JAKARTA. The Financial Services Authority (OJK) dissolved three pension funds: Dana Pensiun Avrist (PT Avrist Assurance), Dana Pensiun Dystar Cilegon Iuran Pasti (PT DyStar Colours Indonesia), and Dana Pensiun Citas Otis Elevator (PT Citas Otis Elevator). The dissolution was based on the requests of the pension funds' founders.
The dissolution was effective starting from October 32, 2018. Meanwhile, Dana Pensiun Dystar Cilegon Iuran Pasti and Dana Pensiun Citas Otis Elevator were officially dissolved as of December 31, 2018.
The three companies' founders sought to improve the efficiency and effectivity of their pension programmes. Thus, the companies decided to shift their pension programs to financial institution pension funds (DPLKs).
The dissolution also established a pension fund liquidation team, which is tasked to implement liquidation programmes in accordance with OJK Regulation No. 9/POJK.05/2014 concerning the Dissolution and Liquidation of Pension Funds.
The OJK has instructed customers of the three pension funds to remain calm because their funds will be shifted to DPLKs in accordance with existing regulations. (AM/MS)