Members of CWPS are covered for retirement benefit, death in service benefit and sick pay benefit. Below is a brief outline of these benefits, you can get full details by clicking on our member's booklet A step-by-step guide to your benefits.
When a member retires, their account will be used to provide their benefits. The member can tailor the benefits to what suits them and their family (within certain limits).
The normal retirement date age 65 but once a member reaches age 60, and provided they are no longer employed by any of the employers who participate in the Scheme they can claim their benefits.
The benefits a member can choose from include:
- A pension payable for life
- A lump sum (currently paid tax-free)
- A pension for your spouse on your death
- Increases to your pension each year
- Ill-health retirement benefit - if a member has to retire early because of ill health from their employment in the construction industry they can make a claim for their benefits.
Death in service benefit
The scheme pays death-in-service benefit of €63,500 to the member’s next of kin, and an extra €3,175 for each eligible child if:
- all contributions due for the member have been paid into the scheme at the time of their death; and
- the member had been paying contributions for at least 26 weeks up to the date of death.
The value of the account is also refunded.
For more information on scheme benefits please click here
Sick pay benefit
Sick pay benefit is payable for a maximum of 50 working days in a calendar year.
For more information on sick pay please