Consolidated Annual Report 2015

49 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2015 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 37 14. Pension Plan Asset…(continued) d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2015 2014 Opening fair value of plan assets $ 7,852,815 6,970,623 Actual return 389,024 345,998 Employerʼs contributions 581,473 521,006 Employeesʼ contributions 99,518 70,891 Benefits paid (52,808) (38,671) Administrative expenses (18,317) (17,032) Closing fair value of plan assets $ 8,851,705 7,852,815 (ii) Plan assets consist of the following: 2015 2014 Equities $ 3,979,683 3,710,241 Bonds 4,872,022 4,142,574 $ 8,851,705 7,852,815 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2015 2014 Mortgages 14.07% 13.98% Bonds 39.33% 39.51% Equities 36.35% 31.95% Property 4.50% 6.58% Other 5.75% 7.98% e) The amounts recognised in the statement of income are as follows: 2015 2014 Current service cost $ 561,818 493,453 Interest cost on obligation 656,358 557,241 Expected return on plan assets (632,225) (561,001) Administrative expenses 18,317 17,032 Net pension expense included in staff costs (Note 5) $ 604,268 506,725