Under its license, PFTSA is required to allow only tourism related entities as clients. To determine if an entity is tourism related or not, the International Standard Industrial Classification of All Economic Activities (ISIC or ISIC-classification) of the Central Bureau of Statistics of Aruba (CBS) is applied.
When starting a pension plan, the following documents of the employer are required:
• Copy of the Extract of the Chamber of Commerce (not older than 3 months)
• Copy of a valid ID of the Management and/or Board
• Address verification of the Management and/or Board
• Copy of the shareholders register
• Copy of a valid ID of the shareholders
• Address verification of the shareholders
Once above-mentioned documents are submitted, PFTSA and the employer will sign an agreement to start administrating the pension plan.
Once an employer is a member of the Fund enrolment of new employees in the Fund is mandatory.
An employee is eligible and obligated to participate in the Pension Plan when he:
1. is at least 18 years of age, but has not reached the pensionable age yet, and
2. is registered in the Civil registry (Censo)
3. has a working agreement with an Employer, and
4. has passed the probation period
5. meets the conditions as imposed by the Fund
For new employees an Enrollment form and Beneficiary form must be filled in and the following documents are required:
• Copy valid ID new employee
• Papel Afl. 5 (Censo) of new employee
If married:
• Marriage certificate
• Copy valid ID of partner
• Papel Afl. 5 (Censo) of partner
If child(ren) under 18 years:
• Birth certificate of child(ren)
If divorced:
• Marriage certificate
• Certificate of registration of divorce
All changes in the staff must be communicated to PFTSA. PFTSA has a mutation form that needs to be completed to communicate all changes, for example: resignation of an employee, marriage, divorce, birth of a child, extra premium contribution, decease, retirement, etc.
Monthly the employer must send the pension premium report from their payroll to PFTSA. This report will be uploaded in the pension administration system by PFTSA.
If the employer is using Payroll Pro Ultra, the employer must submit the report 150, 164 and 320 in .csv format. If another payroll application is used, you should submit the monthly total pension premium report generated by your payroll application.
These pension premium reports must be submitted via the following email: pensionpremiums@pftsa.com
The employer must pay the pension premium monthly, not later than 15 days after the last day of the month.
PFTSA does not issue a monthly invoice. The monthly pension report stands for invoice.
The payment can be done on one of the following bank accounts:
Aruba Bank N.V.
215020490
Caribbean Mercantile Bank N.V.
23834210
RBC
4353390
It is possible to switch from another pension provider to PFTSA. You can change pension provider once your pension agreement with your current pension provider has reached the end date. However, a notice period before the end date of the agreement may be applicable.
In accordance with the State Ordinance, 2/3 part of the employees must agree with the switch.
By submitting a list with the names and signature of the participating employees, PFTSA will be able to meet with the employer for the assignment/contract.