Pension Fund Tourism Sector Aruba, PFTSA, is marking three decades of successfully providing retirement plans to workers in the hospitality sector of Aruba, as a non-profit organization.
During this time, it has consistently aimed at becoming the number one choice of employers and employees for the execution of their retirement plans.
Together with the local hospitality sector, PFTSA is a growing fund, both in the number of members and in the number of products and services offered, with increasing regulatory requirements, as PFTSA falls under the supervision of the Centrale Bank van Aruba.
The fund was originally conceived by Harold Malmberg, De Palm Tours, Anselmo Pontilius, at the time at the helm of FTA, now a Government Mediator, and Rory Arends, then the CEO of the Aruba Hotel and Tourism Association, now retired, on March 27th, 1992.
Pontilius reports the idea was born at a general union congress, when the forum discussed government pensions, which were small, and remained minimal. The forum agreed that unless employees helped themselves by saving, they will suffer from lack of resources, at an older age.
The idea of a pension fund became a reality in collaboration with AHATA, then De Palm Tours was among the first companies to join. They shared the same vision for the need to create a plan which would provide workers in the tourism industry with additional income after retirement on top of the general old age pension provided by the government.
The fund then embarked on its mission to convince employees to save a bit more, a concept young people find hard to embrace, that becomes a life-saver as they grow older.
Then on January 1st, 2012, the island’s Mandatory Pension law (State Ordinance General Pension) came into effect, which enforced savings for old age with the participation of employee and employer, building a nest-egg of retirement together.
There are many other benefits to signing up with PFTSA, besides a secure pension. PFTSA provides Fixed-Rate mortgages to its members, loans that have a fixed interest rate for the entire term of the loan. Mortgages can be requested for a purchase of an already built lot, expansion or renovation of a house, an apartment, or the takeover of an existing mortgage loan, all at one attractive, and convenient rate.
The PFTSA board members include many key players of Aruba’s tourism industry including Finance, Human Resources, Business and Labor leaders, under the guidance of present chairman of the Executive Board, Glenn Farro and Marion Agunbero, as Executive Director. The PFTSA also continues to invite more important local companies to join the already active 178 member-companies, saving together with 12,000 members towards a better future.
The PFTSA, is proud to show off a very healthy balance sheet in regards to its net income, investment income, assets and membership, which grows significantly each year.
As for future developments, the community may expect an increase in the number of mortgages granted and financed by the PFTSA, also improved on line access and a continuous growth in membership.
Members may check on their account on line at www.pftsa.com or email: [email protected] or call Tel.: 582 4499 to talk to any of the nine, friendly, knowledgeable, and helpful office team members.
