SINT MAARTEN (COLE BAY) - On May 4th, 2026, the Algemeen Pensioenfonds Sint Maarten (APS) finalized its financial statement 2025 with a clean (unqualified) opinion. In 2025, APS continued to build on the solid foundation of previous years, with a strong focus on governance, investment policy, and organizational resilience.
The Board and management operated in an environment characterized by economic uncertainty, geopolitical developments, and increasing regulatory and societal expectations. APS pursued a prudent and forward‑looking course, with careful attention to risk management, transparency, and balanced decision‑making.
Managing Director of APS, Mr. Oscar Williams said, “We are pleased to announce that in the month of July, the pensions will be increased retroactively from 1 January 2026 with 0,92%, which is based on the inflation over 2025.
The financial position of APS improved in 2025, resulting in an increase of the coverage ratio to 116,23% at the end of 2025 compared to 114.13% of last year 2024. In accordance with Article 30 of the Pension Ordinance, pensions are adjusted annually for inflation insofar as the adjustment does not cause APS’s coverage ratio to fall below the statutory minimum of 105%.”
A clean (unqualified) opinion by the auditor means that the financial statement is presented fairly, in all material aspects and is in accordance with the applicable financial reporting framework.
Mr. Williams stated further, “This achievement reflects the organization’s consistent commitment, hard work and dedication as well as the constructive collaboration of the affiliated employers and other key stakeholders.”
Financially, 2025 was a positive year for APS. The value of our investment portfolio increased substantially surpassing Cg 1 billion due to favorable developments in international financial markets.
A factor that contributed to this performance was the transition to a new asset manager and the gradual alignment of the portfolio with our strategic asset allocation, including a shift toward more passive management.
Although market outcomes are also influenced by broader financial market-conditions, these changes are yielding early positive results and reflect the Board’s commitment to disciplined, cost‑effective investment governance.
In addition, the actuarial interest rate remained unchanged at 4%. Together, these factors strengthened APS’s financial position. By the end of 2025, the coverage ratio stood at 116.23%, an increase of 2.10 percentage points compared to 2024.
On the local investment front, 2025 marked an important milestone with the restructuring and rebranding of our local investment vehicle from SMIA to the SXM Investment Company (SMIC).
SMIC has been streamlined into a lean and focused entity, with the management and operations formally outsourced to the Curaçao Financial Group (CFG). This restructuring is already showing early signs of improvement, as SMIC is actively identifying opportunities to deploy the APS’s available investment capital into investments that meet the Fund’s risk appetite and return objectives.
The 2025 financial statements also incorporate valuation adjustments relating to certain local investments, including the restructured financing of Rainforest Adventures (RFA).
These adjustments reflect APS’s prudent valuation approach and ensure that the carrying values recorded in the financial statements remain aligned with current financial and economic circumstances. APS notes that there are positive improvements at RFA and is actively monitoring its performance going forward.
The APS board stated that these decisions form part of its ongoing approach to risk management and sound governance. The Board further emphasized that indexation must remain consistent with the Fund’s financial position and its ability to meet pension obligations over the long term and therefore continues to balance the interests of current pensioners, active participants, and future beneficiaries.”
Looking ahead, APS remains focused on safeguarding the interests of its participants and maintaining a solid financial position. By continuously reviewing its investments and reflecting developments transparently in its financial reporting, the fund aims to remain well prepared to meet its long‑term obligations.
