49
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2015
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)
37
14. Pension Plan Asset…(continued)
d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows:
2015
2014
Opening fair value of plan assets
$
7,852,815
6,970,623
Actual return
389,024
345,998
Employerʼs contributions
581,473
521,006
Employeesʼ contributions
99,518
70,891
Benefits paid
(52,808)
(38,671)
Administrative expenses
(18,317)
(17,032)
Closing fair value of plan assets
$ 8,851,705
7,852,815
(ii) Plan assets consist of the following:
2015
2014
Equities
$
3,979,683
3,710,241
Bonds
4,872,022
4,142,574
$ 8,851,705
7,852,815
The assets of the plan are invested in segregated funds. The major asset categories underlying the plan
assets are as follows:
2015
2014
Mortgages
14.07%
13.98%
Bonds
39.33%
39.51%
Equities
36.35%
31.95%
Property
4.50%
6.58%
Other
5.75%
7.98%
e) The amounts recognised in the statement of income are as follows:
2015
2014
Current service cost
$
561,818
493,453
Interest cost on obligation
656,358
557,241
Expected return on plan assets
(632,225)
(561,001)
Administrative expenses
18,317
17,032
Net pension expense included in staff costs (Note 5)
$
604,268
506,725
