Reaching Retirement Age

Benefit at Retirement

Normal Retirement age is 65. However, a member can claim their retirement benefit from CWPS as early as age 60 or continue to be a member up to age 70. Retirement benefits can be taken from age 50 provided you have not contributed to CWPS in the previous 5 years. When a member reaches normal retirement age (between ages 60 and 70) the value of their Pension Account can be used to provide them with one or more of the following options:

• Cash lump sum
• Monthly pension paid from CWPS
• Spouses Pension - if a member is married at retirement date, a 50% spouses pension will be paid to their surviving spouse after the death of the member
• Optional Annual increases on pension amount of 3%
• If a member has made Additional Voluntary Contributions (AVCs) they may be able to take a higher tax free lump sum subject to the revenue limits. Alternatively they may be able to transfer the value of these AVCs to an ARF subject to the revenue restrictions

If a member dies while they are in receipt of a pension from CWPS, any benefits payable to their spouse or next of kin will depend on the option that they have chosen at the time they claimed their benefit from CWPS.

If you are a member of CWPS and coming close to retirement age and you want to know what options are available to you from your CWPS Pension Account, you should contact the team and a  personalised Retirement Options form will be sent to you.

Members can claim their retirement benefit earlier than those set out above on the grounds of permanent ill health, however, they will no longer be covered for Sick Pay or Death in Service benefits.

Members can claim their benefit from CWPS earlier than age 60 if the member is suffering from ill health. In order to qualify for this early benefit the Trustee would require confirmation from a medical doctor confirming that the member can never work again at their occupation in the Construction Industry due to permanent ill health. 

Reaching retirement as a deferred member

If a member leaves employment in the construction industry and has not paid any pension contributions to CWPS for a full calendar year they will then become a deferred member. A deferred member can claim their retirement benefit anytime between the ages of 60 and 70 or earlier on the grounds of permanent ill health. The following options will be available at retirement:

• Cash Lump Sum
• Monthly Pension Payment
• Spouses Pension - If a member is married at retirement date, a 50% spouses pension will be paid to their surviving spouse after the death of the member  
• Optional annual increases on pension amount  of 3%
• If the member has made Additional Voluntary Contributions (AVCs) they may be able to take a higher tax free lump sum subject to the revenue limits. Alternatively they may be able to transfer the value of these AVCs to an ARF subject to the revenue restrictions

If you are a deferred member of CWPS and coming close to retirement age and you want to know what options are available to you from your CWPS Pension Account, you should contact the team and a personalised Retirement Options form will be sent to you.

All pensions are subject to PAYE and Universal Social Charge (USC) and may affect any means tested social welfare benefit entitlements.

All above options are available based on current Revenue Legislation.