CaPAs Seminar in St. Maarten Highlights Urgent Need to Build More Resilient Pension Systems Across the Dutch Caribbean

MAHO--Pension professionals, regulators, policymakers and financial sector stakeholders from across the Dutch Caribbean gathered in St. Maarten on May 21, 2026, for the CaPAs Annual Seminar, held under the theme “Shaping a Resilient Future for the Dutch Caribbean.” The event brought together regional and international voices to examine how demographic change, financial literacy, investment policy, system risk, generational expectations and individual responsibility are reshaping the future of pensions in the region.

A central message throughout the seminar was that pension systems in the Dutch Caribbean can no longer be viewed only as technical financial structures. Speakers emphasized that pensions are directly connected to aging populations, labor markets, household income, health, quality of life, national development and long-term economic stability.

Keynote speaker Prof. Dr. Daniel van Vuuren opened the discussion by outlining how demographic change is reshaping pension systems in the Dutch Caribbean. His presentation noted that aging is a worldwide phenomenon and that migration, while important to population growth or decline, cannot by itself solve the challenges of an aging society. He stressed that countries will need to help people work longer, work healthier and work smarter. His presentation also pointed to the need for serious policy attention around pension age reform, poverty and inequality among the elderly, labor and health policies, and the further development of second and third-pillar pension options.

The seminar also featured survey results on how Caribbean pension professionals view local and regional investment. Based on responses from 78 participants across four islands, the results showed that competitive returns remain the leading priority for pension funds, scoring 5.9 on a seven-point scale, compared to 4.7 for local investment and 3.6 for broader Caribbean regional investment. The findings also showed that returns and risk remain the main gatekeepers for higher Caribbean allocation, while governance, regulation and the availability of bankable opportunities continue to be key concerns.

A notable point from the survey was the difference in how various groups view regulation. Government officials were more likely to see regulation as a major barrier to local investment, while regulators themselves largely disagreed. The presentation described this gap as an issue that deserves direct dialogue, especially if the region wants to create more credible, investable opportunities for pension funds.

Mrs. Parveen Boertje-Marhe, MA, MBA, Chief Social Insurance Officer, addressed the importance of financial literacy as a foundation for resilient pension outcomes. Her presentation focused on why good systems can fail when people do not understand them, when expectations do not match outcomes, and when complex systems create confusion, gaps and delayed decisions. She emphasized that financial literacy should start before people enter the pension system, especially since many students already use financial products but still lack sufficient financial knowledge.

Boertje-Marhe also argued that financial literacy is not only about communication, but also about system design. Her presentation called for organizations to work more closely together, streamline offerings across institutions and align services with the stage of life of the individual. The broader message was that accessibility and understanding must be treated as shared responsibilities if pension systems are to produce better outcomes for the people they serve.

Dr. Shekinah Dare, Manager Financial Stability Division, focused on the link between system risks and real-life impact. Her presentation connected financial stability, aging and behavior to the future of prosperity in the region. She outlined risks affecting pension systems, including geopolitical risk, global financial market volatility, cyber risk, credit risk, climate risk, market access risk and sectoral concentration risk. Her presentation also highlighted how global shocks can move through the financial system, pension funds and ultimately households, affecting retirement income security, financial well-being and quality of life.

The seminar further examined the performance and structure of pension funds in the monetary union. Dr. Dare’s presentation noted that the maturity degree of pension funds has followed a declining trend, mainly due to population aging, while investments remain diversified but heavily concentrated in the United States. These findings reinforced the need for resilience, diversification, risk management and long-term planning.

In a breakout session, urban sociologist Johan Oldenboom explored the growing generation gap and what it means for solidarity within pension systems. His session asked how collective systems can be built in a society that is becoming increasingly individualistic. The presentation focused on solidarity, collectivity, individualization and the characteristics of younger generations, while challenging participants to think about how pension systems can make younger members feel personally recognized instead of viewing the collective system as an anonymous structure.

Emilio Kalmera’s breakout session placed emphasis on the role of the third pillar in building financial resilience. His presentation framed third-pillar planning as an important tool for individual responsibility and retirement freedom, especially in a changing environment where traditional state and corporate pension frameworks are under pressure from aging populations, changing work patterns and economic disruption. He presented third-pillar instruments ranging from insurance savings products and annuities to mutual funds, unit trusts and global ETF brokerage accounts, while stressing that each option carries its own risks, tax realities and literacy requirements.

Kalmera also argued that St. Maarten and the wider region must think seriously about whether they are building societies where financially stable people can remain, return and retire. His presentation compared regional retirement and investment environments and stated that St. Maarten still has opportunity, but that capturing it requires honest conversations about infrastructure, livability and long-term competitiveness.

The presentations underscored that pension reform in the Dutch Caribbean cannot be limited to one issue. The discussions pointed to the need for stronger financial education, better coordination among institutions, updated policy tools, responsible investment frameworks, greater public understanding, improved local and regional investment pipelines, and pension systems that reflect the realities of aging, migration, changing careers and rising cost-of-living pressures.

The CaPAs Annual Seminar concluded with a clear message: the future of pension security in the Dutch Caribbean depends on early action, practical reform and shared responsibility among governments, regulators, pension funds, employers, workers and individuals. The event served as a regional call to move beyond discussion and continue building pension systems that are financially sound, socially relevant and resilient enough to protect future generations.

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