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Compliance Audit 2015 Financial Statements General Pension Fund Sint Maarten

The General Audit Chamber presents the results of its audit of the 2015 Financial Statements of the General Pension Fund of Sint Maarten.

With a coverage ratio of 93,2%, the financial position of the General Pension Fund of Sint Maarten is more worrisome than last year’s coverage ratio of 97,6%. For the past two years, the Fund has been unable to fully cover the future pension obligation with their existing assets.

Issues such as consistently invoicing of a lower premium than the one that is legally required, as well as the long-standing claims against the government of Sint Maarten and the General Pension Fund of Curaçao, have not contributed to a healthy financial position of the APS. The Minister of Finance plays an important role in this regard.

Recently, an agreement was reached to reform the pension system with the objective of achieving a healthy pension fund. Compared to the current pension system, the new system represents austerity.

We believe that the Minister of Finance should ensure that the Fund protects the interests of the participants. He is expected to take this responsibility.

The General Audit Chamber trusts that the Fund’s participants will be informed in a proper and timely manner about the reasons and consequences for the proposed change to the pension system.

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