CWPS for Members
The Construction Workers' Pension Scheme (CWPS) is specifically designed to provide both retirement benefits and low cost protection cover to construction workers and their families.
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 €38.11 per day 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 €3,175 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 €1.11 each and this is included in the weekly contribution rate.
To download our New Member Booklet which is a guide to your pension and benefits, please click here.
Don't forget that we have a number of qualified staff who are happy to discuss your Retirement or Protection queries with you.