Eastern Caribbean Central Bank 2024-2025 Annual Report

Eastern Caribbean Central Bank Notes to the Financial Statements For the year ended 31 March 2025 (Expressed in Eastern Caribbean dollars)

22. Pension asset (continued) Expense recognised in the statement of profit or loss:

2025

2024

$

$

4,420,000 (2,805,000)

Current service cost

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

Net interest on net defined benefit liability (asset)

-

Past service cost

297,000

Administration expenses

Net pension cost included in staff costs (note 28)

1,912,000

2025

2024

$

$

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

(12,345,000) 2,283,000

6,975,000 (2,124,000)

(10,062,000)

4,851,000

2025

2024

%

%

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 2025 are as follows: 2025 2024 Life expectancy at age 60 for current pensioners in years Male 22.0 22.0 Female 26.3 26.2 Life expectancy at age 60 for current members age 40 in years Male 22.9 22.8 Female 27.2 27.1 Plan assets are comprised as follows : 2025 2024 $ $ Developed market equities 60,578,000 61,410,000 EC Government issued nominal bonds and treasury bills 309,000 4,309,000 USD denominated bonds 82,581,000 75,861,000 USD cash and cash equivalents 7,899,000 2,128,000 Net current assets (640,000) (1,194,000) Fair value of plan assets at end of year 150,727,000 142,514,000

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