognized as referred to in paragraph (1) may calculate length of service up to the date the Participant reaches normal retirement age.
Article 8
(1) For employees who change jobs, recognition of length of service at the old Employer can only be done if:
a. there are funds transferred from the old DPPK to the new DPPK; or b. the new Employer fulfills the funding needs for the recognition of length of service at the old Employer, and the length of service in question has not been recognized as a calculation element for Pension Benefits at the old Employer. (2) Recognition of length of service due to fund transfer as referred to in paragraph (1) letter a must be determined such that the amount of funds transferred is equal to the Present Value of Pension Benefits according to the Pension Benefit formula applied by the new DPPK and the Base Pension Income of the respective employee, which applies at the time the funds are received by the new DPPK. (3) In the event the recognition of length of service as referred to in paragraph (2) is shorter than the actual length of service at the old Employer, then recognition of length of service longer than the length of service according to the transferred funds can be done if:
a. the new Employer meets the funding shortfall that occurs; and b. recognition of length of service at the old Employer must not exceed the actual length of service.
(4) In the event the funds transferred as referred to in paragraph (1) letter a are greater than the obligations arising from the recognition of the entire length of service at the old Employer, the respective Participant must be given additional length of service in an amount determined such that the obligations arising from the additional length of service are equal to the excess funds available. (5) Recognition of length of service as referred to in paragraph (1) letter b, paragraph (2) and paragraph (3), or additional length of service as referred to in paragraph (4) can be done if there is:
a. a written agreement between the Participant and the new Employer containing the agreement of the parties regarding the transfer of funds and obligations related to length of service at the old Employer; or b. a written statement from the new Employer regarding their willingness to fund the recognition of the Participant's length of service at the old Employer.
Article 9
(1) In calculating Pension Benefits, for the portion of length of service less than 1 (one) year, it is calculated by:
a. prorata; or b. rounding up.
(2) The funding burden arising from rounding up as referred to in paragraph (1) letter b becomes a burden to be paid by the Employer.
Article 10
In the payment of Pension Benefits, the amount paid is calculated according to the following provisions:
a. for Pension Benefits calculated using the Monthly Formula, must be based on the formula established in the PDP; b. for Pension Benefits calculated using the Lump Sum Formula, must be based on a table made based on Actuarial Assumptions containing factors to convert Lump Sum Pension Benefits into monthly payments.
Article 11
Accelerated Pension Benefits are available for Participants who stop working at an age at least 10 (ten) years before normal retirement age or due to disability, at most equal to the amount calculated using the Pension Benefit formula contained in the PDP.
Article 12
(1) The amount of Pension Benefits paid in the context of:
a. lump sum payment because the Participant dies more than 10 (ten) years before reaching normal retirement age; or b. transfer of Participant rights to another DPPK or DPLK for Participants who stop working more than 10 (ten) years before reaching normal retirement age, is equal to the Present Value of Pension Benefits calculated based on the Actuarial Assumptions used in the latest actuarial report, except for projections of the rate of increase in Base Pension Income, resignation rate, and disability rate. (2) The amount of Pension Benefits that can be paid in the context of transfer of Participant rights from another DPPK or DPLK for Participants who stop working less than 10 (ten) years before reaching normal retirement age is equal to the Present Value of the Pension Benefit calculation in the PDP.
Article 13
(1) In the event Pension Benefits are calculated using the Monthly Formula with Pension Benefits linked to length of service as referred to in Article 4 paragraph (2) letter a, then the annual reward factor per year of service must not exceed 2.5% (two point five percent), and the monthly Pension Benefit must not exceed 80% (eighty percent) of the last monthly Income. (2) In the event Pension Benefits are calculated using the Monthly Formula with Pension Benefits not linked to length of service as referred to in Article 4 paragraph (2) letter b, the monthly Pension Benefit must not exceed 80% (eighty percent) of the last monthly Income. (3) In the event Pension Benefits are calculated using the Lump Sum Formula with Pension Benefits linked to length of service as referred to in Article 4 paragraph (3) letter a, then the annual reward factor per year of service must not exceed 2.5 (two point five) times, and the Pension Benefit must not exceed 80 (eighty) times the last monthly Income. (4) In the event Pension Benefits are calculated using the Lump Sum Formula with Pension Benefits not linked to length of service as referred to in Article 4 paragraph (3) letter b, then the Pension Benefit reward factor must not exceed 80 (eighty) times the last monthly Income. (5) In the event the rights to Pension Benefits for Participants calculated using the Pension Benefit formulas as referred to in paragraph (1) and paragraph (2) have reached the maximum limit, then the PDP may regulate that the Participant's contributions to the DPPK administering the PPMP are stopped. (6) Payment of Pension Benefits calculated using the Pension Benefit formulas as referred to in paragraph (1) and paragraph (2), must be carried out monthly.
Article 14
The PDP of DPPK administering PPMP may establish differences in the magnitude of the reward factor while still observing the principles of equality and fairness, and must not exceed the maximum limits as referred to in Article 13 paragraph (1) and paragraph (3).
Article 15
Participants of DPPK administering PPMP at the time of retirement or termination, and for Entitled Parties, may choose to receive the first Pension Benefit in a lump sum of at most 20% (twenty percent) of the Pension Benefits.
Article 16
(1) Participants or Entitled Parties in DPPK administering PPMP have the right to choose lump sum payment of Pension Benefits if:
a. Pension Benefits to be paid monthly using the Monthly Formula:
1. are less than or equal to Rp1,600,000.00 (one million six hundred thousand rupiah); or
2. are above Rp10,000,000.00 (ten million rupiah);
b. Pension Benefits calculated using the Lump Sum Formula:
1. are less than or equal to Rp500,000,000.00 (five hundred million rupiah); or
2. are above Rp1,500,000,000.00 (one billion five hundred million rupiah).
(2) In the event Pension Benefits calculated using:
a. Monthly Formula above Rp10,000,000.00 (ten million rupiah) as referred to in paragraph (1) letter a number 2, then the lump sum payment in question is only the payment that is the excess difference from the Pension Benefits received after deducting Rp10,000,000.00 (ten million rupiah); or b. Lump Sum Formula above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) letter b number 2, then the lump sum payment in question is only the payment that is the excess difference from the Pension Benefits received after deducting Rp1,500,000,000.00 (one billion five hundred million rupiah). (3) In the event Participants at the time of retirement or termination, and for Entitled Parties, choose lump sum payment of the first Pension Benefit as referred to in Article 15, then the Pension Benefits as referred to in paragraph (1) are calculated after taking the first Pension Benefit. (4) Payment of Pension Benefits calculated using the Monthly Formula above Rp10,000,000.00 (ten million rupiah) as referred to in paragraph (1) letter a number 2 and those using the Lump Sum Formula for those above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) letter b number 2 can only be done 1 (one) time when entering retirement age.
Article 17
(1) In the event Participants of DPPK administering PPMP intend to increase the amount of Pension Benefits obtained other than the Pension Benefits promised according to the formula in the PDP, Participants can add their own contributions by providing a written statement to the DPPK administering the PPMP. (2) The additional own contributions as referred to in paragraph (1) and their development results must be recorded separately from the recording of Pension Benefits according to the PDP formula.
Article 18
(1) Participants following DPPK administering PPMP who stop working after having a membership period of at least 3 (three) years and have not reached accelerated retirement age, are entitled to receive Deferred Pension in an amount equal to the amount calculated based on the pension formula for their membership up to the time of termination. (2) The right to pay Deferred Pension for Participants stopping work as referred to in paragraph (1) can be paid since the person reaches accelerated retirement age. (3) In the event Participants stopping work as referred to in paragraph (1) die before the start of Deferred Pension payments, the provisions regarding rights arising upon Participant death apply. (4) In the event the Present Value of rights to Deferred Pension for Participants stopping work as referred to in paragraph (1) is less than or equal to Rp100,000,000.00 (one hundred million rupiah), the rights to Deferred Pension can be paid in a lump sum at the time the employee stops working.
Article 19
In the event Participants of DPPK administering PPMP stop working less than 10 (ten) years before reaching normal retirement age, based on Participant choice, rights to accelerated pension can:
a. be paid by the DPPK administering the PPMP concerned;

