Benefits in general
Q. Can I get a refund of my pension contributions?
A. No. A refund of contributions is not available to you under the rules of the scheme. Your retirement account can only be used to provide benefits on retirement or earlier death. If you leave the industry and start contributing to another pension scheme, you can ask for the value of your retirement account to be transferred to your new pension scheme.
Q. At what age can I claim my pension?
A. The normal retirement age is 65, however, once you reach age 60 and you are no longer employed by an employer who is registered with the Construction Workers Pension Scheme you may claim your pension.
Q. Do I have to claim my pension at age 65 or can I continue to work?
A. No you don’t have to claim your pension at age 65. If you continue working past age 65, you and your employer may continue to contribute to the scheme with your employer’s agreement. It is only possible to pay the pension portion of the contribution after age 65. You will not be covered for sick pay benefit or Death-in-Service benefit. Contributions to the scheme will stop when you reach age 70.
Q. Can I claim my pension if I have to retire due to ill health?
A. If you were an active member of the scheme (paying contributions) at the time your illness commenced you may be able to claim your pension early through ill-health early retirement. The Trustee will approve your request if it receives satisfactory medical evidence of your condition. You may also be asked to have a medical examination by the Scheme’s Medical Officer.
Q. What happens if I die while I'm still paying into CWPS?
A. A death-in-service benefit of €63,500 plus €3,175 for each eligible child is payable provided membership and contribution criteria have been satisfied. A refund of the value of your retirement account is also payable to your next of kin.
Q.What happens if I die when I’m no longer paying into CWPS?
A. A refund of the value of your retirement fund is payable to your next of kin.
Q. Who are the benefits payable to if I die before retirement? Can I nominate a beneficiary?
A. The Trustee pay the benefits to your next of kin. If you would like to nominate a beneficiary please complete and return an Expression of Wish Form. The Trustee will take this into account in the event of death before retirement. Click here for a copy of an Expression of Wish Form.
Q. What happens to my pension benefit if I separate or get divorced?
A. When a couple divorce or legally separate, pension scheme benefits may be included as part of he couples assets. What actually happens to their pension benefits will depend on how the total assets of the marriage are split as part of the legal settlement.
Q. Can I pay extra into the Scheme?
A. Yes. If you are still a contributing member of the scheme you can make extra contributions into your pension by paying additional voluntary contributions, (AVC’s). AVC’s are a tax efficient way of saving for your retirement. Click here for a copy of our AVC leaflet.
Q. Can I cash in my entire fund when I retire?
A. Under the rules of the scheme you are entitled to take 25% of your fund as a tax free lump sum. The balance must be used to purchase a pension, however the Revenue Commissioners will allow you to take the balance as a taxable lump sum if it is under €20,000. Other pension arrangements if any (excluding the state pension) must be taken into account. If you paid additional voluntary contributions (AVC’s) you may be able to take all of them tax free, subject to Revenue restrictions.