Indonesia Financial Services Authority presents OECD self-evaluation and flags pension reform priorities at OECD Financial Markets Week

The Indonesia Financial Services Authority (OJK) published an update on its participation in OECD Financial Markets Week in Paris, where it reaffirmed plans to strengthen Indonesia’s national pension system to better align with international standards while protecting members and supporting financial sector stability, as part of Indonesia’s OECD accession process. OJK Executive Head for Insurance, Guarantees and Pension Funds Supervision Ogi Prastomiyono led a delegation from OJK and Indonesia’s Ministry of Finance and delivered a self-evaluation against two OECD legal instruments for the pension sector, the Core Principles of Private Pension Regulation and the Good Design of Defined Contribution Pension Plans. The presentation covered Indonesia’s pension industry structure, regulatory and supervisory framework, governance and risk management practices, and the use of risk-based supervision, and it identified priorities for further strengthening relative to OECD standards including developing life-cycle investment strategies, improving benefit design to encourage periodic payouts as retirement income, and expanding pension coverage. OJK also participated in International Organisation of Pension Supervisors (IOPS) meetings, including joint sessions with the OECD Working Party on Insurance and Pensions. Feedback from OECD members is expected to inform further policy refinement and pension system strengthening, supporting subsequent stages of Indonesia’s OECD accession process.