b. deferment of payment of their pension benefits until reaching normal retirement age;
c. transfer to another DPPK; or
d. transfer to a DPLK.

Article 20
A DPPK administering a Defined Benefit Pension Program (PPMP) may make a lump-sum payment of Pension Benefits outside the provisions referred to in Article 16, in the event that the Participant or the Entitled Party:
a. is in a condition of severe illness and experiences financial difficulties, supported by documentary evidence; b. is an Indonesian citizen who changes nationality; or
c. is a foreign national whose employment period has ended and who no longer works in Indonesia.

Article 21
A DPPK administering a Defined Benefit Pension Program (PPMP) must include in the Program Description Document (PDP) regarding contributions and Pension Benefits at least the following matters:
a. the formula used in calculating Pension Benefits as referred to in Article 4 paragraph (1), including factors affecting the calculation; b. the limitation on working period and components of Basic Pension Income used in the formula to calculate Pension Benefits;
c. the Participant's right to choose lump-sum payment of Pension Benefits;
d. the provisions or conditions and the amount of Pension Benefits that can be paid as a lump sum; e. the procedure for payment of Pension Benefits; and f. the amount of Employer and Participant contributions, and the amount of Employer contributions in the event that the Participant does not contribute.

Article 22
The Program Description Document (PDP) of a DPPK administering a Defined Benefit Pension Program (PPMP) that has a Sponsor partner with a charging system borne by each Employer (non cost sharing) may regulate:
a. different Pension Benefit formulas for each Employer; and b. different Participant contribution amounts for each Employer.

Article 23
The PDP may contain provisions for Participants to choose to fund the working period during leave outside the responsibility of the Employer, including normal Employer contributions and Participant contributions.

CHAPTER III
EMPLOYER PENSION FUND
DEFINED BENEFIT PENSION PROGRAM
First Section
Pension Contributions

Article 24
(1) The form of contributions for a DPPK administering a Defined Contribution Pension Program (PPIP) may be based on:
a. money purchase plan; and/or b. profit sharing plan.
(2) The form of contributions as referred to in paragraph (1) may be added with a form of contribution in the form of stock ownership (employee stock ownership plan).

