72 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2025 (expressed in Barbados dollars) 40 12 Property and equipment …continued Maturities of Leases Maturities of the Credit Union's lease liabilities on an undiscounted basis as of March 31, 2025 are presented below along with the current and non-current lease liabilities on a discounted basis. 2025 $ 2024 $ Up to 3 months 144,774 246,312 Within 3-12 months 347,825 538,936 Within 1-5 years 116,236 634,840 Total future payments on an undiscounted basis 608,835 1,420,088 Less: Present value discount (22,280) (70,929) Present value of lease liabilities 586,555 1,349,159 Current portion 472,592 728,575 Non-current portion 113,963 620,584 Weighted-average remaining lease term (in years) 1 year 2 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, considering 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 as at April 1, 2024. The next full review will be performed as at April 1, 2027. 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. The contribution rate paid by the employee is fixed and the Credit Union pays the balance of the ultimate cost of the benefits. The Credit Union is expected to pay $964,138 in contributions to its defined benefit plan in 2026 (2025: $904,573).
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