BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2020 60 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2020 (Expressed in Barbados dollars) 43 15. Pension Plan Asset, continued d) The amounts recognised in the 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 5) $ 707,218 465,744 e) The amounts recognised in the consolidated statement of other 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 f) 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
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