PHILIPSBURG:— The General Audit Chamber submitted its report entitled Compliance audit: 2019 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 2019 financial statement.
The Fund’s coverage ratio at the end of 2019 was 103.8% (2018: 97.6%). Despite the increase, the Fund’s capital remains insufficient to cover general and investment risks.
On June 3rd, 2020, Parliament approved pension reform legislation. APS’ task is to manage the fund in a fundamentally sound manner. The amended law provides APS with