BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 76 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Notes to the Consolidated Financial Statements For the year ended March 31, 2021 (Expressed in Barbados dollars) 50 15. Pension Plan Asset, continued c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2021 2020 Obligation, beginning of the year $ 12,329,701 12,074,739 Interest cost 1,007,280 994,749 Current service cost 658,231 701,096 Employees’ contributions 147,997 166,693 Benefits paid (237,961) (149,893) Actuarial losses arising from experience adjustments 530,718 (1,457,683) Obligation, end of year $ 14,435,966 12,329,701 (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2021 2020 Opening fair value of plan assets $ 13,362,012 12,652,027 Actual return 1,537,541 (113,662) Employer’s contributions 828,006 830,668 Employees’ contributions 147,997 166,693 Benefits paid (237,961) (149,893) Administrative expenses (25,372) (23,821) Closing fair value of plan assets $ 15,612,223 13,362,012 (ii) Plan assets consist of the following: 2021 2020 Equities $ 7,845,365 6,498,632 Bonds 7,766,858 6,863,380 $ 15,612,223 13,362,012 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2021 2020 Mortgages 12.78% 13.61% Bonds 35.34% 35.86% Equities 41.16% 37.30% Property 4.48% 4.82% Other 6.24% 8.41%
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