Non-Consolidated Annual Report 2015

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED NON-CONSOLIDATED ANNUAL REPORT 2015 40 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2015 (Expressed in Barbados dollars) 29 13. Pension Plan Asset…(continued) b) Movement in the amounts recognised in the statement of financial position is as follows: 2015 2014 Asset, beginning of year $ 5,716 322,043 Contributions paid 581,473 521,006 Pension expense recognised in statement of income (604,268) (506,725) Re-measurement recognised in other comprehensive income 704,508 (330,608) Asset, end of year $ 687,429 5,716 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2015 2014 Opening obligation $ 7,847,099 6,648,580 Interest cost 656,358 557,241 Current service cost 561,818 493,453 Employeesʼ contributions 99,518 70,891 Benefits paid (52,808) (38,671) Actuarial losses arising from: Experience adjustments (947,709) 115,605 Closing obligation $ 8,164,276 7,847,099