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

Expense recognised in the statement of profit or loss:

2023

$

$

Current service cost

3,864,000 (2,922,000)

3,970,000 (2,510,000)

Net interest on net defined benefit liability (asset)

Administration expenses

235,000

241,000

1,177,000

Net pension cost included in staff costs (note 29)

1,701,000

2022

2023

$

$

Remeasurements recognised in other comprehensive income Experience losses

(7,565,000)

(4,409,000)

Remeasurement loss recognised in other comprehensive income

(7,565,000)

(4,409,000)

2022

2023

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.0 5.0 0.0

7.5 5.0 0.0

Average individual salary increases

Future pension increases

Assumptions regarding future mortality are based on published mortality tables. The life expectancies underlying the value of the defined benefit obligations as at 31 March 2023 are as follows:

2022

2023

Life expectancy at age 60 for current pensioners in years Male

21.8 26.0

21.9 26.2

Female

Life expectancy at age 60 for current members age 40 in years Male

22.7 27.0

22.8 27.1

Female

Plan assets are comprised as follows :

2022

2023

$

$

Developed market equities

56,074,000 6,499,000 68,473,000 6,665,000 (1,881,000)

54,288,000 8,309,000 66,764,000 1,058,000 (2,685,000)

EC Government issued nominal bonds and treasury bills

USD denominated bonds

USD cash and cash equivalents

Net current assets

135,830,000

Fair value of plan assets at end of year

127,734,000

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