Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 52 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Non-consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 35 13. Pension Plan Asset, continued c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2020 2019 Obligation, beginning of the year $ 12,074,739 10,390,567 Interest cost 994,749 842,320 Current service cost 701,096 560,818 Employees’ contributions 166,693 197,840 Benefits paid (149,893) (454,327) Actuarial losses arising from experience adjustments (1,457,683) 537,521 Obligation, end of year $ 12,329,701 12,074,739 d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2020 2019 Opening fair value of plan assets $ 12,652,027 12,198,888 Actual return (113,662) (45,932) Employer’s contributions 830,668 782,916 Employees’ contributions 166,693 197,840 Benefits paid (149,893) (454,327) Administrative expenses (23,821) (27,358) Closing fair value of plan assets $ 13,362,012 12,652,027 (ii) Plan assets consist of the following: 2020 2019 Equities $ 6,498,632 6,572,848 Bonds 6,863,380 6,079,179 $ 13,362,012 12,652,027 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2020 2019 Mortgages 13.61% 11.52% Bonds 35.86% 34.74% Equities 37.30% 39.76% Property 4.82% 5.23% Other 8.41% 8.75%