PHILIPSBURG:--- The General Audit Chamber submitted its report entitled Compliance audit: 2018 Financial Statements of the General Pension Fund Sint Maarten (Algemeen Pensioenfonds Sint Maarten - APS) to Parliament today. The report addresses findings and conclusions resulting from the review of the pension fund's financial statement of 2018.
The Fund’s coverage ratio at the end of 2018 was 97.6% (2017: 103.1%). This means that in 2018, the Fund’s assets were insufficient to cover both general and investment risks.
Disappointing results in the international investment portfolio were the primary cause for the reduction of the coverage ratio in 2018. Where there was
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