APS, the general pension fund administrator, has launched a series of extensive information sessions for all of its participants.
The sessions are being held in order to provide as much information as possible regarding the APS organization and what it does for participants.
At each session, participants are explained about core responsibilities of APS, pension and pension funds, entitlements, participation in the APS fund, pension premiums (contributions), calculation of pensions, pension benefits and the process of requesting pension.
At the sessions, participants are given an outline of how APS was established as a new pension fund as a result of St. Maarten attaining status of a new country.
A principle message communicated to participants is that APS works for them and the more than 2500 (former) employees of the St. Maarten government, subsidized schools, government companies and agencies.
APS assures all participants that its goal is "to ensure your pension is there for you when you retire".
The sessions outlines that the primary activities of APS are pension administration and asset management.
During the sessions, participants are reminded that, as time advances, persons have been living longer and healthier. On the other hand, there is less disposable income and increased cost of living.
Entitlements offered by APS are those of senior’s pension, widow(er)’s pension, orphan’s pension, disability pension and burial assistance.
Pension premiums are based on the employee’s contribution as well as that of the employer.
The sessions use examples of current salaries to illustrate to participants how much they may expect in gross pension.
With regards to requesting pension, participants are advised to request such, on time, and to have the required documents ready to submit to APS.
APS representatives hosting the sessions provide participants with an opportunity to ask questions.
At one recent session, questions were posed regarding entitlement of a participant’s life partner to those left behind after death and pension benefits if the persons were not married, at the time of passing.
Other questions included those on registering in the fund and how to confirm that one is registered.
All participants are reminded that they can always to visit the office of APS at the Yogesh Building in Cul de Sac or call the office for specific information on their individual situation.