PHILIPSBURG:--- The Minister of Finance, Hon. Marinka J. Gumbs, recently paid a courtesy visit to the new office of the Algemene Pensioenfonds Sint Maarten (APS), located in Diamond Estate, Cole Bay, where she was welcomed by APS Director Mr. Oscar Williams and members of the APS team.
During the visit, the Minister received a guided tour of the premises from APS staff and the Director. She commended APS on its modern and well-designed office space, highlighting the beautiful views and the availability of sufficient parking for customers as positive features that enhance accessibility and service delivery.
Following the tour, the Minister and the APS team convened in the conference room, where several key matters of mutual interest were discussed. These discussions built on issues previously raised during Finance Fridays and APS’s participation in Financial Literacy Month.
One of the initiatives discussed was the possibility of organizing a “Register to the APS Portal Day” at the Government Building. During this one-time on-site event, civil servants would be able to register, receive their password, and obtain immediate access to the APS portal. The aim is to encourage more civil servants to register on the APS portal so they can verify their personal information and obtain a clearer picture of the pension benefits they have accrued and can expect upon retirement.
The Minister also raised the importance of publishing the annual Franchise amount, which is essential for individuals to accurately calculate their net salary from their gross income. This topic had been addressed earlier during a Financial Literacy Month Payroll session led by the Minister herself. APS indicated that it is working toward ensuring that the Franchise is published annually on their website so that employees and pensioners can use it for their calculations.
Another matter discussed concerned the recurring tax liability faced by many pensioners. In some cases, APS pension payments are taxed at the correct tax rate when disbursed. However, when combined with AOV income during the annual income tax filing, the total income can place pensioners in a higher tax bracket, which may than result in an additional tax liability.
As a result, many pensioners are required each year to enter into payment arrangements with the Receivers’ Department to repay the additional tax owed. This recurring situation places financial and administrative strain on elderly citizens and has therefore been identified as an issue that urgently needs to be addressed.
To mitigate this, the Tax Inspectorate has drafted a form which has been reviewed by APS. The form would allow pensioners on a voluntary basis to have additional taxes withheld directly from their pension payments. This measure is intended to reduce the likelihood of unexpected tax bills after filing and to limit the need for yearly payment arrangements. Further details on this initiative will be shared in a separate press release.
Minister Gumbs reaffirmed her commitment to working closely with APS to improve administrative processes and to better support pensioners and civil servants through clearer information and enhanced financial literacy.
She concluded by congratulating APS on its new office in Diamond Estate and expressed her appreciation for the continued collaboration aimed at strengthening pension awareness and financial stability in Sint Maarten.
