Consolidated Annual Report 2016

49 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED CONSOLIDATED ANNUAL REPORT 2016 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) 37 14. Pension Plan Asset, continued d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2016 2015 Opening fair value of plan assets $ 8,851,705 7,852,815 Actual return 115,180 389,024 Employer’s contributions 607,479 581,473 Employees’ contributions 108,000 99,518 Benefits paid (306,472) (52,808) Administrative expenses (18,142) (18,317) Closing fair value of plan assets $ 9,357,750 8,851,705 (ii) Plan assets consist of the following: 2016 2015 Equities $ 4,192,476 3,979,683 Bonds 5,165,274 4,872,022 $ 9,357,750 8,851,705 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2016 2015 Mortgages 13.86% 14.07% Bonds 39.17% 39.33% Equities 34.50% 36.35% Property 5.07% 4.50% Other 7.40% 5.76% e) The amounts recognised in the statement of income are as follows: 2016 2015 Current service cost $ 577,540 561,818 Interest cost on obligation 672,883 656,358 Expected return on plan assets (701,153) (632,225) Administrative expenses 18,142 18,317 Net pension expense included in staff costs (Note 5) $ 567,412 604,268