Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
79
21
.
Pension asset
…continued
2015
$
2014
$
Reconciliation of amount reported in the statement of financial
position:
Pension asset, beginning of year
17,572,000
7,255,000
Net pension costs during the year
(2,423,000)
(3,365,000)
Re-measurements recognised in other comprehensive loss
3,049,000
11,291,000
Contributions to pension scheme
2,319,000
2,391,000
Pension asset, end of year
20,517,000
17,572,000
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).
2015
$
2014
$
The movement in the defined benefit obligation over the year is
as follows:
Beginning of year
74,907,000
74,668,000
Current service cost
3,554,000
3,765,000
Interest cost
5,151,000
5,120,000
Contributions by plan participants
580,000
598,000
Actuarial gain
(2,344,000)
(6,144,000)
Benefits paid
(2,675,000)
(3,100,000)
79,173,000
74,907,000
2015
2014
%
%
The defined benefit obligation is allocated between the Plan’s
members as follows:
Active and promoted members
85.0
85.0
Pensioners
15.0
15.0
2015
2014
The weighted average duration of the defined benefit obligation at
the year end
16.4 years
16.4 years
24% of the benefits for active members are for those over age 55 and are vested.
40% of the defined benefit obligation for active members is conditional on future salary increases.
astern Caribbean Central Bank
otes to onsolidated Financial State ents
arch 31, 2015
(expressed in Eastern Caribbean dollars)
79
21
.
Pension asset
…continued
2015
$
2014
$
Reconciliation of a ount reported in the state ent of financial
position:
Pension asset, beginning of year
17,572,000
7,255,000
Net pension costs during the year
(2,423,000)
(3,365,000)
Re- easure ents recognised in other co prehensive loss
3,049,000
11,291,000
Contributions to pension sche e
2,319,000
2,391,000
Pension asset, end of year
20,517,000
17,572,000
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).
2015
$
2014
$
The ove ent in the defined benefit obligation over the year is
as follows:
Beginning of year
74,907,000
74,668,000
Current service cost
3,554,000
3,765,000
Interest cost
5,151,000
5,120,000
Contributions by plan participants
580,000
598,000
Actuarial gain
(2,344,000)
(6,144,000)
Benefits paid
(2,675,000)
(3,100,000)
79,173,000
74,907,000
2015
2014
The defined benefit obligation is allocated between the Plan’s
e bers as follows:
Active and pro oted e bers
85.0
85.0
Pensioners
15.0
15.0
2015
2014
The weighted average duration of the defined benefit obligation at
the year end
16.4 years
16.4 years
24 of the benefits for active e bers are for those over age 55 and are vested.
40 of the defined benefit obligation for active e bers is conditional on future salary increases.
EASTERN CARIBBEAN CENTRAL BANK
ECCB
ANNUAL REPORT 2014/2015
120
21.
i
t
tin ed
Effective April 1, 2007, the Bank adjusted its contribution to the Pension Fund from 16% to 12% to benefit
from the c rrent overfunded position of the pension fund and as prescribed by rule 4(3) of the Pension Fund
Trust Deed and Rules (1992).
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
