JPSCU AR 2018 finan web

NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31st December 2018
(Expressed in Jamaican Dollars unless otherwise indicated)
13. Retirement Benefit Asset:
The Credit Union participates in a multi-employer pension scheme. The pension scheme up to
December 31, 2016 was a defined benefit plan and is funded. Subsequent to December 31, 2016 the
pension is a contributory pension scheme. The assets of the funded plan are held independently of
the Credit Union's assets in separate trustee administered funds. Independent actuaries value this
plan annually using the projected unit credit method. The latest actuarial valuation was carried out as
a
The amounts recognised in the statement of financial position are determined as follows:
2018 2017
$ $
Present Value of funded obligations 99,021,000 96,354,000
Fair Value of plan assets (163,204,000) (164,064,000)
Effect of Asset Ceiling 13,391,000 25,366,000
Asset in the Statement of Financial Position (50,792,000) (42,344,000)
The amounts recognised in the statement of comprehensive income are as follows:
2018 2017
$ $
Current service cost 3,624,000 4,691,000
Interest cost 7,129,000 9,509,000
Expected return on plan assets (12,694,000) (13,995,000)
Interest on effect of Asset Ceiling 2,029,000 -
Past Service Cost - 253,000
Administrative Expenses 726,000 815,000
Pension Expense 814,000 1,273,000
Movements in the amounts recognised in the statement of financial position:
2018 2017
$ $
Net Asset at beginning of year (42,344,000) (47,494,000)
Pension Expense 815,000 1,273,000
Re-measurements included in OCI (5,557,000) 8,582,000
Contributions Paid (3,705,000) (4,704,000)
Closing Net Asset at End of Year (50,792,000) (42,344,000)
49 Annual Report 2018