APS hosts information sessions for employees on pending Pension Reform plan

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APS Pension Reform information session with employees of the Fire Department at the APS office.

 

Cayhill, Sint Maarten — The Algemeen Pensioenfonds Sint Maarten (APS) has commenced a series of information sessions for its members on the changes to be expected if the pension reform plan is successfully passed in Parliament. The information sessions started on January 9th and have been extended to February 4th. APS will provide details on the various changes and what these mean for pension beneficiaries now and in the future. All employees who are APS members are invited to sign up and attend one of the sessions.

“The information sessions have been effective. In an hour’s time we are able to communicate the biggest changes one can expect and answer questions. We’ve received positive feedback so far.” – Mr. Oscar Williams, Manager Pension Administration & Reporting/Adjunct Director.

Some of the changes mentioned in the pension reform plan entail; 1) the increase of the pensionable age to 65 years, 2) employees would start contributing to the APS fund as of age 18 vs. age 25, this would allow them to build higher pension benefits and 3) the pension amount will no longer be based on the last earned salary, the final pay plan, but on the average salary earned during the entire career (an average pay plan).

The government, APS and the unions reached an agreement about the pension reform in 2017. The pension reform is essential since the current pension scheme is expensive and therefore not sustainable in the future. The proposed changes are waiting to be formalized in a National Ordinance and must subsequently be brought before Parliament for approval.

The upcoming information sessions will take place on the following dates and times at the APS office: From 9 a.m. to 10 a.m. and from 3.30 p.m. to 4.30 p.m. on January 23rd, 28th, 30th and the 4th of February 2020. Registration can be done by calling +1 721 543 0003, email info@apsxm.org or visit the APS office in the Yogesh Commercial Complex Unit 1A/1B A.J.C. Brouwersweg #4 Cul-de-Sac.