2020 annual report shows robust and future ready pension fund

APS Director Nadya Croes-Van Putten


Cayhill, Sint Maarten — For the third consecutive year, Algemeen Pensioenfonds Sint Maarten (APS) has finalized and submitted its annual report, four (4) months ahead of the legally binding annual deadline. The 2020 annual report is now available via www.apsxm.org. Exceeding the year-end performance targets, APS closed 2020 with a coverage ratio of 101.93%, which means the Funds’ reserves are more than enough to guarantee the payment of future pensions, in spite of the COVID-19 crisis. On the investment side, an overall return of investments of 7% was realized, noting another well-performing year for the pension fund.

This positive result is said to be partly credited to the “strong management approach that mitigated the COVID-19 pandemic impact on the pension fund. We pride ourselves on maintaining our strategic vision of being an organization that the community can rely on to safeguard their pensions. Each time that we have been able to finalize the annual report ahead of the deadline, we were able to dedicate more focus on our future strategy, which is to ensure financial stability and sustainable growth”, says Director of APS, Mrs. Nadya Croes-van Putten.

The 2020 annual report contains several highlights that emphasizes the sustainability of the pension fund and the development of Sint Maarten. On the legal and administrative side these include: the raising of the pension age from 62 to 65, the transitioning from the old pension administration system MAIA to the new pension administration system AxyLife and the preparatory work for an Asset Liability Study (ALM), which is a thorough analysis of the Pension Funds financials for the long term. On the investment side, the finalization of the Oryx Residences residential development deserves special mention. With this project, APS participants and other local professionals were provided with affordable, high-quality
housing. These apartments and town houses were made financially attainable by the introduction of innovative products by APS, such as tailor-made mortgages and Lease-to-Own option, which enabled a broader target group to purchase a home at Oryx Residences.

“Last year was a turbulent year for our country, filled with sentiments of instability and uncertainty. It is in these times, that integrity and transparency must not be compromised. We pride ourselves in having created an atmosphere of professionalism that fosters these principles, allowing us to function at our best, no matter the circumstances. We’re really proud of our performance in 2020 and where we stand to-date and this is due to the adoption of our business continuity management plan, training and continuous focus on risk mitigation.” – Director of APS, Mrs. Nadya Croes-van Putten.

Looking ahead
Annually, APS aims to achieve a minimum coverage ratio of 100% with a target of 105%. As of June 2021, the draft coverage ratio was already recorded to be at 106.5%. While both local and international investments did well in 2020, APS looks forward to relatively stronger gains in the international market and the strengthening of the local investment portfolio in 2021. Additionally, APS participants can look forward to more opportunities and possibilities to engage with the organization via its periodic webinars, website and digital newsletters.

The 2020 annual report is available on www.apsxm.org under Annual Reports in the Downloads section.