First Mortgage Signing For Pension Fund Tourism Sector

Amy Gets a Mortgage

The first mortgage signing for the pension fund took place at the office of notary Yarzagaray in Dakota, in the presence of three pension funds board members representing the employers, Paul Vandormael, representing the employees, Lisette Mohammed, and the impartial Chairman of the Board, Harold Malmberg.

Managing Director Sanaa Bergen reports it is a new benefit. The pension fund now offers its members the possibility to refinance their assets with a mortgage of 8.5% interest.

After a scrupulous screening process, the first beneficiary employee is Amy Spagnola of De Palm Tours. Sanaa Bergen reports it is very special since Harold Malmberg is a founder of the fund, since 1995, and every employee of his company, De Palm Tours, is affiliated with the Pension Fund.

“Thank you for making it happen,” states Amy. “I am glad that I got to be a first for all of us. I know future applicants will also benefit from this process and the money that I save will be put to good use. When I get my Masters de

gree you will know, you also helped make it possible.”
Paul Vandormael, a board member representing the employers states that the Pension Fund Tourism Sector has made an important step in servicing its membership. The first mortgage has been granted. The PFTS mortgage interest rate is at a competitive level, he adds, giving members the opportunity to own their own property at a reasonable cost. “We hope a lot of mortgages follow. In this way PFTS contributes to members’ wellbeing and to making Aruba a one happy island.”

Lisette Mohamed, a board member representing the employees states that she is proud of being part of a very dynamic board, who makes sure that the fund is solid so that participants can have faith that their money is well taken care off, besides working at providing members with more benefits so they enjoy added-value features from saving for retirement. “The times call for creativity,” she adds, “and these interesting initiatives are very welcome.”
As one of the founders of the Pension Fund, Harold Malmberg states that the board was cautious about the

financial avenues open to the fund in Aruba. “We wanted to employ the funds in an adequate manner, in a low risk area. The money generated from members’ contributions when utilize to extend mortgage loans to member employees, fulfils two important functions, the first is to offer loans at a reasonable interest rate and the second is to employ the PFSA funds at a very low risk area, with good growth potential.

“It has always been our goal,” he concludes, “to grow the funds in such a manner that our employees can depend on an adequate income after a lifetime of hard work.”

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June 19, 2008
Rona Coster