ECCB 2025-2026 Annual Report

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2026 (Expressed in Eastern Caribbean dollars)

22 . Pension asset The Bank contributes to a defined benefit pension plan (Eastern Caribbean Central Bank or ECCB Pension Plan) covering substantially all full-time employees. The assets of the ECCB pension plan are held separately in an independent trustee administered fund. The actuarial valuation of the pension plan is undertaken every three years by a firm of independent qualified actuaries in accordance with IAS 19, Employee Benefits. The valuation was based on the detailed actuarial calculations performed as at 31 March 2025 using membership, financial and demographic assumptions. The valuation results were subsequently updated and rolled forward to 31 March 2026 to estimate the defined benefit obligation and the fair value of plan assets at the reporting date. The latest full actuarial valuation of the pension plan was performed as at 31 March 2025 using the projected unit credit method. The next full actuarial valuation of the pension plan is scheduled for 31 March 2028. 2026 $ 2025 $ Net asset in the statement of financial position: Fair value of plan assets 162,649,000 150,727,000 Present value of defined benefit obligation (125,635,000) (123,773,000) Surplus 37,014,000 26,954,000 Effect of asset ceiling - - Net defined benefit asset recognised in the statement of financial position 37,014,000 26,954,000

2026 $

2025 $

Reconciliation of amount reported in the statement of financial position: Pension asset, beginning of year Remeasurements recognised in other comprehensive income Bank’s contributions paid to pension plan Net pension costs during the year

26,954,000 (2,722,000) 9,232,000 3,550,000

35,347,000 (1,912,000) (10,062,000) 3,581,000

Pension asset, end of year

37,014,000

26,954,000

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).

108