71 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) 46 14 Pension plan asset …continued g) Principal actuarial assumptions at the reporting date (expressed as weighted averages): 2026 2025 Discount rate at end of year 8.25% 8.25% Expected return on plan assets at end of year 8.25% 8.25% Future salary increases 6.75% 6.75% Future pension increases 1.75% 1.75% Future changes in NIS ceiling 4.25% 4.25% Termination of active members 0.00% - 11.25% 0.00% - 11.25% Future expenses 0.00% 0.00% At March 31, 2026, the weighted-average duration of the defined benefit obligation was 18.56 (2025 - 18.59) years. h) Sensitivity analysis on projected benefit obligation: Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below: Increase Decrease Discount rate (1% movement) (3,014,780) 3,930,569 Future salary growth (0.5% movement) 1,290,528 (1,181,719) As mortality continues to improve, estimates of life expectancy are expected to increase. The effect on the projected benefit obligation of an increase of one year in the life expectancy is approximately $446,732 (2025 - $378,703).
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