Article 25
(1) Contributions at a DPPK administering a PPIP based on money purchase plan as referred to in Article 24 paragraph (1) letter a consist of:
a. Employer and Participant contributions; or b. Employer contributions.
(2) The contributions as referred to in paragraph (1) are a percentage of Basic Pension Income.
(3) In the event that the Participant contributes, the amount of Participant contributions may be:
a. a nominal amount; or b. a certain percentage of the Employer's contribution, not exceeding the amount of the Employer's contribution.
(4) In the event that the Participant intends to add their own contributions to increase the growth of their accumulated funds in addition to the contributions as referred to in paragraph (3), the Participant must provide a written statement to the DPPK administering the PPIP.

Article 26
(1) Employer contributions at a DPPK administering a PPIP based on profit sharing plan as referred to in Article 24 paragraph (1) letter b are a percentage of the Employer's profit.
(2) The formula for the amount of contributions as referred to in paragraph (1) must state a certain percentage of the Employer's profit in 1 (one) year before tax on Income is deducted, which will be paid as Employer contributions. (3) The percentage as referred to in paragraph (2) is determined based on the approval of the Employer through a general meeting of shareholders or equivalent to a general meeting of shareholders in legal entities other than limited liability companies.

Article 27
(1) Employer contributions at a DPPK administering a PPIP in the form of stock ownership (employee stock ownership plan) as referred to in Article 24 paragraph (2) are a number of ordinary shares or preferred shares. (2) The shares as referred to in paragraph (1) are shares of the Employer's company. (3) The number of shares as referred to in paragraph (1) is determined based on the approval of the general meeting of shareholders. (4) In the event that the Employer as referred to in paragraph (2) is a public company, the administration of a PPIP in the form of stock ownership (employee stock ownership plan) must comply with regulations in the field of capital markets.

Article 28
The PDP of a DPPK administering a PPIP may establish differences in the amount of Employer contributions credited to the name of each Participant, while still observing the principles of equality and fairness.

Article 29
In the event that a Participant of a DPPK administering a PPIP ceases employment before having rights to Deferred Pension, the accumulated Employer contributions that have been paid to the DPPK administering the PPIP which do not constitute the Participant's rights, must be used as Employer contributions for other Participants.

Second Section
Pension Benefits

Article 30
(1) The Pension Benefits of a Participant at a DPPK administering a PPIP based on money purchase plan and/or profit sharing plan as referred to in Article 24 paragraph (1) are the accumulation of contributions and transfer of funds from other DPPKs and DPLKs, as well as the results of their development. (2) The Pension Benefits as referred to in paragraph (1) may be calculated using the net asset value per unit method (unit pricing). (3) The Pension Benefits of a Participant at a DPPK administering a PPIP with a contribution form in the form of stock ownership (employee stock ownership plan) as referred to in Article 24 paragraph (2) are the total percentage of a certain amount of the Employer's shares given to the Participant.

Article 31
(1) The development results as referred to in Article 30 paragraph (1) must take into account unrealized investment gains.
(2) A DPPK administering a PPIP must manage assets according to the Participant's age group (life cycle fund), with provisions that for Participants who have reached an age of at most 5 (five) years and at least 2 (two) years before normal retirement age, the assets dedicated to such Participants must be placed in:
a. savings at conventional banks or banks with Sharia principles; b. time deposits at conventional banks or banks with Sharia principles;
c. deposit certificates at conventional banks or banks with Sharia principles;
d. securities issued by Bank Indonesia; and/or e. government securities recorded using the amortized cost method.

Article 32
Participants of a DPPK administering a PPIP at the time of retirement or termination of employment, and for the Entitled Party, may choose to receive the first Pension Benefit payment of at most 20% (twenty percent) of the Pension Benefits as a lump sum.

Article 33
(1) Participants or Entitled Parties at a DPPK administering a PPIP have the right to choose lump-sum payment of Pension Benefits if the amount of accumulated contributions and transfer of funds from other DPPKs and DPLKs, as well as the results of their development as referred to in Article 30 paragraph (1), which become the rights of the Participant or Entitled Party, is:
a. less than or equal to Rp500,000,000.00 (five hundred million rupiah); or b. above Rp1,500,000,000.00 (one billion five hundred million rupiah).
(2) In the event that the DPPK administering the PPIP adds a contribution form in the form of stock ownership (employee stock ownership plan) as referred to in Article 24 paragraph (2), then the fair value of the total shares owned by the Participant is excluded from the Participant's lump-sum Pension Benefits as referred to in paragraph (1). (3) In the event that lump-sum payment of Pension Benefits above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) letter b, the lump-sum payment referred to is only the payment of the excess difference of the Pension Benefits received after deducting Rp1,500,000,000.00 (one billion five hundred million rupiah). (4) Lump-sum payment of Pension Benefits above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) can only be done 1 (one) time when reaching retirement age. (5) In the event that a Participant of a DPPK administering a PPIP at the time of retirement or termination of employment, and for the Entitled Party, chooses the first lump-sum payment of Pension Benefits as referred to in Article 32, then the Pension Benefits as referred to in paragraph (1) are calculated after the withdrawal of the first Pension Benefit.

