BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2013
(Expressed in Barbados dollars)
24
12. Pension Plan Asset
The Credit Union participates in a defined benefit pension plan operated by a reputable insurance
provider. The pension plan is jointly funded by payments from the Credit Union and certain employees,
taking into account the recommendations of independent qualified actuaries. The last full actuarial
valuation of the pension plan for eligible employees was carried out on March 31, 2013.
The amounts recognised in the statement of financial position are determined as follows:
2013
2012
Pension plan assets at fair value
$
6,970,624
6,202,150
Present value of obligation to plan members
(6,648,580) (5,440,540)
322,044
761,610
Unrecognised actuarial losses (gains)
223,765
(378,569)
Asset recognised in the statement of financial position
$
545,809
383,041
Changes in the fair value of the defined benefit pension plan assets were as follows:
2013
2012
Opening fair value of plan assets
$
6,202,150
5,767,648
Expected return
494,008
465,058
Contributions - total
504,782
512,382
Benefits paid
(160,489)
(46,181)
Actuarial losses
(69,827) (496,757)
Closing fair value of plan assets
$ 6,970,624
6,202,150
Changes in the present value of the obligation for defined benefit pension plans were as follows:
2013
2012
Opening obligation
$
5,440,540
5,400,774
Interest cost
450,859
452,081
Current service cost
460,877
458,728
Past service costs – vested benefits
-
-
Benefits paid
(160,489)
(46,181)
Actuarial losses (gains) on obligation
456,793
(824,862)
Closing obligation
$ 6,648,580
5,440,540
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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
