PHILIPSBURG:---The General Audit Chamber submitted its report entitled Compliance audit: APS’ 2020 Financial Statements (General Pension Fund Sint Maarten / Algemeen Pensioenfonds Sint Maarten) to Parliament. The report addresses findings and conclusions resulting from the review of the pension fund's 2020’s financial statement.
The Fund’s coverage ratio at the end of 2020 was 101.9% (2019: 103.8%). The Fund’s capital remains insufficient to cover general and investment risks. It is the opinion of the Audit Chamber that the 2020 Financial Statements fairly represent APS’ financial position as of December 31, 2020, but uncertainty continues to exist regarding the valuation ...
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