AOV as basis
The AOV is the basis of your pension. Every resident of Sint Maarten receives this pension from the government. It is paid by Social & Health Insurances SVZ. It is a social insurance based on solidarity. It does not matter if you have worked or not. The criterion is that you have lived on Sint Maarten for 45 years. The AOV is financed from the tax income and people who are working contribute to it. You start to receive AOV when you reach the age of 62. This AOV age will be raised to 65 in the future. The level of the AOV is Afl. 1,086 per month for a pensioner in 2018. If the pensioner has a husband/wife who is younger than 62, that partner receives Afl. 744 per month.
Your pension with APS and possible previous employers
The AOV is the basis of your pension provision. The pension that you have accrued with APS and possible previous employers is your supplementary pension.
You and your employer pay contributions for this pension to APS.
The pension plan of APS consists of the following types of pensions (click the links below for more information):
- Senior’s pension
- Widow(er)’s pension
- Orphan’s pension
- Disability pension
- Temporary pension if a person goes missing
If you are employed by the government or an institution affiliated with the government, you will receive an annual statement from APS of the pension that you have accrued until that moment.
Individual, private provision
Your personal circumstances and wishes determine how much pension you will need later on. Do you think that you will have too little future pension income to live pleasantly? In that case, you can save something extra on a voluntary basis. You can do this via, for instance, a savings account with a bank or another financial institution. You can also invest via investment funds. The sooner you start with extra savings, the more extra income you can build up for later. An independent financial adviser can help you to make the right choices.