Article 34
(1) Participants at a DPPK administering a PPIP with a contribution form in the form of stock ownership (employee stock ownership plan) as referred to in Article 24 paragraph (2) may sell their share ownership. (2) In the event that the Participant sells their share ownership as referred to in paragraph (1) and subsequently offers the shares to the Employer, the Employer must repurchase the shares based on the fair value of the company's shares.

Article 35
(1) Participants at a DPPK administering a PPIP who cease employment after having a minimum participation period of 3 (three) years and have not reached accelerated retirement age, are entitled to their own contributions and Employer contributions, along with the results of their development, which must be used to obtain Deferred Pension. (2) Participants who cease employment and are entitled to Deferred Pension as referred to in paragraph (1) may receive Pension Benefits starting from when they reach accelerated retirement age. (3) In the event that a Participant who ceases employment as referred to in paragraph (1) dies before the start of Deferred Pension payments, the provisions regarding rights arising upon the Participant's death apply. (4) In the event that the amount of accumulated Participant contributions and Employer contributions, along with the results of their development, from Participants who cease employment as referred to in paragraph (1), as well as transfer of funds from other DPPKs and DPLKs, is less than or equal to Rp100,000,000.00 (one hundred million rupiah), the rights to Deferred Pension may be paid as a lump sum at the time the employee ceases employment.

Article 36
(1) In the event that a Participant of a DPPK administering a PPIP ceases employment less than 10 (ten) years before reaching normal retirement age, then based on the Participant's choice, the rights to accelerated pension may:
a. be paid by the DPPK administering the PPIP concerned; b. defer payment of their Pension Benefits until reaching normal retirement age;
c. be transferred to another DPPK; or
d. be transferred to a DPLK.
(2) In the event that the Participant as referred to in paragraph (1) chooses the rights to accelerated pension to be paid by the DPPK administering the PPIP concerned or to defer payment of their Pension Benefits until reaching normal retirement age, the provisions regarding lump-sum payment of Pension Benefits as referred to in Article 33 apply.

Article 37
(1) The Board of Directors of a DPPK administering a PPIP, upon request and choice of the Participant, must purchase a lifetime annuity from an Insurance Company, with the condition:
a. the chosen annuity provides Pension Benefits for widow/widower or children of at least 60% (sixty percent) and at most 100% (one hundred percent) of the Pension Benefits received by the Participant; and b. the chosen annuity complies with regulations in the field of Pension Funds and the PDP of the DPPK administering the PPIP. (2) The requirements as referred to in paragraph (1) letter a do not apply to the purchase of annuities based on the request and choice of widow/widower or children. (3) If by 30 (thirty) days before the payment of Pension Benefits, the Participant has not made the choice as referred to in paragraph (1) and paragraph (2), the Board of Directors must purchase a lifetime annuity that provides payments to widow/widower or children of the same amount as the payments to the pensioner. (4) The annuity choice determined by the Participant is declared void if the Participant dies before the start of Pension Benefit payments.

Article 38
(1) A DPPK administering a PPIP may pay Pension Benefits periodically to Participants and widow/widower or children.
(2) Periodic payment of Pension Benefits as referred to in paragraph (1) can only be paid based on the choice of the Participant and Entitled Party for a period of at least 10 (ten) years up to 25 (twenty-five) years after the Participant reaches normal retirement age. (3) Payments as referred to in paragraph (2) are carried out with the following provisions:
a. payment of Pension Benefits must be carried out through the purchase of a lifetime annuity at an Insurance Company when the period of periodic payment of Pension Benefits through the DPPK administering the PPIP ends; and b. making initial reserves for the purchase of a lifetime annuity at an Insurance Company calculated based on Actuarial Assumptions of at most 20% (twenty percent) of the adjusted Pension Benefits with the period of periodic payment of Pension Benefits through the DPPK administering the PPIP, before the DPPK administering the PPIP makes periodic payments of Pension Benefits. (4) In the event that Pension Benefits are paid by the DPPK administering the PPIP, the PDP must contain:
a. the choice of form of periodic payment of Pension Benefits or annuity that can be chosen by the Participant; and b. the procedure for payment of Pension Benefits carried out by the DPPK administering the PPIP. (5) In the event that the DPPK administering the PPIP pays Pension Benefits periodically as referred to in paragraph (2), the DPPK administering the PPIP must conduct an actuarial valuation at least every 3 (three) years. (6) In the context of periodic payment of Pension Benefits, it must be based on a table created to convert total accumulated contributions and development results into monthly payments.

Article 39
In the event that the amount of Pension Benefits used to purchase a lifetime annuity as referred to in Article 38 paragraph (3) letter a is less than or equal to Rp500,000,000.00 (five hundred million rupiah), such Pension Benefits may be paid as a lump sum.

Article 40
A DPPK administering a PPIP may make a lump-sum payment of Pension Benefits outside the provisions as referred to in Article 33 paragraph (1) if the Participant or Entitled Party:
a. is in a condition of severe illness and experiences financial difficulties, supported by documentary evidence; b. is an Indonesian citizen who changes nationality; or
c. is a foreign national whose employment period has ended and who no longer works in Indonesia.

