Non-Consolidated Annual Report 2018

54 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) 39 12. Pension Plan Asset, continued d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2018 2017 Opening fair value of plan assets $ 10,639,923 9,357,750 Actual return 801,715 611,544 Employer’s contributions 693,929 663,507 Employees’ contributions 147,347 115,927 Benefits paid (62,059) (86,321) Administrative expenses (21,967) (22,484) Closing fair value of plan assets $ 12,198,888 10,639,923 (ii) Plan assets consist of the following: 2018 2017 Equities $ 5,911,751 4,908,414 Bonds 6,287,137 5,731,509 $ 12,198,888 10,639,923 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2018 2017 Mortgages 10.67% 11.42% Bonds 37.32% 36.40% Equities 36.43% 33.90% Property 5.06% 5.24% Other 10.52% 13.04% e) The amounts recognised in the non-consolidated statement of income are as follows: 2018 2017 Current service cost $ 536,927 548,082 Interest cost on obligation 777,197 738,221 Expected return on plan assets (853,938) (751,212) Administrative expenses 21,967 22,484 Net pension expense included in staff costs (Note 5) $ 482,153 557,575