69 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) 44 14 Pension plan asset …continued b) Movement in the amounts recognised in the statement of financial position is as follows: 2026 $ 2025 $ Asset, beginning of year 3,190,457 3,250,102 Contributions paid 952,447 910,296 Pension expense recognised in statement of income (563,369) (483,073) Re-measurement recognised in other comprehensive income (1,871,362) (486,868) Asset, end of year 1,708,173 3,190,457 c) Changes in the present value of the obligation for defined benefit pension plans were as follows: 2026 $ 2025 $ Obligation, beginning of the year 16,264,240 15,008,780 Interest cost 1,392,798 1,294,215 Current service cost 767,464 699,239 Employees’ contributions 232,916 215,652 Benefits paid (704,860) (406,171) Actuarial losses/(gains) arising from experience adjustments 1,343,291 (547,475) Obligation, end of year 19,295,849 16,264,240 d) (i) Changes in the fair value of the defined benefit pension plan assets were as follows: 2026 $ 2025 $ Opening fair value of plan assets 19,454,697 18,258,882 Actual return 1,095,655 500,689 Employer’s contributions 952,447 910,296 Employees’ contributions 232,916 215,652 Benefits paid (704,860) (406,171) Administrative expenses (26,833) (24,651) Closing fair value of plan assets 21,004,022 19,454,697
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