Pension fund loses
270 million guilders
WILLEMSTAD--The general pension fund of the Netherlands Antilles APNA has registered a loss of 270 million guilders due to the international financial crisis and the impact on its investments abroad.
As a result, the coverage degree of the fund is under pressure and a plan of action is being prepared.
Possible measures include the accelerated introduction of a new public sector employee pension scheme based on the average salary of the entire career rather than the last two years. Antillean Finance Minister Ersilia “Zus” de Lannooy told the Central Committee the social consequences of such a move for the people involved who have planned their retirement based on certain expectations would have to be studied first.
Other alternatives are the accelerated introduction of a conditional adjustment to the cost of living and a temporary increase of the pension premium by four per cent.
De Lannooy said the proposed premium hike would cost government NAf. 5 million that it did not have. A possible hike of two per cent is being looked at.
