Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271

Fakultas Sains dan Teknologi , UIN Sultan Syarif Kasim Riau ISSN (Online ) : 2579-5406
Pekanbaru, 2 Desember 2020

Calculation of Benefit Value on Pension Fund Using

Projected Unit Credit

Aprijon
Jurusan Matematika, Fakultas Sains dan Teknologi, UIN Sultan Syarif Kasim Riau
Jl. HR. Soebrantas No. 155 Simpang Baru, Panam, Pekanbaru, 28293
Email: aprijon@uin-suska.ac.id

Abstrak
Perkembangan dunia usaha meningkatkan lapangan dan persaingan para pencari kerja. Upaya
yang dilakukan oleh pemberi kerja demi pertahankan karyawan mereka salah satunya mengikuti asuransi
dana pensiun yang bertujuan untuk membentuk sejumlah dana agar dapat digunakan setelah memasuki
usia pensiun. Metode yang digunakan dalam penelitian ini adalah metode Projected Unit Credit.
Berdasarkan hasil penelitian ini didapatkan bahwa gaji dan tingkat kenaikan gaji peserta dana pensiun
selama bekerja sangat berpengaruh dalam perhitungan nilai sekarang manfaat pensiun, yaitu semakin
besar gaji dan tingkat kenaikan gaji maka semakin besar biaya iuran yang harus dibayarkan oleh peserta
kepada perusahaan dan seamkin besar pula nilai manfaat yang akan dibayarkan oeleh perusahaan
kepada peserta dana pensiun.
 
Kata kunci: Metode Projected Unit Credit, Dana Pensiun, Gaji

Abstract
 The development of the business world increases the field and competition for job seekers. One
of the efforts made by employers to retain their employees is to participate in pension fund insurance
which aims to create a number of funds so that they can be used after entering retirement age. The
method used in this research is the Projected Unit Credit method. Based on the results of this study, it was
found that the salary and level of salary increase of pension fund participants while working were very
influential in calculating the present value of pension benefits, namely the greater the salary and the rate
of salary increase, the greater the contribution costs that must be paid by participants to the company and
the greater the value. benefits to be paid by the company to pension fund participants.
 
Keywords: Projected Unit Credit Method, Normal Pension Fund, Salary
 

1. Introduction
The development of the business world increases job opportunities and competition for
job seekers. Efforts made by employers to retain their employees are by providing facilities, both
while actively working and after being inactive, one of which is to participate in pension fund
insurance which aims to establish a number of funds so that they can be used after entering
retirement age.
Pension funds are a set of assets that are managed and run by an institution to
generate a pension benefit. Pension fund programs can be used for human resource
development in a company. According to Law Number 11 of 1992 concerning Pension Funds,
pension benefits are an amount of money received by pension program participants after
entering retirement. The pension benefits of a pension program participant are divided into
several types, namely normal pension benefits, disability, resignation, death or death.
The explanation of pension funds has previously been researched by Rezzy Eko
Caraka (2016) with the title "Study of Pension Fund Calculations Using Accrued Benefit Cost".
The journal explains the description of pension funds and additional costs received by
employees. The mortality table used in 1971 and the data used is civil servant data obtained
from PT. Taspen.
The number of employees who retire in a company is unpredictable, resulting in an
unpredictable reduction in employees, it is necessary to carry out special calculations to project
the funds that the company will spend in paying its employees' pension. The amount of pension
Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271
Fakultas Sains dan Teknologi , UIN Sultan Syarif Kasim Riau ISSN (Online ) : 2579-5406
Pekanbaru, 2 Desember 2020

benefits to be received, actuarial liabilities and normal contribution costs can be calculated using
the projected unit credit method. The projected unit credit method is an actuarial calculation
method by dividing the total pension benefits which are then allocated during the service period.
Ayu Hapsari Budi Utami, et al. (2012) previously investigated pension funds using the
Projected Unit Credit method with the title "Using the Projected Unit Credit Method and Normal
Entry Age in Pension Financing". This journal explains the comparison of the normal
contributions and the actuarial liabilities using the projected unit credit method and the normal
entry age. The mortality table used in the journal is the 1980 mortality table.
Therefore, the authors are interested in examining the value of pension benefits using
the Projected Unit Credit method with the 1999 mortality table.

2. Research Method

Pension of Fund
The term pension fund as a legal entity was introduced after the issuance of Law
Number 11 of 1992 concerning pension funds, in which the law is the basis for implementing a
pension program for employees of employers / companies. The Pension Fund Law states that
pension funds are legal entities that manage and implement programs that promise pension
benefits.

