WINDWARDSIDE, Saba – The Pension Fund Caribbean Netherlands (PCN) marked its 15th anniversary last week during a gathering on Saba that coincided with the opening of the newly developed Scenery Hotel, a project financed by the fund. The milestone offered an opportunity to reflect on the development of the pension fund and its role in the Caribbean Netherlands.
Speaking on behalf of the board, chairman Harald Linkels highlighted the history of the fund, which was established shortly before Bonaire, St. Eustatius and Saba assumed their new constitutional status within the Dutch Kingdom in 2010.
While the fund is currently in a strong financial position, Linkels noted that the early years were not without challenges. In 2017 the fund was forced to implement a 3.5 percent reduction in pensions. Thanks to the improved financial situation in recent years, however, the fund has been able not only to fully index pensions to compensate for rising living costs but also to reverse the 2017 reduction as of January 1 this year.
Local investments
Over the past years the fund has also steadily expanded its portfolio of local investments. According to Linkels, this is an important part of PCN’s strategy.
“As a board we consider it important to invest in the economies of the islands where our participants live and work, while at the same time achieving a solid and stable return,” Linkels said.
Projects such as the Scenery Hotel on Saba form part of the fund’s broader effort to contribute to economic development in the Caribbean Netherlands while safeguarding the long-term interests of its participants.
