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OJK has prepared a new benefit bill

Reporter: Tendi Mahadi | Editor: Dupla Kartini

JAKARTA. The Financial Services Authority (OJK) is working on expanding the benefits of pension funds. The pension fund industry’s penetration (dapen) is still lagging behind other non-bank financial institutions, such as insurance and multi be a consideration for expanding the benefits of pension funds.

The more variety of benefits that can be provided to participants, of course, makes it attractive for them to find customers.

Deputy Commissioner for Supervision of the Non-Bank Financial Industry of the Financial Services Authority (IKNB OJK) Edy Setiadi said that the expansion of pension benefits is one of the regulators’ priorities this year and it is hoped that the rules of the game can be released in the second quarter. “We are still collecting opinions from related parties,” explained Edy some time ago.

On the grid, the benefit expansion will be divided into two schemes depending on the type of participants. Namely the expansion of benefits for active participants and participants who are already classified as retirees.

For example, for active participants, pension funds can later offer types of benefits beyond the current pension benefits. Call it the benefits of education, housing, to the benefits of the Hajj and Umrah pilgrimage.

Nur Hasan Kurniawan, Deputy Chairman of the Financial Institution Pension Fund Association (PDPLK), believes that the expansion of benefits can attract customers. For example, for corporate employers who can provide benefits for their employees.

The sooner the regulation is issued, said Nur Hasan, the better. This is because DPLK also has to make a series of preparations before starting to offer it to customers, especially those related to education.

As a new item, education is absolutely given to the community. In addition, the more the benefits are added, the dapen also has to make more formulas. A number of new benefits will involve other financial institutions, such as the insurance industry.

Therefore, it takes a deadline from the issuance of the regulation to the implementation of marketing to the public. “It may take around six months to twelve months,” predicts Nur Hasan. Dapen assets until the first quarter of 2016 were recorded at Rp 220.1 trillion. This number is up 6.5% from the end of 2015.

Commission distinctions

In addition to the multiplied benefits, Nur Hasan also hopes that the regulation will also regulate the amount fee fund management in the DPLK. Because, without commission arrangements like what is currently happening, small-scale DPLKs are lagging behind.

With magnitude fee on an equal footing, potential participants tend to choose DPLK with large managed funds. As a result, in addition to uneven growth opportunities, the spread of risk factors is not balanced. “So we propose to divide the amount fee into three groups based on assets, “said Nur Hasan.

For DPLK with assets below Rp 700 billion, the amount fee proposed 0.5% per annum. Then, DPLK with assets of Rp. 700 billion – Rp. 2.5 trillion is proposed to collect a commission of 0.7%. The DPLK with assets above Rp 2.5 trillion, amount fee proposed at 0.9%.

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