Table of Mortality
Life insurance companies base all annuity calculations, premiums, insurance and so on
on the mortality table. Mortality table contains the chance of a person dying according to the age
of the insured group (insurance policy holder). The symbol l x is used to indicate the number of
insurance customers with an exact area of x , l x +t is the number of customers aged x who
survive until the next t year and the symbol d represents the number of people who died
between the ages of x and x +1.

d x =l x −l x+1

(1)

d x =l x −l x+n (2)

The probability that a person aged x will live at least n years is expressed in the symbol n p x ,

l x +n
n p x= (3)
lx
The chance that a person aged x will die before age x +n is denoted by n q x,

dx
n qx= n (4)
lx
Actuarial Assumptions
Actuarial assumptions are a series of estimates used in calculating pension benefits
related to future changes that affect the cost of defined benefit pension plans, including interest
rate, mortality rate, normal age rate, resignation rate, disability rate and salary increase rate. live
(1995)

Basic of Actuarial Functions

Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271
Fakultas Sains dan Teknologi , UIN Sultan Syarif Kasim Riau ISSN (Online ) : 2579-5406
Pekanbaru, 2 Desember 2020

The basic actuarial functions are all basic functions that support the actuarial calculation
process. There are several basic actuarial functions that are used in the formulation of pension
funding, including the survival function, interest function, salary function, and benefit function.

a.Survival Function
The survival function or composite survival function is a function that describes the
chance that an employee will continue working during the active service period until the time
allowed for retirement (Winklevoss) (1993). The survival function is defined as follows:

l (T )
x +n
p(Tx )= (5)
l(T
x
)

b. Interest Function
Winklevoss (1993), states that the interest function is used to discount a future
payment to the present. If i is the assumed interest rate for n with a magnitude ofi that does not
change for each year, then the present value of the payment of 1 after n years is:

1
v n=
(1+i)n
(6)
n
v is the present value of 1 unit payment made in the next n years.

c. Salary Function
According to Winklevoss (1993), if a pension program has benefits related to the
amount of employee salaries, it is necessary to formulate salary notations and procedures to
estimate future salaries. The cumulative salary of employees from the age of entry to work e to
the age of x−1 is denoted by S x, where x >e ,

x−1
S x =∑ St (7)
t=e
If the participant receives a salary increase of s for the year, the amount of the participant's
salary at age x +t , based on the salary at age x is:

S x+t =S x (1+ S)t (8)

d. Benefit function

Tables and Figures are presented center, as shown below and cited in the manuscript.
Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271
Fakultas Sains dan Teknologi , UIN Sultan Syarif Kasim Riau ISSN (Online ) : 2579-5406
Pekanbaru, 2 Desember 2020

ψ
q
qψ uk+2 α = π/3 uk+1
Table 1. The Performance of ...
Tangential flux
Variable Speed (rpm) Power (kW) component

x 10 8.6
y 15 12.4
z 20 15.3 k+2 Subsector II ψs dψ
k+1
α = π/6
sr
k Subsector I
r

α=0

Figure 1. Effects of selecting different switching

under dynamic condition

3. Results and Analysis

In this section, it is explained the results of research and at the same time is given the
comprehensive discussion. Results can be presented in figures, graphs, tables and others that
make the reader understand easily [2], [5]. The discussion can be made in several sub-
chapters.

3.1. Sub Bab 1

xx

3.2. Sub Bab 2

yy

4. Conclusion
Provide a statement that what is expected, as stated in the "Introduction" chapter can
ultimately result in "Results and Discussion" chapter, so there is compatibility. Moreover, it can
also be added the prospect of the development of research results and application prospects of
further studies into the next (based on result and discussion).
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The main references are international journals and proceeding. All references should be to the most
pertinent and up-to-date sources. References are written in Vancouver style. Please use a consistent
format for references – see examples below:

Journal:
[1] Author1A, Author2 B. Title of Manuscript. Name of Journal or its Abbreviation. year; Vol.(Issue):
pages.
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Proceeding:
If the proceedings consists of several volumes
[1] Author1 A, Author2 B. Title of Manuscript. Name of Conference of Seminar. City. Year; volume:
pages.
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If the proceedings in single volume

[3] Author1 A, Author2 B. Title of Manuscript. Name of Conference or Seminar. City. year: pages.
Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271
Fakultas Sains dan Teknologi , UIN Sultan Syarif Kasim Riau ISSN (Online ) : 2579-5406
Pekanbaru, 2 Desember 2020

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If the references are refer to some separate pages in a book.

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Translated Books.
[1] Originil Author. Year. Title of the Translated Book. Translater. City: Publisher of the translated book.
Year of the translated book.
[2] Pabla. 2004.Sistem Distribusi Tenaga Listik. Abdul Hadi. Jakarta: Erlangga. 2007.

Thesis/Disertation:
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publication. Publisher. Year of publication.
[2] IEEE Standards Association. 1076.3-2009. IEEE Standard VHDL Synthesis Packages. New York:
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Reports
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Internet:
Avoid wherever possible
Seminar Nasional Teknologi Informasi, Komunikasi dan Industri (SNTIKI) 12 ISSN (Printed) : 2579-7271
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Pekanbaru, 2 Desember 2020

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