Article 41
(1) A DPPK administering a PPIP must include in the PDP regarding contributions and Pension Benefits at least the following matters:
a. the amount of Participant contributions; b. the Participant's right to choose lump-sum payment of Pension Benefits;
c. the provisions or conditions and the amount of Pension Benefits that can be paid as a lump sum;
d. the procedure for payment of Pension Benefits; e. the Participant's right to choose the form of annuity; f. the obligation of the Employer to repurchase shares based on fair value, in the event there is an additional contribution form in the form of stock ownership (employee stock ownership plan); and g. the method of payment of Pension Benefits through the purchase of annuities at an Insurance Company. (2) The PDP of a DPPK administering a PPIP may contain the choice of method of periodic payment of Pension Benefits paid directly by the DPPK administering the PPIP.

Article 42
(1) A DPPK administering a PPIP that makes periodic payments of Pension Benefits must observe the principle of matching assets and liabilities.
(2) Assets as referred to in paragraph (1) must be:
a. time deposits at conventional banks or banks with Sharia principles; and/or b. government securities recorded using the amortized cost method.
(3) A DPPK administering a PPIP must maintain liquidity levels in accordance with Pension Benefits that are due.

CHAPTER IV
FINANCIAL INSTITUTION PENSION FUND
First Section
Pension Contributions

Article 43
(1) Contributions at a DPLK consist of:
a. Employer contributions and Participant contributions; b. Employer contributions; or
c. Participant contributions.
(2) Contributions at a DPLK as referred to in paragraph (1) may be:
a. a nominal amount; or b. a certain percentage of the Employer's contribution, not exceeding the amount of the Employer's contribution.
(3) Participants may at any time add their own contributions to increase the growth of their accumulated funds in addition to the contributions as referred to in paragraph (2).

Article 44
The PDP of a DPLK may establish differences in the amount of Employer contributions credited to the name of each Participant, while still observing the principles of equality and fairness.

Article 45
(1) Employers who, before including their employees in a DPLK, had accumulated funds both from the Employer and from employees, may transfer such funds to the DPLK for and on behalf of Participants. (2) In the event that the Employer as referred to in paragraph (1) establishes a DPPK administering a PPIP and intends to transfer funds already accumulated in the DPLK, the DPLK must transfer the accumulated funds concerned. (3) The transfer of funds as referred to in paragraph (1) and paragraph (2) must be paid as a lump sum and enjoyed by Participants at the time of retirement.

Second Section
Pension Benefits

Article 46
(1) Pension Benefits of Participants at a DPLK consist of funds comprising the amount of accumulated contributions paid in their name and transfer of funds from other DPPKs and DPLKs, as well as the results of their development. (2) The calculation of development results as referred to in paragraph (1) for each Participant must be carried out from the time the funds are credited to the DPLK until the time of payment to the Participant or until the purchase of a lifetime annuity at an Insurance Company. (3) The calculation of development results as referred to in paragraph (2) may be calculated using the net asset value per unit method (unit pricing).

Article 47
(1) The development results as referred to in Article 46 paragraph (1) must take into account unrealized investment gains.
(2) A DPLK must manage assets according to the Participant's age group (life cycle fund), with provisions that for Participants who have reached an age of at most 5 (five) years and at least 2 (two) years before normal retirement age, the assets dedicated to such Participants must be placed in:
a. savings at conventional banks or banks with Sharia principles; b. time deposits at conventional banks or banks with Sharia principles;
c. deposit certificates at conventional banks or banks with Sharia principles;
d. securities issued by Bank Indonesia; and/or e. government securities recorded using the amortized cost method.

Article 48
Participants of a DPLK at the time of retirement or termination of employment, and for the Entitled Party, may choose to receive the first Pension Benefit payment of at most 20% (twenty percent) of the Pension Benefits as a lump sum.

Article 49
(1) Participants or Entitled Parties at a DPLK have the right to choose lump-sum payment of Pension Benefits if the amount of accumulated contributions paid in their name and transfer of funds from other DPPKs and DPLKs, as well as the results of their development as referred to in Article 46 paragraph (1), which become the rights of the Participant or Entitled Party, is:
a. less than or equal to Rp500,000,000.00 (five hundred million rupiah); or b. above Rp1,500,000,000.00 (one billion five hundred million rupiah).
(2) In the event that lump-sum payment of Pension Benefits above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) letter b, the lump-sum payment referred to is only the payment of the excess difference of the Pension Benefits received after deducting Rp1,500,000,000.00 (one billion five hundred million rupiah). (3) Lump-sum payment of Pension Benefits above Rp1,500,000,000.00 (one billion five hundred million rupiah) as referred to in paragraph (1) can only be done 1 (one) time when reaching retirement age. (4) In the event that Participants at the time of retirement or termination of employment, and for the Entitled Party, choose the first lump-sum payment of Pension Benefits as referred to in Article 48, then the Pension Benefits as referred to in paragraph (1) are calculated after the withdrawal of the first Pension Benefit.

