77 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | CONSOLIDATED ANNUAL REPORT 2021 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) 51 15. Pension Plan Asset, continued d) The amounts recognised in the statement of income are as follows: Note 2021 2020 Current service cost $ 658,231 701,096 Interest cost on obligation 1,007,280 994,749 Expected return on plan assets (1,063,172) (1,012,448) Administrative expenses 25,372 23,821 Net pension expense included in staff costs 5 $ 627,711 707,218 e) The amounts recognised in other comprehensive income are as follows: 2021 2020 Remeasurement loss (gain) on obligation $ 432,903 (1,457,683) Remeasurement (gain) loss on plan assets (376,554) 1,126,110 $ 56,349 (331,573) f) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2021 2020 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 7.25% 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%-11.25% 0.00%-11.25% Future expenses 0.00% 0.00% At March 31, 2021, the weighted-average duration of the defined benefit obligation was 21.33 (2020 – 21.44) years
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