BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2016
47
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
31
13. Pension Plan Asset,
continued
d)
(i) Changes in the fair value of the defined benefit pension plan assets were as follows:
2016
2015
Opening fair value of plan assets
$
8,851,705
7,852,815
Actual return
115,180
389,024
Employer’s contributions
607,479
581,473
Employees’ contributions
108,000
99,518
Benefits paid
(306,472)
(52,808)
Administrative expenses
(18,142)
(18,317)
Closing fair value of plan assets
$ 9,357,750
8,851,705
(ii)
Plan assets consist of the following:
2016
2015
Equities
$
4,192,476
3,979,683
Bonds
5,165,274
4,872,022
$ 9,357,750
8,851,705
The assets of the plan are invested in segregated funds. The major asset categories underlying the plan
assets are as follows:
2016
2015
Mortgages
13.86%
14.07%
Bonds
39.17%
39.33%
Equities
34.50%
36.35%
Property
5.07%
4.50%
Other
7.40%
5.76%
e)
The amounts recognised in the statement of income are as follows:
2016
2015
Current service cost
$
577,540
561,818
Interest cost on obligation
672,883
656,358
Expected return on plan assets
(701,153)
(632,225)
Administrative expenses
18,142
18,317
Net pension expense included in staff costs (Note 5)
$
567,412
604,268
