ECCB 2017-2018 Annual Report and Statement of Accounts

150 ECCB ANNUAL REPORT 2017/2018 Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2018

21 . Pension asset …continued

2018 $

2017 $

Reconciliation of amount reported in the statement of financial position: Pension asset, beginning of year

26,510,000 (1,353,000) (415,000) 2,206,000

14,467,000 (2,616,000) 12,370,000 2,289,000

Net pension costs during the year

Re-measurements recognised in other comprehensive income

Contributions to pension scheme

Pension asset, end of year 26,510,000 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). 26,948,000

2018 $

2017 $

The movement in the defined benefit obligation over the year is as follows: Beginning of year

79,144,000 3,020,000 5,446,000 551,000 85,000 (889,000) (2,941,000) 84,416,000

84,093,000 3,529,000 5,732,000 572,000 (10,311,000) (4,471,000) 79,144,000 -

Current service cost

Interest cost

Contributions by plan participants

Past service cost Actuarial (loss)/gain

Benefits paid

2018

2017

%

%

The defined benefit obligation is allocated between the Plan’s members as follows: Active and promoted members

77.0

77.0

0

Deferred members

0

23.0

Pensioners

23.0

2018

2017

The weighted average duration of the defined benefit obligation at the year end

14.9 years

14.9 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.