Investment Managers Enter DPLK, Pension Fund Industry Projected to Grow Further
Jakarta, TopBusiness — The Financial Services Authority (OJK) has revealed that several investment managers are beginning to apply for licences to establish Financial Institution Pension Funds (DPLK), in line with opportunities opened by new financial sector regulations.
The Executive Head of OJK’s Insurance, Guarantee, and Pension Fund Supervision, Ogi Prastomiyono, stated that the application process is currently under evaluation by OJK.
“Currently, there are several investment managers who have applied to establish DPLK and are still in the evaluation stage by OJK,” said Ogi in response to media questions at the press conference for the April 2026 Monthly Commissioners’ Meeting (RDKB), on Tuesday (5/5/2026).
He explained that this step aligns with the mandate of the Financial Sector Development and Strengthening Law (P2SK), which opens opportunities for investment managers to become DPLK founders, in order to expand the coverage of pension programmes in Indonesia.
“The interest from investment managers is driven by the large potential of the pension programme market as well as opportunities to expand long-term financial services to the public,” he clarified.
Nevertheless, OJK emphasises that all licensing processes are conducted strictly and prudently. The assessment not only covers capital aspects but also governance, operational systems, risk management, infrastructure readiness, and the quality of human resources.
“We ensure that the protection of participants and the sustainability of the DPLK programme remain the top priority,” Ogi stressed.
Looking ahead, OJK projects that the DPLK industry will become increasingly competitive and dynamic. Competition will not only focus on network expansion but also on the quality of investment management, product innovation, and service digitalisation.
In addition, OJK is encouraging DPLK to serve as a consolidation vehicle for employer pension funds to make fund management more efficient and professional.
“With the involvement of investment managers, it is hoped that investment management competencies will become more credible, thereby increasing participants’ trust,” said Ogi.
On the other hand, OJK is also preparing new policies related to strengthening the capitalisation of the insurance industry through the refinement of risk-based capital (RBC) methods.
This regulation is being developed to align with international standards such as IFRS 17 or PSAK 117, as well as the Insurance Capital Standard (ICS) developed by the International Association of Insurance Supervisors.
“OJK is currently preparing a POJK related to the calculation of solvency for insurance and reinsurance companies with a more risk-sensitive and forward-looking approach,” he explained.
As part of this process, OJK has conducted a pilot project on 10 insurance companies, consisting of five life insurance companies and five general insurance companies.
In the future, the new RBC scheme will adopt a capital structure based on tier 1 (core capital) and tier 2 (supplementary capital), to improve the accuracy of capital adequacy measurement and strengthen risk management.
“This refinement is expected to maintain the resilience and stability of the insurance industry in the long term,” said Ogi.
In addition, this policy also forms part of the preparation for implementing the Policy Guarantee Programme (PPP), which is planned to start running in 2028, or potentially accelerated to 2027 in accordance with revisions to the P2SK Law.
With these various steps, OJK reaffirms its commitment to strengthening the pension fund sector and the insurance industry as important pillars in the national financial system.