PHILIPSBURG:--- The General Audit Chamber submitted its report entitled Compliance audit: APS' 2021 Financial Statements (General Pension Fund Sint Maarten/Algemeen Pensioenfonds Sint Maarten) to Parliament. The report addresses findings and conclusions derived from the review of the pension fund's 2021 financial statement.
The Audit Chamber believes APS’ 2021 Financial Statements fairly represent the Fund’s financial position as of December 31, 2021. Uncertainty remains regarding the valuation of receivables from the Government of St. Maarten and other participating organizations.
The Fund's coverage ratio at the end of 2021 was 104.1% (2020: 101.9%), an improvement of 2.2 percentage points compared to the previous year. Improvement is partly because of the return on investments and inflation. APS’ international investments remain the most significant contributor to the financial results. The local portfolio yielded less, with a return on investment going from 4.46% in 2020 to 3.54% in 2021.
The General Audit Chamber will continue to monitor APS' progress in executing measures to secure the sustainability of the Fund.
The report is published in both English and Dutch and is available on the website of the General Audit Chamber (www.arsxm.org).
