Consolidated Annual Report 2014

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED ANNUAL REPORT 2014 54 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) 40 13. Pension Plan Asset…(continued) f) The amounts recognised in the statement of other comprehensive income are as follows: 2014 2013 Restated* Remeasurement loss on obligation $ 115,605 456,793 Remeasurement loss on plan assets 215,003 56,828 $ 330,608 513,621 * See Note 2.4 (iii) g) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2014 2013 Discount rate at end of year 7.75% 7.75% Expected return on plan assets at end of year n/a 7.75% Future salary increases 6.75% 6.75% Future pension increases 1.75% 1.75% Future changes in NIS ceiling 4.25% 4.25% Proportion of employees opting for early retirement 0.00% 0.00% Termination of active members 0.00% 0.00% Future expenses 0.00% 0.00% At March 31, 2014, the weighed-average duration of the defined benefit obligation was 25.46 years. h) Sensitivity analysis on projected benefit obligation: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Increase Decrease Discount rate (1% movement) $ (1,680,596) 2,298,850 Future salary growth (0.5% movement) 1,003,954 (905,147) As mortality continues to improve, estimates of life expectancy are expected to increase. The effect on the projected benefit obligation of an increase of one year in the life expectancy is approximately $11,048.