55 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 16 Post-employment benefit (continued) 2017 2016 $’000 $’000 Movement in present value of defined benefit obligation Defined benefit obligation at start of year 933,290 993,455 Current service cost 24,222 19,846 Interest cost 50,197 48,906 Members’ contributions 4,112 3,501 Past service cost – – Remeasurements -Experience adjustments (9,076) (31,047) -Actuarial (gains)/losses from changes in demographic assumptions – – -Actuarial gains from change in financial assumptions – (70,325) Benefits paid (41,807) (31,046) Defined benefit obligation at end of year 960,938 933,290 The defined benefit obligation is allocated between the Plan’s members as follows: Active 54% 60% Deferred members 1% 1% Pensioners 45% 39% The weighted average duration of the defined benefit obligation. 15.6 years 15.4 years 97% of the value of the benefits for active members is vested. 21% of the defined benefit obligation for active members is conditional on future salary increases. 2017 2016 $’000 $’000 Movement in fair value of plan assets Fair value of plan assets at start of year 913,478 957,505 Interest income 49,527 47,438 Return on plan assets, excluding interest income 13,078 (73,738) Board contributions 11,416 9,818 Members’ contributions 4,112 3,501 Benefits paid (41,807) (31,046) Administrative expense allowance – – Fair value of plan assets at end of year 949,804 913,478 Actual return on plan assets 62,605 26,300 Asset allocation Regionally listed equities (prices quoted on regional exchanges) 234,546 229,046 Overseas equities (developed markets outside of CARICOM) 128,682 105,009 TT$ Gov’t and Gov’t Guaranteed bonds (no quoted market prices) 455,697 436,342 TT$ corporate bonds (no quoted market prices) 83,717 87,129 US$ bonds (no quoted market prices) 11,417 11,145 Mortgages (no quoted market prices) 85 79 Local equity/income mutual fund 3,761 3,559 Cash and cash equivalents 31,899 41,169 Fair value of plan assets at end of year 949,804 913,478