70 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) 43 13. Pension Plan Asset, continued c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2022 2021 Obligation, beginning of the year $ 14,435,966 12,329,701 Interest cost 1,172,394 1,007,280 Current service cost 743,520 658,231 Employees’ contributions 204,712 147,996 Benefits paid (406,116) (237,961) Actuarial (gains)/losses arising from experience adjustments (3,152,341) 530,719 Obligation, end of year $ 12,998,135 14,435,966 d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2022 2021 Opening fair value of plan assets $ 15,612,223 13,362,012 Actual return 971,446 1,537,541 Employer’s contributions 818,261 828,006 Employees’ contributions 204,712 147,997 Benefits paid (406,116) (237,961) Administrative expenses (26,533) (25,372) Closing fair value of plan assets $ 17,173,993 15,612,223 (ii) Plan assets consist of the following: 2022 2021 Equities $ 8,897,019 7,845,365 Bonds 8,264,730 7,766,858 Other 12,244 - $ 17,173,993 15,612,223 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2022 2021 Mortgages 12.78% 12.78% Bonds 35.34% 35.34% Equities 41.16% 41.16% Property 4.48% 4.48% Other 6.24% 6.24%
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