Non-Consolidated Annual Report 2017

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 48 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2017 (Expressed in Barbados dollars) 33 13. Pension Plan Asset, continued b) Movement in the amounts recognised in the statement of financial position is as follows: 2017 2016 Asset, beginning of year $ 437,778 687,429 Contributions paid 663,507 607,479 Pension expense recognised in statement of income (557,575) (567,412) Re-measurement recognised in other comprehensive income 688,351 (289,718) Asset, end of year $ 1,232,061 437,778 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2017 2016 Opening obligation $ 8,919,972 8,164,276 Interest cost 738,221 672,883 Current service cost 548,082 577,540 Employees’ contributions 115,927 108,000 Benefits paid (86,321) (306,472) Actuarial losses arising from: Experience adjustments (828,019) (296,255) Closing obligation $ 9,407,862 8,919,972