Consolidated Annual Report 2016

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 48 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2016 (Expressed in Barbados dollars) 36 14. Pension Plan Asset, continued b) Movement in the amounts recognised in the statement of financial position is as follows: 2016 2015 Asset, beginning of year $ 687,429 5,716 Contributions paid 607,479 581,473 Pension expense recognised in statement of income (567,412) (604,268) Re-measurement recognised in other comprehensive income (289,718) 704,508 Asset, end of year $ 437,778 687,429 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2016 2015 Opening obligation $ 8,164,276 7,847,099 Interest cost 672,883 656,358 Current service cost 577,540 561,818 Employees’ contributions 108,000 99,518 Benefits paid (306,472) (52,808) Actuarial losses arising from: Experience adjustments (296,255) (947,709) Closing obligation $ 8,919,972 8,164,276