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January 9, 2025 | 09:27 am
TEMPO.CO, Jakarta - Indonesia's Financial Services Authority (OJK) has issued a new regulation regarding periodic reports of employer pension fund companies (DPPK) and financial institution pension fund companies (DPLK). This provision is stated in OJK Regulation Number 21 of 2024 concerning Periodic Reports of Pension Funds (POJK 21/2024).
Acting Head of the OJK Literacy, Financial Inclusion and Communication Department M. Ismail Riyadi said that the issuance of the POJK aims to increase transparency, efficiency, and accountability in reporting by financial services industry players, especially pension fund companies.
"It is expected to improve the quality of pension fund reporting and strengthen the protection of participant interests through better information transparency," said Ismail in an official statement, Wednesday, January 8, 2025.
POJK 21/2024, said Ismail, regulates the obligations of DPPK and DPLK to prepare and submit periodic reports to OJK. The regulation will come into effect on June 1, 2025.
Ismail explained that one of the main provisions in this POJK is the type of periodic reports that must be submitted, such as monthly financial reports, annual financial reports, and other reports regarding sustainable reports, anti-fraud strategies, and realization of business plans.
In addition, other main provisions include the obligation of pension funds to submit publication reports to participants in a transparent manner. Then the regulation of the preparation of periodic reports for DPPK that organizes two pension programs and the submission of periodic reports online through the OJK reporting system.
There are also provisions regarding the submission of corrections to monthly reports as a follow-up to the results of OJK supervision and the imposition of administrative sanctions in the form of fines for late periodic reports and incorrect information in monthly reports.
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