Consolidated Annual Report 2019

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2019 62 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2019 (Expressed in Barbados dollars) 47 15. Pension Plan Asset, continued (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2019 2018 Opening fair value of plan assets $ 12,198,888 10,639,923 Actual return (45,932) 801,715 Employer’s contributions 782,916 693,929 Employees’ contributions 197,840 147,347 Benefits paid (454,327) (62,059) Administrative expenses (27,358) (21,967) Closing fair value of plan assets $ 12,652,027 12,198,888 (ii) Plan assets consist of the following: 2019 2018 Equities $ 6,572,848 5,911,751 Bonds 6,079,179 6,287,137 $ 12,652,027 12,198,888 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2019 2018 Mortgages 11.52% 10.67% Bonds 34.74% 37.32% Equities 39.76% 36.43% Property 5.23% 5.06% Other 8.75% 10.52% d) The amounts recognised in the consolidated statement of income are as follows: 2019 2018 Current service cost $ 560,818 536,927 Interest cost on obligation 842,320 777,197 Expected return on plan assets (964,752) (853,938) Administrative expenses 27,358 21,967 Net pension expense included in staff costs (Note 5) $ 465,744 482,153