CWPS For Members
The Construction Workers' Pension Scheme (CWPS), is a multi-employer occupational pension scheme providing pensions solutions for workers in the construction and related industries, at a low cost to members and employers. It allows employers to provide valuable benefits to their employees easily, at a low cost. Employers can register all Specified Workers detailed under all SEOs from age 15, but under age 70 who are directly employed by the company.
With over 50,000 active members supported by over 7,500 active employers, the Construction Workers' Pension Scheme is one of the largest private sector pension schemes in Ireland.
Membership of CWPS also satisfies the conditions of the current Sectoral Employment Orders (Construction and Electrical Contracting Sectors 2021), in respect of pension, Sick Pay and Death in Service benefit for all workers registered with CWPS.
CWPS is operated on behalf of the industry by an independent Trustee Company called the Construction Workers’ Pension Scheme Trustees Designated Activity Company.
As an Occupational Pension Scheme, both members and employers pay a weekly contribution rate to CWPS which is invested in the member’s Pension Account. Tax relief is allowed on the member’s weekly pension contributions at their normal rate of tax through the employer’s payroll. Both the member and employer contributions paid to CWPS are invested on behalf of the member in a range of investment funds depending on their age through an innovative lifestyle investing approach. All pension contribution paid, as well as all interest earned through investing, will remain in a member’s own Pension Account until retirement age which can be anytime between the ages of 60 and 70. Normal retirement age is 65.
If a member moves to another employer, within the construction industry, both the member and new employer can continue to pay the contributions into the member’s existing Pension Account within CWPS.
As a member of CWPS, there is a Sick Pay benefit of €48.00 per day (€240.00 per week) payable while members are out sick due to illness or injury. Benefit is paid up to a maximum of 50 days in a year. This benefit is provided at a very low weekly cost to members and employers.
There is also a Death in Service Benefit of €100,000 payable to a member’s next of kin if a member dies while an active member of CWPS. An additional €5,000 payable for each eligible child of a deceased member will also be paid. This benefit is provided at a very low weekly cost to members and employers of €1.17 each and this is included in the weekly contribution rate.
Our qualified staff are happy to discuss your retirement and protection queries with you. Simply contact us with any queries.