Non-Consolidated Annual Report 2020

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 53 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) 36 13. Pension Plan Asset, continued e) The amounts recognised in the non-consolidated statement of income are as follows: 2020 2019 Current service cost $ 701,096 560,818 Interest cost on obligation 994,749 842,320 Expected return on plan assets (1,012,448) (964,752) Administrative expenses 23,821 27,358 Net pension expense included in staff costs (Note 6) $ 707,218 465,744 f) The amounts recognised in the non-consolidated statement of comprehensive income are as follows: 2020 2019 Remeasurement (gain) loss on obligation $ (1,457,683) 537,521 Remeasurement loss on plan assets 1,126,110 1,010,684 $ (331,573) 1,548,205 g) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2020 2019 Discount rate at end of year 7.75% 7.75% Expected return on plan assets at end of year n/a n/a Future salary increases 6.75% 6.75% Future pension increases 1.75% 1.75% Future changes in NIS ceiling 4.25% 4.25% Proportion of employees opting for early retirement 0.00% 0.00% Termination of active members 0.00% 0.00% Future expenses 0.00% 0.00% At March 31, 2020, the weighted-average duration of the defined benefit obligation was 21.44 (2019 – 21.96) years.