Leaving Current Employment
If a member leaves employment usually their employer will contact CWPS and provide a date of leaving service. If the member is subsequently employed with another employer who is operating CWPS, the member's Pension Account will simply be transferred over to the other employer and the pension contributions will be paid to CWPS for the member by that employer.
When a member has not paid any pension contributions to CWPS for a full calendar year they will be considered a deferred member and deferred members will then have the following options available to them:
- Leave their Pension Account invested in CWPS until such time as another employer in the construction industry contributes pension contributions to CWPS for them
- Leave the value of their Pension Account invested in CWPS until normal retirement age. Retirement benefit is paid from CWPS from age 60 and and as late as age 70 or earlier than age 60 on the grounds of permanent ill health
- Transfer the value of their Pension Account to another approved pension arrangement
If a member decides that they no longer want to be a member of CWPS, the above options will apply. There is no option to refund any part of the pension account and the above options are the only options available on leaving membership of CWPS.
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.
It is worth noting that when a member has left the employment of an employer who is operating CWPS or left the scheme via retirement or transfer, they will no longer be covered for Death In Service or Sick Pay Benefits from CWPS.