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APS submits 2022 budget to Minister of Finance Irion

Minister of Finance Hon. Ardwell Irion Minister of Finance Hon. Ardwell Irion

SINT MAARTEN (CAY HILL) - On September 29, 2021, before the annual deadline of October 1st stipulated in the National Ordinance, Algemeen Pensioenfonds Sint Maarten (APS) submitted its proposed 2022 Budget to the Honorable Minister of Finance Ardwell Irion.

Despite the ongoing Covid-19 pandemic, APS’ net operational result in 2022 is expected to be positive at ANG 13.6 million, driven by strong positive results on investments. The operational cost is projected to remain stable and in line with the previous years. The investment budget in 2022 will focus on the current investment properties and the investment of available cash in local investments with a stable return.

In the 2022 Budget, the fund takes into account increased pension expenses. As mandated by the law, the fund decreased its actuarial interest rate due to the projected low market interest rates and a possible indexation. These factors are projected to have an estimated negative impact on the total net result of the fund.

“We based the 2022 budget on the premises that our coverage ratio remains healthy at approximately 105% or higher while ensuring efficient and professional service to our participants, pensioners, and employers. Our activities will continue to focus on monitoring the total net result and improving the results of our investments, developing sustainably with the interest of Sint Maarten at heart, and further increasing the efficiency of our operations”, commented APS Director Nadya Croes-van Putten.

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