BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
48
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2015
(Expressed in Barbados dollars)
36
14. Pension Plan Asset…(continued)
b) Movement in the amounts recognised in the statement of financial position are as follows:
2015
2014
Asset, beginning of year
$
5,716
322,043
Contributions paid
581,473
521,006
Pension expense recognised in statement of income
(604,268)
(506,725)
Re-measurement recognised in other comprehensive income
704,508
(330,608)
Asset, end of year
$
687,429
5,716
c) Changes in the present value of the obligation for defined benefit pension plans were as follows:
2015
2014
Opening obligation
$
7,847,099
6,648,580
Interest cost
656,358
557,241
Current service cost
561,818
493,453
Employeesʼ contributions
99,518
70,891
Benefits paid
(52,808)
(38,671)
Actuarial losses arising from:
Experience adjustments
(947,709)
115,605
Closing obligation
$ 8,164,276
7,847,099
