Non-Consolidated Annual Report 2018

53 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2018 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2018 (Expressed in Barbados dollars) 38 12. Pension Plan Asset, continued b) Movement in the amounts recognised in the non-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 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 the 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