BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
48
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
36
14. Pension Plan Asset,
continued
b) Movement in the amounts recognised in the statement of financial position is as follows:
2016
2015
Asset, beginning of year
$
687,429
5,716
Contributions paid
607,479
581,473
Pension expense recognised in statement of income
(567,412)
(604,268)
Re-measurement recognised in other comprehensive income
(289,718)
704,508
Asset, end of year
$
437,778
687,429
c) Changes in the present value of the obligation for defined benefit pension plans were as follows:
2016
2015
Opening obligation
$ 8,164,276 7,847,099
Interest cost
672,883
656,358
Current service cost
577,540
561,818
Employees’ contributions
108,000
99,518
Benefits paid
(306,472)
(52,808)
Actuarial losses arising from:
Experience adjustments
(296,255)
(947,709)
Closing obligation
$ 8,919,972 8,164,276
