36
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
13. PENSION PLAN ASSET...(CONTINUED)
(ii) The amounts recognised in the statement of income are as follows:
2013
2012
Current service cost
$ 408,416
406,988
Interest cost
450,859
452,081
Expected return on plan assets
(494,008)
(465,058)
Net actuarial gains recognized during the year
(75,714)
(12,616)
Total included in staff costs (Note 5)
289,553
381,395
Actual return on plan assets
$ 424,181
(31,699)
(iii) Movements in asset recognised in the statement
of financial position are as follows:
2013
2012
Asset, beginning of year
$ 383,041
303,794
Contributions
452,321
460,642
Amount recognised in statement of income
(289,553)
(381,395)
Asset, end of year
$ 545,809
383,041
Experience adjustment on plan assets
$ (69,827)
(496,757)
(iv) The assets of the plan are invested in segregated funds.
The major asset categories underlying the plan assets are as follows:
2013
2012
Mortgages
13.74%
14.27%
Bonds
40.18%
38.71%
Equities
30.29%
30.27%
Property
6.81%
7.44%
Other
8.98%
9.31%
(v) Principal actuarial assumptions at the statement of
financial position date:
2013
2012
Discount rate at end of year
7.75%
7.75%
Expected return on plan assets at end of year
7.75%
7.75%
Future salary increases
6.75%
6.75%
Future pension increases
1.75%
1.75%
Future changes in NIS ceiling
4.25%
4.25%
Proportion of employees opting for early retirement
0.00%
0.00%
