Your pension fund

You are accruing pension with the PCN pension fund. PCN is responsible for the pension plan of employees in the sectors of government, education, healthcare and affiliated bodies in the Dutch Caribbean. The pension plan is required by law. The affiliated employers are therefore obliged to register you with our pension fund and to pay us pension contribution on your behalf.
PCN has approximately 5,734 participants (2019) and has well over 510 million American dollar under management (as at 31 December 2019). There are three groups of participants:

• Participants who are employed by one of the abovementioned organizations and who are actively accruing pension: active participants.
• Persons who were previously employed by one of these organizations but who are currently employed by other organizations that do not fall under the pension fund: ‘sleepers’ or ‘former participants’.
• The third group of participants are the pensioners. This group is also called the ‘pension beneficiaries’.

The administration is carried out by PCN itself as of January 1, 2019 and the asset management is outsourced to BlackRock. The board is supported by the specialists of Montae & Partners.

Sustainable investments

PCN stands for a good and affordable pension and believes that sustainable investments contribute to this for this generation and the generations after us. That is why PCN pays attention to ecological, social and governance subjects. Also certain investments, such as controversial weapons and cluster munition, are excluded in advance.
Our investment manager discusses these subjects with companies on behalf of PCN and, where possible, uses the voting power we have. We are informed about these activities periodically by our investment manager through the Corporate Governance reports.
One of PCN’s investment beliefs is, as part of its social objectives and risk/return considerations, that we choose to invest part of our funds in the local economy. The local investments must have social relevance. In 2018 the first local investment was done through Participatiemaatschappij Caribisch Nederland (PMCN) which was created for this purpose. PCN has granted a loan to EZ Air through PMCN for the purchase of two airplanes, intended for air traffic between the ABC islands and Colombia.