ECCB 2022-2023 Annual Report and Financial Statements
Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2023 (Expressed in Eastern Caribbean dollars)
22. Pension asset (continued)
2022 $
2023 $
Movement in present value of defined benefit obligation over the year is as follows:
Beginning of year Current service cost
92,281,000 3,864,000 6,320,000
101,633,000
3,970,000 6,912,000
Interest cost
Contributions by plan participants
704,000
722,000
2,522,000
(4,235,000) (6,365,000) (5,879,000)
Experience adjustments
-
Actuarial gains/(losses) from changes in financial assumptions
(4,058,000)
Benefits paid
101,633,000
Defined benefit obligation at end of year
96,758,000
The defined benefit obligation is allocated between the Plan’s members as follows:
2022
2023
%
%
Active members Deferred members
70
66
-
-
Pensioners
30
34
The weighted average duration of the defined benefit obligation at the year end
14.5 years
14.0 years
23% 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.
2022
2023
$
$
Movement in fair value of plan assets over the year
Plan assets at start of year
132,405,000 9,242,000 (5,043,000) 2,815,000
135,830,000
Interest income
9,422,000
Return on plan assets, excluding interest income
(15,009,000)
Bank’s cont ributions Members’ contributions
2,889,000
704,000
722,000
Benefits paid
(4,058,000) (235,000)
(5,879,000) (241,000)
Expense allowance
135,830,000
Fair value of plan assets at end of year
127,734,000
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