Protecting pension funds is not merely about the amount of money\navailable, but whether the system can safeguard workers\u2019 rights when the\ninstitutions supporting them face extreme hardship.<\/p>\n
Jakarta (ANTARA) - What should happen when a company undergoes\nliquidation, while its ecosystem contains a pension fund that has\ncollected contributions from employees and employers for many years?<\/p>\n
A pension fund is not just a part of corporate administration. It\ncontains the economic rights of workers, built up throughout their years\nof service to guarantee income certainty upon reaching retirement\nage.<\/p>\n
The case of PT Asuransi Jiwasraya (Persero) serves as a case study\nfor how these protection principles should function. Following the\nescalation of Jiwasraya\u2019s issues\u2014from policy restructuring to company\nliquidation\u2014another dimension has drawn public attention: the settlement\nof the Jiwasraya Employer Pension Fund (DPPK).<\/p>\n
The Financial Services Authority (OJK) has dissolved the Jiwasraya\nDPPK and DPLK since 16 January 2025 and has appointed liquidators to\ncarry out the settlement process. This situation provides an important\nlesson: the dissolution of a pension fund is not identical to the\ntermination of participants\u2019 rights.<\/p>\n
In an ideal condition, liquidation should function as a mechanism to\nclarify all legal and financial positions. This includes identifying the\namount of available assets, obligations to participants, recoverable\nreceivables, funding shortages, and the parties legally responsible for\nthe settlement.<\/p>\n
Legal practitioner at BP Lawyers Counselors at Law, Bimo Prasetio,\nstated that several principles must be maintained in cases involving\npension funds and workers\u2019 rights. The first principle is the separation\nof assets. The employer and the pension fund are two distinct legal\nentities.<\/p>\n
Although the DPPK is established by the employer, the pension fund\u2019s\nassets do not automatically become part of the founding company\u2019s\nassets. This separation is crucial when a company faces financial\ndistress. Pension assets are, in principle, intended to fulfil\nobligations to participants and entitled parties.<\/p>\n
Therefore, these assets should not be treated simply as part of the\ncompany\u2019s assets to be used for settling all corporate liabilities. The\nJiwasraya case demonstrates why this boundary must be clear. PT Asuransi\nJiwasraya is an insurance company currently in the liquidation process.\nThe Jiwasraya DPPK is a legal entity managing a pension programme, while\nIFG Life has received the transfer of Jiwasraya\u2019s policy portfolio as\npart of the restructuring.<\/p>\n
While all three are part of a single sequence of events, their\nrespective legal relationships cannot be conflated. The transfer of a\npolicy portfolio to IFG Life, for instance, does not automatically imply\nthe transfer of all employee pension fund obligations. To determine\nwhether such responsibility exists, one must examine the scope of\ntransferred assets and liabilities, the transfer agreements, and\nregulatory approvals.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/safeguarding-participant-rights-during-pension-fund-liquidation-1789217905", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }