Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 52 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2014 (Expressed in Barbados dollars) 38 13. Pension Plan Asset…(continued) b) Movement in the amounts recognised in the statement of financial position are as follows: 2014 2013 Restated* Asset, beginning of year $ 322,043 761,610 Contributions paid 521,006 452,321 Pension expense recognised in statement of income (506,725) (378,267) Re-measurement recognised in other comprehensive income (330,608) (513,621) Asset, end of year $ 5,716 322,043 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2014 2013 Restated* Opening obligation $ 6,648,580 5,440,540 Interest cost 557,241 450,859 Current service cost 493,453 408,416 Employees’ contributions 70,891 52,461 Benefits paid (38,671) (160,489) Actuarial losses arising from: Experience adjustments 115,605 97,866 Changes in financial assumptions - 358,927 Closing obligation $ 7,847,099 6,648,580 * See Note 2.4 (iii)