6532Financial Institution Pension Funds

This subgroup includes financial institution pension fund businesses, which involve managing pension funds established by banks or life insurance companies to administer defined contribution pension programs for individuals, both employees and self-employed individuals. These pension funds are separate from the employer-sponsored pension funds for the employees of the respective bank or life insurance company. These activities can be conducted conventionally or based on Sharia principles. Financial institution pension fund operations are carried out by conventional financial institution pension funds and Sharia-compliant financial institution pension funds, all of which are regulated and supervised by the Financial Services Authority (Otoritas Jasa Keuangan or OJK).