Article 50
A DPLK may regulate the withdrawal of a certain amount of funds by Participants at any time with the following provisions:
a. the funds withdrawn do not exceed the amount of Participant contributions before the withdrawal; b. the funds that can be withdrawn are only funds originating from accumulated contributions paid by the Participant, not including Employer contributions and the development results of Employer contributions and Participant contributions; and
c. funds transferred from a DPPK cannot be withdrawn by the Participant.

Article 51
(1) The Board of Directors of a DPLK, upon the Participant's request at the time of retirement, purchases a lifetime annuity from an Insurance Company chosen by them, with the condition:
a. the chosen annuity provides Pension Benefits for widow/widower or children of at least 60% (sixty percent) and at most 100% (one hundred percent) of the Pension Benefits received by the Participant; and b. the chosen annuity complies with regulations in the field of Pension Funds and the PDP of the DPLK. (2) The requirements as referred to in paragraph (1) letter a do not apply to the purchase of annuities based on the request and choice of widow/widower or children. (3) If by 30 (thirty) days before the payment of Pension Benefits, the Participant has not made the choice as referred to in paragraph (1) and paragraph (2), the Board of Directors must purchase a lifetime annuity that provides payments to widow/widower or children of the same amount as the payments to the pensioner. (4) The annuity choice determined by the Participant is declared void if the Participant dies before the start of Pension Benefit payments.

Article 52
(1) A DPLK may pay Pension Benefits periodically to Participants and Entitled Parties.
(2) Periodic payment of Pension Benefits as referred to in paragraph (1) can only be paid based on the choice of the Participant and Entitled Party for a period of at least 10 (ten) years up to 25 (twenty-five) years after the Participant reaches normal retirement age. (3) Payments as referred to in paragraph (2) are carried out with the following provisions:
a. payment of Pension Benefits must be carried out through the purchase of a lifetime annuity at an Insurance Company when the period of periodic payment of Pension Benefits through the DPLK ends; and b. making initial reserves for the purchase of a lifetime annuity at an Insurance Company calculated based on Actuarial Assumptions, before the DPLK makes periodic payments of Pension Benefits. (4) In the event that Pension Benefits at a DPLK are paid directly by the DPLK, the PDP must contain:
a. the choice of form of periodic payment of Pension Benefits or annuity that can be chosen by the Participant; and b. the procedure for payment of Pension Benefits carried out by the DPLK.
(5) In the event that the DPLK pays Pension Benefits periodically as referred to in paragraph (2), the DPLK must conduct an actuarial valuation at least every 3 (three) years.

(6) In order to make periodic Pension Benefit payments, a table must be created to convert the total accumulated contributions and development returns into monthly payments.

Article 53
In the event that the amount of accumulated contributions and development returns used to purchase a lifetime annuity as referred to in Article 52 paragraph (3) letter a is less than or equal to IDR 500,000,000.00 (five hundred million rupiah), such Pension Benefits may be paid in a lump sum.

Article 54
In the event that the accumulated contributions paid on behalf of the Participant, along with the transfer of funds from other DPPKs and DPLKs, and the development returns of the Participant who has ceased working are less than or equal to IDR 100,000,000.00 (one hundred million rupiah), such Pension Benefits may be paid in a lump sum at the time the employee ceases working.

Article 55
A DPLK may make Pension Benefit payments in a lump sum outside the provisions referred to in Article 49 paragraph (1) if the Participant or the Entitled Party:
a. is in a condition of severe illness and experiences financial difficulties supported by documentary evidence; b. is an Indonesian citizen who has changed nationality; or
c. is a foreign national whose employment period has ended and who no longer works in Indonesia.

Article 56
(1) A DPLK must include in the PDP regarding contributions and Pension Benefits at least the following:
a. the Participant's right to choose lump-sum payment of Pension Benefits; b. the provisions, conditions, and amount of Pension Benefits that may be paid in a lump sum;
c. the procedure for paying Pension Benefits;
d. the Participant's right to choose the form of annuity; e. the withdrawal of a specific amount of funds by the Participant; and f. the method of paying Pension Benefits through the purchase of annuities from an Insurance Company. (2) The PDP as referred to in paragraph (1) letter f may include the option for periodic Pension Benefit payments paid directly by the DPLK.

Article 57
(1) A DPLK making periodic Pension Benefit payments must adhere to the principle of matching assets and liabilities.
(2) The assets as referred to in paragraph (1) must consist of:
a. time deposits at conventional banks or Sharia-compliant banks; and/or b. government securities recorded using the amortized cost method.
(3) A DPLK must maintain liquidity levels corresponding to the Pension Benefits that are due.

CHAPTER V
OTHER BENEFITS

Article 58
(1) In addition to administering pension programs, DPPKs and DPLKs may administer or provide Other Benefits to Participants.
(2) The types of Other Benefits that may be provided to Participants are:
a. children's education funds; b. housing funds;
c. religious pilgrimage funds;
d. disability assistance funds; e. death assistance funds; f. health assistance funds; g. severance funds; and/or h. additional benefit funds.
(3) The types of Other Benefits as referred to in paragraph (2) may be provided:
a. while the Participant is still actively working; and/or b. after the Participant retires.

