ECCB 2023-2024 Annual Report

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2024 (Expressed in Eastern Caribbean dollars)

22. Pension asset (continued)

2024 $

2023 $

Movement in present value of defined benefit obligation over the year is as follows: Beginning of year

96,758,000 3,776,000 7,112,000 764,000 1,925,000

101,633,000 3,970,000 6,912,000

Current service cost

Interest cost

Contributions by plan participants

722,000

-

Past service cost

(404,000)

(4,235,000) (6,365,000) (5,879,000)

Experience adjustments

-

Actuarial losses from changes in financial assumptions

(4,888,000)

Benefits paid

Defined benefit obligation at end of year

105,043,000

96,758,000

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

2024

2023

%

%

64

Active members Deferred members

66

-

-

36

Pensioners

34

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

13.4 years

14.0 years

96% of the benefits for active members are vested. 32% of the defined benefit obligation for active members is conditional on future salary increases. 2024 2023 $ $ Movement in fair value of plan assets over the year Plan assets at start of year 127,734,000 135,830,000 Interest income 9,531,000 9,422,000 Return on plan assets, excluding interest income 6,571,000 (15,009,000) Bank’s contributions 3,056,000 2,889,000 Members’ contributions 764,000 722,000 Benefits paid (4,888,000) (5,879,000) Expense allowance (254,000) (241,000) Fair value of plan assets at end of year 142,514,000 127,734,000

110