The recently held co-sponsored Fatum Insurances and Orco Bank Pension Seminar, under the theme "Your Future Starts Now", was attended by a wide cross section of the private and public sectors of the community; the event also served as a platform for open discussion on pension planning options available to employers and employees.
Master of Ceremony Mr. Marcel Gumbs stated: "There was a high attendance by key decision makers, including advisory councils, parliament members, representatives of the Chamber of Commerce and Industry, Labor Union Representatives, Human Resources Managers, Insurance Brokers, private business owners and individuals. Invitees were interested in being informed on pensions for their day to day professional lives or simply for information and eventual implementation or revision of their personal pension plans."
Orco Bank Manager, Mr. Ronald Halman and Managing Director for Fatum Insurances Mr. Diego Frankel each gave welcoming remarks on behalf of their respective companies. Mr. Frankel expressed the challenges Aruba's government and businesses faced in the past in relations to pensions and gave general advice to the attending parliamentarians and other members of government. In his opening remarks, Mr. Ronald Halman stated: "...Pensions have covered the local and international news during the past years. With St. Maarten becoming a country on 10.10.10 we found it fitting to organize this pension seminar to give presentations on current pension developments..."
The first guest speaker, Fatum Manager Employee Benefits, Ir. Valerie Sinot, described a pension plan as the replacement of income when it is no longer there. He outlined that income can come from many sources including one's employer, SVB, a business venture, rental property or even children who support their retired parents. He stated that the main question to answer was how much one would need during retirement and the income sources necessary to bridge the pension gap. He outlined how important pensions are, the components, and who is responsible for each component. A general outline of pension calculations was given, which included how much it would cost to put one in place over a specific number of years. He concluded with a strong message on the importance of starting as young as possible and that pension awareness is for both the young and old.
Secretary General Ministry of Public Health, Social Development & Labor and Head of Steering Committee Reform Pension System for the Government of St. Maarten, Drs. Jorien Wuite started her presentation by outlining the role of government. She gave an overview of the history and present status of the St. Maarten Social Security System and outlined the challenges and realities being faced by St. Maarten as it pertains to the AOV and the need for its reformation. As the sole panelist representing government, she answered most questions on the AOV and the current reformation plans.
Actuary and Managing Director of Keesen Actuarissen, Mr. Laurence Keesen was the final of the three guest speakers to make a case for the importance of having a pension plan and starting as early as possible. He outlined world wide pension trends and compared these to that of St. Maarten. He reminded everyone of the reduced interest rates on investments, which have resulted in a need to set aside approximately five times more pension savings compared to the times prior to the financial crisis. Mr. Keesen outlined pension plans for employees and the benefits of these plans to the employers, including tax advantages. He concluded by urging the audience to save more, use all tax incentives permitted by law as pension savings whenever possible, prepare for working longer as countries increase retirement age to cope with the higher costs of pensions, and watch out for inflation. He encouraged government to increase tax incentives on pension savings. In a humorous manner he asked the audience to consider retiring in a country with a low cost of living or considering having lots of kids.
Fatum Insurances Manager for the Windward Islands Mr. Olivier van de Gevel closed the seminar stating: "I was very pleased with the number of persons who attended and based on the number and type of questions addressed to the panelists. We know that there is a need for more informative sessions like this one, that address pension planning options and financial planning as a whole. This is the second seminar for Fatum on St. Maarten and we look forward to continue providing this platform as a catalyst to increase pension awareness. Ultimately the awareness would result in implementation of pension plans by employers for their employees or individuals who are in need of supplemental pension income. I can conclude that having Orco Bank as a co-sponsor and Mr. Marcel Gumbs as an MC made the process of putting this pension seminar together an effective and enjoyable one."
Click here to view more photos of the Fatum and Orco Bank Pension Seminar.
