67 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | SEPARATE FINANCIAL STATEMENTS 2022 BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED Notes to the Separate Financial Statements For the year ended March 31, 2022 (Expressed in Barbados dollars) 40 12. Property and Equipment, continued Maturities of Leases Maturities of our lease liabilities on an undiscounted basis as of March 31, 2022 are presented below along with the current and non-current lease liabilities on a discounted basis. 2022 2021 Up to 3 months 276,912 177,869 Within 3-12 months 742,024 533,606 Within 1-5 years 2,282,566 1,495,858 Thereafter 12,602 75,969 Total future payments on an undiscounted basis 3,314,104 2,283,302 Less: Present value discount (345,367) (203,819) Present value of lease liabilities 2,968,737 2,079,483 Current portion 885,060 622,538 Non-current portion 2,083,676 1,456,945 Weighted-average remaining lease term (in years) 2.74 years 2.90 years Weighted-average discount rate 4.95% 4.95% Lease liability is presented as part of ‘Other Liabilities’ in Note 17. 13. Pension Plan Asset The Credit Union participates in a defined benefit pension plan operated by a reputable insurance provider. The pension plan is jointly funded by payments from the Credit Union and certain employees, taking into account the recommendations of independent qualified actuaries. The actuary periodically (at least every three years) evaluates the financial position of the plan and recommends the future contribution rate for the Credit Union. The last full actuarial valuation of the pension plan for eligible employees was carried out on March 31, 2021. The next full review will be performed in 2024. In a defined benefit pension plan, the employees’ entitlement is determined by a formula based on their years of pensionable service and pensionable salary. It is typical for the employees’ benefit to be integrated with the retirement benefits provided by the National Insurance.
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