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ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central ank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
21
.
Pension asset
…continued
2017
$
2016
$
Reconciliation of amount reported in the statement of financial
position:
Pension asset, beginning of year
14,467,000
20,517,000
Net pension costs during the year
(2,616,000)
(2,334,000)
Re-measurements recognised in other comprehensive loss
12,370,000
(6,048,000)
Contributions to pension scheme
2,289,000
2,332,000
Pension asset, end of year
26,510,000
14,467,000
Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to
benefit from the current overfunded position of the pension fund and as prescribed by rule 4(3) of the
Pension Fund Trust Deed and Rules (1992).
2017
$
2016
$
The movement in the defined benefit obligation over the year is
as follows:
Beginning of year
84,093,000
79,173,000
Current service cost
3,529,000
3,665,000
Interest cost
5,732,000
5,438,000
Contributions by plan participants
572,000
583,000
Actuarial gain
(10,311,000)
(1,754,000)
Benefits paid
(4,471,000)
(3,012,000)
79,144,000
84,093,000
2017
2016
%
%
The defined benefit obligation is allocated between the Plan’s
members as follows:
Active and promoted members
77.0
85.0
Deferred members
0
0
Pensioners
23.0
15.0
2017
2016
The weighted average duration of the defined benefit obligation at
the year end
14.9 years
16.4 years
33% of the benefits for active members are for those over age 55 and are vested.
33% of the defined benefit obligation for active members is conditional on future salary increases.
Eastern Caribbean Central Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
81
21
.
Pension asset
…continued
2017
$
2016
$
Reconciliation of amount reported in the statement of financial
position:
Pension asset, beginning of year
14,467,000
20,517,000
Net pension costs during the year
(2,616,000)
(2,334,000)
Re-measurements recognised in other comprehensive loss
12,370,000
(6,048,000)
Contributions to pension scheme
2,289,000
2,332,000
Pension asset, end of year
26,510,000
14,467,000
Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to
benefit from the current overfunded position of the pension fund and as prescribed by rule 4(3) of the
Pension Fund Trust Deed and Rules (1992).
2017
$
2016
$
The movement in the defined benefit obligation over the year is
as follows:
Beginning of year
84,093,000
79,173,000
Current service cost
3,529,000
3,665,000
Interest cost
5,732,000
5,438,000
ontributions by plan participants
572,000
583,000
Actuarial gain
(10,311,000)
(1,754,000)
Benefits paid
(4,471,000)
(3,012,000)
79,144,
84,093,000
2017
2016
%
%
The defined benefit obligation is allocated between the Plan’s
members as follows:
Active and promoted members
77.0
85.0
Deferred members
0
0
Pensioners
23.0
15.0
2017
2016
The weighted average duration of the defined benefit obligation at
the year end
14.9 years
16.4 years
33% of the benefits for active members are for those over age 55 and are vested.
33 of the defined benefit obligation for active members is conditional on future salary increases.