Page 117 - RB GRENADA ANNUAL REPORT 2025_ONLINE

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Notes to the Financial Statements

For the year ended September 30, 2025. Expressed in Thousands of Eastern Caribbean dollars ($’000), except where otherwise stated.

9 Employee benefits/obligations
a The amounts recognised in the Statement of financial position are as follows:

Defined benefit Employee defined

pension plan benefit liabilities
2025 2024 2025 2024

Present value of defined benefit obligation (32,833) (30,473) (6,205) (5,213)
Fair value of plan assets 34,821 33,470 – –

Surplus/(deficit) 1,988 2,997 (6,205) (5,213)

Effect of asset ceiling (1,988) (2,997) – –

Net defined benefit obligation – – (6,205) (5,213)

b Reconciliation of opening and closing Statement of financial position entries:

Defined benefit Employee defined

pension plan benefit liabilities
2025 2024 2025 2024
Opening defined benefit obligation – (3,991) (5,213) (5,681)
Net pension cost (771) (1,213) (894) (615)
Remeasurements recognised in Other comprehensive income (347) 3,772 (248) 954
Bank contributions 1,118 1,432 – –
Premiums paid by the Bank – – 150 129

Closing defined benefit obligation – – (6,205) (5,213)

c Changes in the present value of the defined benefit obligation are as follows:

Defined benefit Employee defined

pension plan benefit liabilities
2025 2024 2025 2024

Opening defined benefit obligation (30,473) (36,259) (5,213) (5,681)
Current service cost (709) (924) (534) (497)
Interest cost (2,081) (2,467) (360) (375)
Members’ contributions (137) (199) – –
Past service cost – - – 257
Remeasurements:
– Experience adjustments (949) 30 (248) 409
– Actuarial gain from changes in demographic assumptions – 7,269 – 545
Benefits paid 1,516 2,077 – –
Premiums paid by the Bank – – 150 129

Closing defined benefit obligation (32,833) (30,473) (6,205) (5,213)