The Construction Workers' Pension Scheme (CWPS) is an industry-wide scheme covering the entire construction industry in the Republic of Ireland.. It was set up to replace the Construction Federation Operatives Pension Scheme (CFOPS) and started in business on July 1st 2006. With membership in excess of 285,000 members CWPS is one of the biggest occupational pension schemes in Ireland.
CWPS is an Occupational Pension Scheme which is registered with the Pensions Board and is registered with the Revenue Commissioners as an exempt approved scheme. It operates within the Trust Deed and Rules of the Scheme. Each Employer who signs the Deed of Adherence to CWPS agrees to be bound by the Trust deed and Rules of the Scheme. The Scheme is established under Trust and contributions paid to CWPS on behalf of members are used to provide pension or death benefits to those members or their dependants and beneficiaries.
The scheme allows employers to fulfil their legal obligations the Pensions (Amendment) Act 2002 to provide access to at least one Standard Personal Retirement Savings Accounts (PRSAs). Membership of CWPS also provides death in service cover and sick pay benefit and it gives members the opportunity to build up valuable pension benefits for their retirement.
CWPS is operated on behalf of the industry by a trustee company called the Construction Workers' Pension Scheme Trustee Limited - known as the Trustee
, which consists of a Board of 11 Directors. The Scheme is governed by the Trust Deeds and Rules click here
for a copy of the Definitive Trust Deeds and Rules.
For more information on how the scheme works Click here