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) Expense recognised in the statement of profit or loss:

2024

2023

$

$

3,776,000 (2,419,000) 1,925,000 254,000 3,536,000

Current service cost

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

Net interest on net defined benefit liability (asset)

-

Past service cost

Administration expenses

241,000

Net pension cost included in staff costs (note 29)

1,701,000

2024

2023

$

$

Remeasurements recognised in other comprehensive income Experience gains (losses) Remeasurement gain (loss) recognised in other comprehensive income Effect of asset ceiling

6,975,000 2,124,000

(4,409,000)

-

4,851,000

(4,409,000)

2024

2023

%

%

The principal actuarial assumptions used were as follows: Discount rate

7.5 5.0 0.0

7.5 5.0

Average individual salary increases Future pension increases

0.0 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 2024 are as follows: 2024 2023 Life expectancy at age 60 for current pensioners in years Male 22.0 21.9 Female 26.2 26.2 Life expectancy at age 60 for current members age 40 in years Male 22.8 22.8 Female 27.1 27.1 Plan assets are comprised as follows : 2024 2023 $ $ Developed market equities 61,410,000 54,288,000 EC Government issued nominal bonds and treasury bills 4,309,000 8,309,000 USD denominated bonds 75,861,000 66,764,000 USD cash and cash equivalents 2,128,000 1,058,000 Net current assets (1,194,000) (2,685,000) Fair value of plan assets at end of year 142,514,000 127,734,000

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