Contribution Rates and Calendar
The CWPS pension rate is based on the average basic construction industry wage. This is the average of the basic Craft and Construction Operative wage rates agreed by the National Joint Industrial Council (NJIC) for the construction industry from time to time. Currently the total contribution rate is 7% of the average basic construction industry wage. The employer contributes 4.2% and the employee contributes 2.8%.
Below are the weekly rates for Pension, Death in Service and Sick Pay contributions.
The pension rates remain unchanged for 2017 Scheme year.
There is 100% allocation to members' funds from pension contributions paid.
Rates for the Construction & Related Industries
|Death in Service Contribution
|Sick Pay Contribution
|Standard Contribution Total
* Contributions for Pension and Death-in-Service Benefit are made before PAYE is calculated.
CWPS facilitates the collection of some voluntary industry deductions as set out below on behalf of the social partner entities listed and these can be paid as a combined payment with the Pension, Death in Service and Sick Pay contributions.
Weekly remittances charged by the Construction Workers Health Trust and the Benevolent Funds.
|Construction Workers Health Trust
|Employer Benevolent Fund
|Employee Benevolent Fund
Please take a note of the following rules:
- The full weekly Pension, Death in Service and Sick Pay contribution rate is payable to the Scheme regardless of the number of days worked in a week by any member.
- Both the member and employer portion of the Pension, Death in Service and Sick Pay contribution must be paid into the Scheme together to ensure that the member is covered for Death in Service and Sick Pay benefits.
- The Pensions Act, 1990 as amended, requires all employers to pay contributions due to a pension scheme within 21 days of the end of the month in which the deductions were made. If Pension and Death in Service contributions due to the Scheme have not been paid on time an arrears rate will be applied to any unpaid contributions as per Rule 4.9 of the Scheme’s Trust Deed & Rules.
- Annual Member Benefit Statements for 2015 will be issued to all active members of the Scheme in March 2016. These statements will show all contributions paid into the member’s account from 1st January to 31st December 2015 as well as the current value of their pension fund to date and how it may grow in the future. Contributions paid in after 31st December 2015 will show in the 2016 statements to be issued in 2017.
You can download the 2017 Scheme Year calendar here
You can download the 2016 Scheme Year calendar here
You can download the 2015 Scheme Year calendar here