Eastern Caribbean Central Bank
Notes to Consolidated Financial Statements
March 31, 2015
(expressed in Eastern Caribbean dollars)
80
21. Pension asset
…continued
2015
2014
$
$
The movement in the fair value of plan assets over the year
is as follows:
Plan assets at start of year
92,479,000
81,923,000
Interest income
6,475,000
5,724,000
Return on Plan assets, excluding interest income
705,000
5,147,000
Employer contributions
2,319,000
2,391,000
Contributions by plan participants
580,000
598,000
Benefits paid
(2,675,000)
(3,100,000)
Expense allowance
(193,000)
(204,000)
99,690,000
92,479,000
2015
2014
$
$
The amounts recognised in the statement of income or loss
are as follows:
Current service cost
3,554,000
3,765,000
Net Interest on net defined benefit asset
(1,324,000)
(604,000)
Administration expenses
193,000
204,000
Total expense included in staff costs (note 27)
2,423,000
3,365,000
2015
2014
$
$
The amounts recognised in other comprehensive loss were
as follows:
Experience losses
3,049,000
11,291,000
Total amount recognised in other comprehensive loss
3,049,000
11,291,000
2015
2014
%
%
The principal actuarial assumptions used were as follows:
Discount rate
7.0
7.0
Average individual salary increases
6.0
6.0
ECCB
ANNUAL REPORT 2014/2015
121
EASTERN CARIBBEAN CENTRAL BANK
21.
ension asset
continued
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
