Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 53 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) 39 13. Pension Plan Asset…(continued) d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2014 2013 Restated* Opening fair value of plan assets $ 6,970,623 6,202,150 Actual return 345,998 436,695 Employer’s contributions 521,006 452,322 Employees’ contributions 70,891 52,461 Benefits paid (38,671) (160,489) Administrative expenses (17,032) (12,516) Closing fair value of plan assets $ 7,852,815 6,970,623 (ii) Plan assets consist of the following: 2014 2013 Equities $ 3,710,241 3,258,527 Bonds 4,142,574 3,712,096 $ 7,852,815 6,970,623 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2014 2013 Mortgages 13.98% 13.74% Bonds 39.51% 40.18% Equities 31.95% 30.29% Property 6.58% 6.81% Other 7.98% 8.98% e) The amounts recognised in the statement of income are as follows: 2014 2013 Restated* Current service cost $ 493,453 408,416 Interest cost on obligation 557,241 450,859 Expected return on plan assets (561,001) (493,524) Administrative expenses 17,032 12,516 Net pension expense included in staff costs (Note 5) $ 506,725 378,267 * See Note 2.4 (iii)