Non-Consolidated Annual Report 2017

49 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2017 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) 34 13. Pension Plan Asset, continued d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2017 2016 Opening fair value of plan assets $ 9,357,750 8,851,705 Actual return 611,544 115,180 Employer’s contributions 663,507 607,479 Employees’ contributions 115,927 108,000 Benefits paid (86,321) (306,472) Administrative expenses (22,484) (18,142) Closing fair value of plan assets $ 10,639,923 9,357,750 (ii) Plan assets consist of the following: 2017 2016 Equities $ 4,908,414 4,192,476 Bonds 5,731,509 5,165,274 $ 10,639,923 9,357,750 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2017 2016 Mortgages 11.42% 13.86% Bonds 36.40% 39.17% Equities 33.90% 34.50% Property 5.24% 5.07% Other 13.04% 7.40% e) The amounts recognised in the statement of income are as follows: 2017 2016 Current service cost $ 548,082 577,540 Interest cost on obligation 738,221 672,883 Expected return on plan assets (751,212) (701,153) Administrative expenses 22,484 18,142 Net pension expense included in staff costs (Note 5) $ 557,575 567,412