Article 59
Pension Funds may only administer or provide Other Benefits to Participants if the Employer has included in the joint employment contract, company regulations, or joint labor agreement that Other Benefits will be provided to the Participant.

Part One
Payments to Participants

Article 60
(1) The types of Other Benefits that may be paid to Participants while the Participant is still actively working, as referred to in Article 58 paragraph (3) letter a, are:
a. children's education funds; b. housing funds;
c. religious pilgrimage funds;
d. disability assistance funds; e. death assistance funds; f. health assistance funds; and/or g. additional benefit funds.
(2) The types of Other Benefits that may be paid to Participants after the Participant retires, as referred to in Article 58 paragraph (3) letter b, are:
a. religious pilgrimage funds; b. death assistance funds;
c. health assistance funds;
d. severance funds; and/or e. additional benefit funds.

Part Two
Administration

Article 61
(1) The types of Other Benefits as referred to in Article 58 paragraph (2), except letter g, may only be provided to Participants who have participated in the pension program of the relevant DPPK or DPLK. (2) The type of Other Benefit consisting of severance funds, as referred to in Article 58 paragraph (2) letter g, may only be provided to:
a. DPPK Participants; or b. DPLK Participants who have participated in a pension program or pension guarantee program.

Article 62
(1) Payments of Other Benefits as referred to in Article 58 paragraph (2) letters a through c may be withdrawn after a contribution payment period of at least 5 (five) years and up to 100% (one hundred percent) of the accumulated funds. (2) Payments of Other Benefits as referred to in Article 58 paragraph (2) letters d through f are made when the Participant becomes disabled, dies, or falls ill. (3) Disability assistance funds as referred to in Article 58 paragraph (2) letter d are paid in a lump sum to the Participant. (4) Death assistance funds as referred to in Article 58 paragraph (2) letter e are paid in a lump sum to the Entitled Party when the active or retired Participant dies.

Article 63
In the event that the Participant pays contributions for disability assistance funds and death assistance funds until retirement without making a benefit claim, the Participant is entitled to the return of contributions plus development returns, minus operational costs.

Article 64
(1) In the event that DPPKs and DPLKs administer Other Benefits consisting of health assistance funds as referred to in Article 58 paragraph (2) letter f, any funding shortfall shall be borne by the Employer or by the Participant for self-employed workers. (2) Health assistance funds may be administered through cooperation with an Insurance Company or by self-managing the contributions. (3) Payments of health assistance funds made after the Participant retires may be made under the following conditions:
a. in a lump sum; or b. periodically, where the management of the DPPK and DPLK pays health benefits to the Participant or pays health premiums or contributions to an Insurance Company.

Article 65
(1) Contributions for severance funds as referred to in Article 58 paragraph (2) letter g must originate solely from Employer contributions.
(2) The procedure for administering severance funds for DPPKs and DPLKs must be conducted as follows:
a. The Employer must provide and submit to the DPPK or DPLK a list of employees included in the severance fund, along with any changes; b. The DPPK or DPLK must maintain and account for the aforementioned employee list in the DPPK or DPLK administrative system;
c. The Employer registers each employee included in the severance fund at the DPPK or DPLK by filling out the pension program registration form; and
d. Payment of severance funds is made based on the Employer's order and may only be paid to Participants whose names are recorded in the DPPK or DPLK administration, after first recording a specific amount of funds in the name of the respective Participant at the time the Employer terminates the employment relationship, equal to the benefit agreed upon in the contract or joint labor agreement between the Employer and the employee.

Article 66
To administer Other Benefits as referred to in Article 58 paragraph (1), the PDP of DPPKs and DPLKs must include the administration procedures for Other Benefits, at least regulating:
a. the type of Other Benefits; b. the funding source;
c. the Employer's obligation to finance Other Benefits;
d. the membership period for Participants to receive Other Benefits; e. the amount of Other Benefits that may be received by the Participant or Entitled Party; and f. the timing and procedure for paying Other Benefits.

Part Three
Funding

Article 67
(1) In the event that DPPKs and DPLKs administer or provide Other Benefits to Participants, DPPKs and DPLKs must separate the accounting between Pension Benefits and Other Benefits.
(2) In the event that DPPKs and DPLKs administer or provide Other Benefits to Participants, DPPKs and DPLKs must separate the accounting for each type of Other Benefits.
(3) DPPKs and DPLKs administering or providing Other Benefits must calculate the contribution amounts required to meet benefit payment obligations as determined by an actuary.

Article 68
(1) Funding sources for DPPKs and DPLKs administering or providing Other Benefits to Participants are:
a. Employer contributions; b. Participant contributions; and/or
c. a certain percentage of the development returns of the pension program.
(2) The percentage as referred to in paragraph (1) letter c may be calculated at most 10% (ten percent) of the development returns of the pension program.

