Analisis Tata Kelola Strategis dalam Mendukung Keberlanjutan Dana Pensiun Skala Kecil di Indonesia
DOI:
https://doi.org/10.35870/jemsi.v12i2.6649Keywords:
Strategic Governance, Small Pension Funds, Institutional Sustainability, Risk Management, Financial Services IndustryAbstract
Indonesia’s pension fund industry has shown relatively stable asset growth in recent years; however, small-scale pension funds (Group IV) have experienced a decline in the number of entities and increasing sustainability pressures. This situation reflects an institutional capacity gap within the financial services industry, particularly regarding the ability of smaller institutions to meet governance, risk management, and regulatory compliance requirements. Previous studies have largely focused on investment performance and actuarial solvency, while research examining the sustainability of small pension funds from a strategic governance perspective remains limited. This study aims to examine the factors affecting the sustainability of Group IV pension funds and to identify strategic governance approaches suitable for small-scale pension fund institutions. The study employs a descriptive qualitative approach using Financial Services Authority reports, pension regulations, and relevant governance and risk management literature. The findings indicate that sustainability pressures are primarily associated with limited economies of scale, human resource constraints, regulatory compliance complexity, and insufficient information system support. Furthermore, a gap exists between the regulatory framework of the industry and the implementation capacity of small pension institutions. Therefore, a proportional, adaptive, and risk-based strategic governance approach is required to strengthen the sustainability of small pension funds in Indonesia.
Downloads
References
Ambachtsheer, K. (2016). The future of pension management: Integrating design, governance, and investing. John Wiley & Sons.
Clark, G. L., & Urwin, R. (2008). Best-practice pension fund governance. Journal of Asset Management, 9(1), 2–21. https://doi.org/10.1057/jam.2008.3.
Ginting, A. M. (2023). Permasalahan pengelolaan dana pensiun di BUMN. Info Singkat: Kajian Singkat Terhadap Isu Aktual dan Strategis, DPR RI.
Impavido, G., & Tower, I. (2009). How the financial crisis affects pensions and insurance, and why the impacts matter (IMF Working Paper). International Monetary Fund.
Indryani, R. I., Nadila, L., Wulandari, E., & Septiani, A. (2024). Pengelolaan dana pensiun yang efektif dan efisien dalam menjamin kesejahteraan keuangan di masa tua. Jurnal Penelitian Ekonomi Manajemen Dan Bisnis, 3(3), 180–186. https://doi.org/10.55606/jekombis.v3i3.4000.
Kumar, R. (2021). Research methodology: A step-by-step guide for beginners (5th ed.). Sage Publications.
Miles, M. B., Huberman, A. M., & Saldaña, J. (2014). Qualitative data analysis: A methods sourcebook (3rd ed.). Sage Publications.
OECD. (2016). OECD guidelines for pension fund governance. Organisation for Economic Co-operation and Development.
Otoritas Jasa Keuangan. (2016). Peraturan Otoritas Jasa Keuangan Nomor 16/POJK.05/2016 tentang Pedoman Tata Kelola Dana Pensiun. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2019). Peraturan Otoritas Jasa Keuangan Nomor 15/POJK.05/2019 tentang Tata Kelola Dana Pensiun. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2020). Surat Edaran Otoritas Jasa Keuangan Nomor 28/SEOJK.05/2020 tentang Penilaian Tingkat Kesehatan Dana Pensiun. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2023). Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2023 tentang Penyelenggaraan Usaha Dana Pensiun. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2024). Statistik dan perkembangan dana pensiun Indonesia 2024. Otoritas Jasa Keuangan.
Otoritas Jasa Keuangan. (2025). Statistik dana pensiun Indonesia 2025. Otoritas Jasa Keuangan.
Rahmadanis, R., Novita, R., Zulihanifa, W., & Mardiana, R. (2023). Efektivitas penerapan manajemen risiko pada PT Indofood Sukses Makmur. Magisma: Jurnal Ilmiah Ekonomi Dan Bisnis, 11(2). https://doi.org/10.35829/magisma.v11i2.323.
Rahmawati, N., et al. (2025). Risk management implementation in strengthening good pension fund governance: A case study at Pension Fund XYZ. Proceedings of the International Conference on Digital Business Innovation and Technology Management (ICONBIT), 1(2).
Rusandi, & Rusli, M. (2021). Merancang penelitian kualitatif dasar/deskriptif dan studi kasus. Al-Ubudiyah: Jurnal Pendidikan Dan Studi Islam, 2(1), 48–60. https://doi.org/10.55623/au.v2i1.18.
Sari, M., Hanum, S., & Rahmayati. (2022). Analisis manajemen risiko dalam penerapan good corporate governance: Studi pada perusahaan perbankan di Indonesia. Owner: Riset Dan Jurnal Akuntansi, 6(2), 1540–1554. https://doi.org/10.33395/owner.v6i2.804.
Scott, W. R. (2014). Institutions and organizations: Ideas, interests, and identities (4th ed.). Sage Publications.
Stewart, F., & Yermo, J. (2008). Pension fund governance: Challenges and potential solutions (OECD Working Papers on Insurance and Private Pensions, No. 18). Organisation for Economic Co-operation and Development.
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Nur Rahmawati, Catur Iswahyudi, Saiful Huda, Eska Almuntaha
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
1. Copyright Retention and Open Access License
Authors retain copyright of their work and grant the journal non-exclusive right of first publication under the Creative Commons Attribution 4.0 International License (CC BY 4.0).
This license allows unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
2. Rights Granted Under CC BY 4.0
Under this license, readers are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material for any purpose, including commercial use
- No additional restrictions — the licensor cannot revoke these freedoms as long as license terms are followed
3. Attribution Requirements
All uses must include:
- Proper citation of the original work
- Link to the Creative Commons license
- Indication if changes were made to the original work
- No suggestion that the licensor endorses the user or their use
4. Additional Distribution Rights
Authors may:
- Deposit the published version in institutional repositories
- Share through academic social networks
- Include in books, monographs, or other publications
- Post on personal or institutional websites
Requirement: All additional distributions must maintain the CC BY 4.0 license and proper attribution.
5. Self-Archiving and Pre-Print Sharing
Authors are encouraged to:
- Share pre-prints and post-prints online
- Deposit in subject-specific repositories (e.g., arXiv, bioRxiv)
- Engage in scholarly communication throughout the publication process
6. Open Access Commitment
This journal provides immediate open access to all content, supporting the global exchange of knowledge without financial, legal, or technical barriers.
