Dana Pensiun Bisa Investasi ke Luar Negeri, Ini Alasannya | EKONOMI 8

Finance-Focused Summary

Pension Funds Investing Overseas

• Indonesia’s Financial Services Authority (OJK) is preparing amendments to POJK No. 27/2023 to allow pension funds to invest in foreign markets. The stated rationale is to broaden investment options and seek better returns when domestic alternatives are inadequate. OJK would extend its oversight to overseas placements, while investment decisions would remain with pension-fund managers.
• Budi Sutrisno, Deputy Chairman of the Indonesian Pension Fund Association, said overseas investments are principally a long-term diversification option, not a source of short-term liquidity.
• Potential instruments discussed include:
  • Global bonds and other long-term fixed-income investments.
  • Foreign equities, preferably accessed through investment-management funds or a mandate with an investment manager rather than by having pension funds trade shares directly.
• The guest said foreign investments should be considered only after evaluating their net return after costs. Expenses may include brokerage, custody, accounting, and hedging costs. If the resulting return is no better than that of comparable domestic investments, he said funds may be better off investing domestically.
• Overseas investing introduces currency and conversion risk. Pension obligations are in rupiah, so foreign-currency assets must ultimately be converted to meet benefit payments. A weaker rupiah could create potential gains, but does not remove the mismatch risk.
• Country and product selection should consider investment-grade ratings, economic and political stability, and independent country analysis. The guest cautioned against relying solely on ratings and emphasized diversifying risk rather than concentrating it.

Portfolio Construction and Risk Management

The guest described an approach centered on matching assets to pension liabilities:

• Map expected pension-benefit payments and their due dates to estimate liquidity needs.
• Maintain liquidity for near-term benefits using deposits, cash, or short-dated liquid securities.
• Meet the regulatory requirement that at least 30% of investments be in government securities (SBN).
• Allocate the remaining portfolio according to each fund’s needs, return objectives, risk tolerance, and asset-liability management (ALM).
• Observe a stated 20% limit for exposure to one party; the exact wording of this restriction is unclear in the subtitles.
• The guest said deposits may account for 20%–50% of a fund’s portfolio, with the balance spread among other eligible investments. He referred to 17 permitted investment categories.
• He described SBN as a preferred domestic holding because, in his view, they carry low default risk and can be held to maturity to lock in returns and reduce exposure to market-value fluctuations.
• He said SRBI (Bank Indonesia Rupiah Securities) had been a liquidity option, but pension funds were no longer allowed to buy them “since this month.” The subtitles do not establish the effective date more precisely.
• OJK is seeking investment staff with both capital-markets and risk-management competence.

Industry Development

Sutrisno identified three priorities for the pension-fund industry:

1. Expand digital services so participants can access their accounts more easily.
2. Develop age-based or lifecycle investment strategies, with risk levels adjusted to participants’ ages and proximity to retirement.
3. Strengthen governance and participant education.

Market and Macroeconomic Update

• The broadcast reported that the Jakarta Composite Index (JCI/IHSG) had previously fallen 0.75% to 6,146, then described trading on Thursday, October 8, 2026 as opening around the 6,150 psychological level, up 0.18%–0.21% (about 8–9.35 points).
• Later segments give different JCI figures: an opening level of 6,176.76 and a prior close of 6,166, up 0.32% or 19.84 points. These market figures conflict within the subtitles, and some trading-volume and value figures are garbled, so they should be treated cautiously.
• The program cited a decline in foreign-exchange reserves, transcribed as US$146.5 million, and signals that the Federal Reserve might raise its benchmark rate at the end of October as possible sources of market pressure. The reserve figure’s unit may be affected by subtitle errors.

Assets and Instruments Mentioned

SBN (Indonesian government securities); SRBI; deposits and cash; global bonds; foreign equities; rupiah and foreign currencies; the JCI/IHSG; and the Federal Reserve’s benchmark interest rate.

The reporter also named Forum, ASMI, MDI, SQMI, ARI, BIKE, and AKU in a market update, but the subtitles do not reliably clarify the names or their context.

Recommendations, Cautions, and Disclosures

• Overseas investment was presented as a conditional diversification option, not a blanket recommendation.
• Prioritize liquidity and liability matching, assess risks and costs, and avoid investing overseas if the net return does not justify them.
• The program included no explicit “not financial advice” disclaimer.

Presenters and Sources

• Reva Waluko — host, Ekonomi 8, Garuda TV.
• Budi Sutrisno — Deputy Chairman of the Indonesian Pension Fund Association; interview guest.
• Rofi Jamil — Garuda TV reporter at the Indonesia Stock Exchange.
• Ogi Prastomiyono — OJK executive quoted on the proposed policy.
• Sources discussed: OJK, the Indonesian Pension Fund Association, and the Indonesia Stock Exchange (IDX).