应对印度尼西亚资产支持型养老金的挑战

Addressing the Challengesfor Asset‑backed Pensionsin Indonesia This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed andarguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty overany territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use ofsuch data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements inthe West Bank under the terms of international law. Photo credits:Cover © ferlistockphoto/Getty Images. Corrigenda to OECD publications may be found at: https://www.oecd.org/en/publications/support/corrigenda.html.© OECD 2025 Attribution 4.0 International (CC BY 4.0)This work is made available under the Creative Commons Attribution 4.0 International licence. By using this work, you accept to be bound by the terms of this licence(https://creativecommons.org/licenses/by/4.0/).Attribution– you must cite the work.Translations– you must cite the original work, identify changes to the original and add the following text:In the event of any discrepancy between the original work and thetranslation, only the text of original work should be considered valid.Adaptations– you must cite the original work and add the following text:This is an adaptation of an original work by the OECD. The opinions expressed and arguments employed inthis adaptation should not be reported as representing the official views of the OECD or of its Member countries.Third-party material– the licence does not apply to third-party material in the work. If using such material, you are responsible for obtaining permission from the third party and forany claims of infringement.You must not use the OECD logo, visual identity or cover image without express permission or suggest the OECD endorses your use of the work.Any dispute arising under this licence shall be settled by arbitration in accordance with the Permanent Court of Arbitration (PCA) Arbitration Rules 2012. The seat of arbitration shallbe Paris (France). The number of arbitrators shall be one. Foreword The designand regulationofasset-backedpensionsystemsprovide a framework for individuals tobuildsufficient resourcesto finance their retirement.Nevertheless, protection gaps resulting in insufficientretirement savings may still arise. One driver of these protection gaps is that the rules of thesystem maysometimesbe inadequate to allow the population to achieve the desired objectives for retirement,appropriate schemes orvehiclesmay beunavailable and individuals may not necessarily make use ofthose that are.Additional challenges may impedethe system from delivering thetargetedretirementoutcomes.This can lead to retirement savings gaps that can leave individuals under-protected and puttheir financial well-being in retirement at risk. Thisreport draws from the work of the OECD WorkingParty on Insurance and Pensions on asset-backedpensions, contributing to the dissemination of OECD standards and recommendations relating to pensionsand learning from international practices. It also contributes to the Working Party’s regional outreachinAsia in the context of the annualOECD-ADBI Roundtable on Insurance and Retirement Savings in Asia.The report provides lessons from the experience of the asset-backed pension system in Indonesia, alongwith insights into the challenges that it faces and the policy options available to address these challengesbased on international good practices. This report has been developed by the Capital Markets and Financial Institutions Division of the OECDDirectorate for Financial and Enterprise Affairs. It was prepared by Jessica Mosher under the supervisionof Pablo Antolín, Head of the Insurance and Pensions Unit, and Serdar Çelik, Head of Division. The OECD gratefully acknowledges financial support from the Government of Japan that made thepreparationof this report possible.The report has also benefited from valuable exchanges andcollaboration with the IndonesianFinancial Services Authority. On 20 February 2024, the OECD Council decided to open accession discussions with Indonesia. TheRoadmap for theOECD Accession Process of Indonesia was adopted on 29 March 2024. In accordancewith the Roadmap, Indonesia will undergo in-depth reviews by the OECD technical committees listed inthe Roadmap. This report is separate from Indonesia’s accession process anddoes not prejudge therecommendations that may be suggested in the process. Table of contents 3 Foreword Executive summary6 1 Retirementsavings protection gaps and challenges to achieve adequate retirementoutcomes9 1.1. Protection gaps arising from the rules o