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BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
NON-CONSOLIDATED ANNUAL REPORT 2014
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)
31
12. 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 (d) (iii)