Consolidated Annual Report 2018

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2018 58 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 43 14. Pension Plan Asset, continued b) Movement in the amounts recognised in the consolidated statement of financial position is as follows: 2018 2017 Asset, beginning of year $ 1,232,061 437,778 Contributions paid 693,929 663,507 Pension expense recognised in consolidated statement of income (482,153) (557,575) Re-measurement recognised in other comprehensive income 364,484 688,351 Asset, end of year $ 1,808,321 1,232,061 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2018 2017 Obligation, beginning of year $ 9,407,862 8,919,972 Interest cost 777,197 738,221 Current service cost 536,927 548,082 Employees’ contributions 147,347 115,927 Benefits paid (62,059) (86,321) Actuarial losses arising from: Experience adjustments (416,707) (828,019) Obligation, end of year $ 10,390,567 9,407,862