CWPS Benefits at a glance...

Low administration costs

• 0.5% investment charge is made on the fund value.
• 2% administration charge is made on pension contributions paid to the Scheme No administration charge is made on any Additional Voluntary Contributions

Sick pay benefit

• Sick pay benefit of €37.51 a day is payable from the 4th day of illness
• Sick pay benefit is paid for a maximum of 50 working days in a calendar year

Death in service benefit

• A death-in-service benefit of €63,500 plus
• the value of the member’s account is payable to the next of kin of a deceased member, provided all contributions due in respect of the member are paid up to the date of death and
• at least 26 weeks of contributions in respect of the member had been paid into the Scheme at the time of death.
• An additional €3,175 for each eligible child is also payable.

Flexible retirement age

• Normal retirement age is 65 but members can
• retire early at age 60
• wait until age 70 to claim their benefit or
• claim ill health retirement if they have to give up work due to illness

Options at retirement

• Members can take up to 25% of their standard fund (Revenue
• permitting) as a tax free lump sum.
• At Retirement age (subject to certain restrictions) member can choose from the following options
• A fixed members Pension (non-indexed) with no surviving spouses benefit attached.
• A fixed members Pension (no indexation) with a 50% Surviving Spouses Benefit attached.
• An indexed members Pension (indexed at 3% per annum) with no Surviving Spouses Benefit attached.
• An indexed members Pension (indexed at 3% per annum) with a 50% Surviving Spouses Benefit attached

Additional Voluntary Contributions

• If paying Additional Voluntary Contributions member can take
• Part or all as a tax free lump sum (subject to Revenue permissible limits)
• Up to one and a half times final salary
• AVC’s may be transferred totally or in part to a Approved Retirement Fund (ARF) at retirement