67 SEPARATE FINANCIAL STATEMENTS 2026 Barbados Public Workers’ Co-operative Credit Union Limited Notes to the Separate Financial Statements March 31, 2026 (expressed in Barbados dollars) 42 14 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 $1,043,811 in contributions to its defined benefit plan in 2027 (2026 - $964,138).
RkJQdWJsaXNoZXIy MTA2MDM=