Sunday , October 1 2023

Annual Report 2012 Pensions: Professionalising progressed

The Daily Herald reports that “Pensioenfonds Caribisch Nederland” (PCN) made considerable progress with professionalising the implementation of the pension scheme in 2012. From the annual report on the pension fund for government, education, health care and associated bodies in the Caribbean Netherlands (Bonaire, St. Eustatius and Saba) it appears that PCN has organised the participants’ administration. As a result, there’s complete insight into the financial position of the fund and external accountant Ernst & Young has approved the annual accounts.

PCN focused on organising a computerised participants’ administration last year based on reports from the former general pension funds of the no longer existent Netherlands Antilles APNA and from the employers. Although the transfer of the asset division of APNA wasn’t completely finished yet, PCN managed to gain a clear insight into the total pension commitments via an extensive inspection of the files and through advertisements in daily papers in which former participants were called on to report. This professionalization in 2012 also appears from the completion of fund documents such as the pension regulation and the actuarial and company technical account.

PCN also made considerable progress in 2012 on the investment policy, risk management and expertise development. The total pension capital of PCN increased from US $250 million at the end of 2011 to US $270 million at the end of 2012. This was mainly thanks to a remarkably higher investment result. The return on the total portfolio was 8.8 per cent in 2012. The coverage percentage was 111.4 at the end of 2012, almost equal to the level at the end of 2011 (111.9). This percentage had meanwhile dropped at the end of June 2013 to 108.4, due to lower returns on the financial markets. PCN has increased the pension rights for active employees, “sleepers” and pensioners by 1.1 per cent based on its allowance policy.

PCH expects to complete the start-up phase, which began in 2010, in 2013. This year the fund will follow up on the investment policy and the expertise development. PCN will also open counters on St. Eustatius and Saba, while further complementing its staff on Bonaire. The complete annual report can be found on the website .

The need for Buffer Capital explained
New king enjoys great trust