90 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Consolidated Financial Statements March 31, 2024 (expressed in Barbados dollars) 50 15 Pension Plan Asset …continued 3) Changes in the present value of the obligation for defined benefit pension plans were as follows: …continued ii) Plan assets consist of the follow: 2024 $ 2023 $ Equities 8,813,154 8,606,672 Bonds 9,428,673 8,447,581 Other 17,055 20,201 18,258,882 17,074,454 The assets of the plan are invested in segregated funds. The major asset categories underlying the plan assets are as follows: 2024 2023 Mortgages 16.35% 12.96% Bonds 33.58% 32.28% Equities 43.85% 45.06% Property 4.13% 4.20% Other 2.08% 5.50% 4) The amounts recognised in the consolidated statement of income are as follows: Note 2024 $ 2023 $ Current service cost 606,362 593,739 Past service cost – (1,234,388) Interest cost on obligation 1,175,680 1,098,158 Expected return on plan assets (1,411,039) (1,420,095) Administrative expenses 24,767 24,583 Net pension expense included in staff costs 5 395,770 (938,003) 5) The amounts recognised in other comprehensive income are as follows: 2024 $ 2023 $ Remeasurement loss on obligation 37,699 1,173,391 Remeasurement loss on plan assets 284,717 1,598,199 322,416 2,771,590
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