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Analisis & Pembahasan Manajemen Tata Kelola Dana Pensiun Laporan Keuangan Konsolidasi

Management Discussion & Analysis Good Pension Fund Governance Consolidated Financial Report

DANA PENSIUN BANK MANDIRI DANA PENSIUN BANK MANDIRI
ANALISA INVESTASI DAN INVESTMENT ANALYSIS AND
CATATAN ATAS LAPORAN INVESTASI NOTES TO THE STATEMENT OF INVESTMENTS
(Lanjutan) (Continued)
Untuk Tahun yang Berakhir pada For the Year Ended
Tanggal 31 Desember 2016 December 31, 2016

Tanggal/ Investasi yang Kewajiban Pembayaran Manfaat Selisih Lebih
Date Likuid/ Pensiun dan Biaya Operasional/ (Kurang)/
Liquid Investment Benefit Pension Payments to Over
Obligation and Operational Expense (Under)
Rp Rp Rp
31-Jan-16 326,841,621,630 26,073,978,587 300,767,643,043
28-Feb-16 128,461,955,351 25,161,965,966 103,299,989,385
31-Mar-16 199,504,393,086 26,695,394,086 172,808,999,000
30-Apr-16 569,302,455,246 31,639,528,345 537,662,926,901
31 Mei 16 467,010,099,037 22,967,178,297 444,042,920,740
30 Juni 2016 90,770,665,581 35,953,115,399 54,817,550,182
31 Juli 2016 223,994,027,379 41,223,005,923 182,771,021,456
31 Agustus 2016 105,769,812,984 42,715,080,294 63,054,732,690
31 September 2016 96,699,835,574 56,324,554,079 40,375,281,495
31 Oktober 2016 90,448,113,987 48,421,984,205 42,026,129,782
30-Nov-16 153,575,863,619 36,471,594,755 117,104,268,864
31-Dec-16 64,854,980,786 35,499,541,805 29,355,438,981
Rata - rata/Average 209,769,485,355 35,762,243,478 174,007,241,877

Rata-rata realisasi tingkat likuiditas selama The realization of the average of liquidity
periode 1 Januari 2016 sampai dengan level from January 1, 2016 to December 31,
31 Desember 2016 mencapai sebesar 2016 amounted to Rp209,796,485,355 or
Rp209.769.485.355 atau lebih tinggi Rp174,007,241,877 which are higher than
Rp174.007.241.877 dari likuiditas minimum minimum liquidity (pension benefits payment
(kewajiban pembayaran manfaat pensiun to obligation and operational expense).
ditambah dengan biaya operasional).

4. Sasaran Hasil Investasi 4. Investment Target

Hasil investasi Dana Pensiun didefinisikan dalam Pension Fund investment return is defined in the
Arahan Investasi sebagai hasil yang telah Investment Directives as realized return and
terealisasi dan yang belum terealisasi. Arahan unrealized return. The Investment Guidelines do
Investasi menetapkan saldo rata-rata investasi define the average balance of investment at the
awal tahun dan akhir tahun yang harus dipakai beginning of the year and at year end to be used
dalam menghitung persentase hasil investasi in calculating the minimum percentage of annual
tahunan. return.

Berdasarkan Arahan Investasi, tingkat hasil Based on the Investment Guidelines, the level of
portofolio investasi kekayaan Dana Pensiun investment portfolio income of Pension Fund
setiap tahun harus mencapai sekurang-kurangnya wealth for every year should reach at least
sebesar rata-rata inflasi berdasarkan Outlook amounting to the average inflation based on the
Bank Indonesia ditambah 3% dalam 1 (satu) Bank Indonesia Outlook plus 3% in 1 (one) period
periode tahun buku dan dapat ditetapkan lain atas of the year book and another set based on the
dasar hasil review setiap 6 (enam) bulan atau result of 6 (six) months review or when needed.
apabila diperlukan

OJK melalui Peraturan No. 09/SEOJK.05/2016 OJK through its Regulation No. 09/SEOJK.05/
tanggal 11 April 2016 telah menetapkan metode 2016 dated April 11, 2016 has determined the
penghitungan tingkat hasil investasi Dana method to calculate a Pension Fund's investment
Pensiun. Peraturan tersebut menetapkan bahwa rate of return. The decree determines that
tingkat hasil investasi diukur dengan investment rate of return is to be calculated by
membandingkan hasil investasi setelah dikurangi comparing investment return after deducting
biaya investasi terhadap nilai rata-rata investasi. investment costs against average investment
Nilai rata-rata investasi dihitung dengan value. Average investment value is calculated
menggunakan rumus: based on the following formula:

Final draft/March 2, 2017 paraf:
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