CHAPTER VI
OTHER PROVISIONS

Article 69
(1) DPPKs and DPLKs must separate funds categorized as inactive funds.
(2) Before separating inactive funds, DPPKs and DPLKs must make efforts to pay Pension Benefits to the Participant or Entitled Party since the Participant reached normal retirement age, at the latest within 1 (one) year. (3) If by the end of the 1 (one) year period as referred to in paragraph (2), the DPPK or DPLK has not made Pension Benefit payments due to:
a. the Participant's whereabouts being unknown; or b. the Participant not having an appointed Entitled Party, or having one but whose whereabouts are unknown, such Pension Benefits are categorized as inactive funds. (4) If, within 180 (one hundred eighty) calendar days since the separation of such funds, Pension Benefit payments still have not occurred, DPPKs and DPLKs must hand over the inactive funds to the Estate Management Agency (Balai Harta Peninggalan) in accordance with applicable laws and regulations. (5) In the event that DPPKs and DPLKs hand over such funds to the Estate Management Agency as referred to in paragraph (4), the Participant or Entitled Party to such funds may request payment from the Estate Management Agency.

Article 70
(1) Pension Benefits for children may be paid until the child reaches a maximum age of 25 (twenty-five) years.
(2) The PDP may contain provisions stating that if a child becomes disabled before exceeding the payment age limit for child Pension Benefits, such Pension Benefits may be paid beyond the age established in paragraph (1).

Article 71
In the event that a DPPK or DPLK is dissolved, lump-sum Pension Benefit payments shall be made to Participants in accordance with laws and regulations in the field of Pension Funds.

Article 72
(1) In the event that a Participant is a participant in both a DPPK and a DPLK, when the Participant reaches normal retirement age or accelerated retirement age:
a. Pension Benefits to be received from the DPLK may be paid in a lump sum outside the provisions referred to in Article 49; and b. Pension Benefits to be received from the DPPK must be paid monthly outside the provisions referred to in Article 16 and Article 33. (2) The provisions as referred to in paragraph (1) letter b do not apply if the accumulated Pension Benefits to be received from the DPPK and DPLK at the time of reaching normal or accelerated retirement age are less than or equal to IDR 500,000,000.00 (five hundred million rupiah), in which case the DPPK Pension Benefits may be paid in a lump sum. (3) In the event that DPPK Pension Benefits administered using the Monthly Formula have their balances calculated into the Lump Sum Formula for the purpose of calculating accumulated Pension Benefits as referred to in paragraph (2).

CHAPTER VII
ADMINISTRATIVE SANCTIONS

Article 73
(1) DPPKs and DPLKs that fail to comply with the provisions referred to in Article 61, Article 65 paragraph (2), Article 69 paragraph (1), paragraph (2), and paragraph (4) shall be subject to administrative sanctions in the form of written reprimands. (2) The imposition of administrative sanctions in the form of written reprimands as referred to in paragraph (1) for each type of violation shall be imposed at most 3 (three) times consecutively, with a time limit of at most 1 (one) month each. (3) In the event that the Financial Services Authority (Otoritas Jasa Keuangan) determines that the type of violation committed cannot be resolved within the time limit as referred to in paragraph (2), the Financial Services Authority may establish a longer time limit than 1 (one) month, provided that such time limit is at most 1 (one) year. (4) In the event that DPPKs and DPLKs have been subject to administrative sanctions up to the third written reprimand and have not resolved the cause of the sanction, the Financial Services Authority may impose additional sanctions in the form of:
a. a reduction in the risk assessment score; b. a re-evaluation of the competence and propriety of the supervisory board, management, and/or acting management; and/or
c. the issuance of a written order to the Founder to replace the supervisory board, management, and/or acting management.

CHAPTER VIII
TRANSITIONAL PROVISIONS

Article 74
(1) Provisions regarding lump-sum Pension Benefit payments as referred to in Article 16, Article 33, and Article 49 apply only to Participants who retire after this Financial Services Authority Regulation is enacted. (2) For Participants who retire after this Financial Services Authority Regulation is enacted but for whom the PDP has not yet been adjusted, lump-sum Pension Benefit payments as referred to in Article 16, Article 33, and Article 49 shall apply in accordance with this Financial Services Authority Regulation.

Article 75
DPPKs and DPLKs must adjust the PDP to comply with the provisions of this Financial Services Authority Regulation in the PDP at the latest 1 (one) year since this Financial Services Authority Regulation was enacted.

Article 76
The provisions for administering types of Other Benefits as referred to in Article 61 paragraph (2) letter b shall take effect on December 31, 2019.

Article 77
DPPKs and DPLKs that have already administered Other Benefits as referred to in Article 58 paragraph (1) must adjust the PDP to comply with the provisions referred to in Article 66 at the latest by December 31, 2017.

CHAPTER IX
CLOSING PROVISIONS

Article 78
Upon the commencement of this Financial Services Authority Regulation, provisions regarding Contributions, Pension Benefits, and Other Benefits administered by Pension Funds shall be subject to this Financial Services Authority Regulation.

Article 79
This Financial Services Authority Regulation shall take effect upon enactment.

This copy is consistent with the original
Legal Director 1
Legal Department
Yuliana

To ensure everyone is aware, the enactment of this Financial Services Authority Regulation is ordered by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on March 1, 2017

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY, sd
MULIAMAN D. HADAD

Enacted in Jakarta on March 6, 2017
MINISTER OF LAW AND HUMAN RIGHTS
REPUBLIC OF INDONESIA, sd
YASONNA H. LAOLY
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2017 NUMBER 38