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 - (cont'd):
The principal actuarial assumptions used in valuing the plan were as follows:
2018 2017
Discount Rate 7.00% 8.00%
Future Salary Increases 5.00% 6.00%
Future Pension Increases 2.50% 2.50%
The five year trend for the fair value of plan assets, the defined benefit obligations, the surplus in the pension plan, and
experience adjustments for plan assets and liabilities were as follows:
2014 2015 2016 2017 2018
$ $ $ $ $
Fair Value of Plan Assets 85,873,000 142,827,000 163,209,000 164,064,000 163,204,000
Defined Benefit Obligation 55,886,000 102,105,000 115,715,000 96,354,000 99,021,000
Surplus 141,759,000 244,932,000 278,924,000 260,418,000 262,225,000
Experience adjustments-
Fair Value of Plan Assets 5,472,000 8,334,000 2,617,000 3,098,000 (2,057,000)
Defined Benefit Obligation (4,452,000) (2,375,000) (3,055,000) (17,612,000) (2,548,000)
14. Members' Voluntary Shares
2018 2017
$ $
Balance at Beginning of Year 1,247,133,471 1,205,920,424
Balance as at 1st October-CG Cooperative Credit Union Ltd - -
1,247,133,471 1,205,920,424
Add Amount subscribed 1,676,031,611 184,964,159
Add Amount subscribed -CG Cooperative Credit Union Ltd - -
2,923,165,082 1,390,884,583
Less Withdrawals and Transfers 1,660,643,921 143,751,112
Balance at End of Year 1,262,521,161 1,247,133,471
JPS & Partners Co-operative Credit Union 50