56 (Expressed in Trinidad and Tobago Dollars) NOTES TO THE SPECIAL PURPOSE FINANCIAL STATEMENTS 30th June 2017 16 Post-employment benefit (continued) All asset values as at 30 June 2017 were provided by the Plan’s Investment Manager (First Citizens Asset Management Limited). The majority of the Plan’s government bonds were issued by the Government of Trinidad and Tobago, which also guarantees many of the corporate bonds held by the Plan. 2017 2016 $’000 $’000 Expense recognised in profit or loss Current service cost 24,222 19,846 Net Interest on net defined benefit liability 670 1,468 Past service cost – – Administrative expense allowance – – Net pension cost 24,892 21,314 Remeasurements recognised in other comprehensive income Experience gains (22,154) (27,634) Effect of asset ceiling – – Total amount recognised in other comprehensive income (22,154) (27,634) Reconciliation of opening and closing balance sheet entries Opening defined benefit liability 19,812 35,950 Net pension cost 24,892 21,314 Remeasurements recognised in other comprehensive income (22,154) (27,634) Board contributions paid (11,416) (9,818) Closing defined benefit liability 11,134 19,812 2017 2016 Summary of principal assumptions as at 31 December Discount rate 5.5% 5.5% General salary increases 4.0% 4.0% Salary increases due to age, merit and promotion 1.0% 1.0% Total individual salary increases 5.0% 5.0% Future pension increases 3.0% 3.0% Life expectancy at age 60 for current pensioner in years -Male 21.0 21.0 -Female 25.1 25.1 Life expectancy at age 60 for current members age 40 in years -Male 21.4 21.4 -Female 25.4 25.4