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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
40
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Non-consolidated Financial Statements
For the year ended March 31, 2014
(Expressed in Barbados dollars)
30
12. 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 (d) (iii)