Benefits at a Glance
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 open 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.
Benefits of joining CWPS:
Saving for retirement
Savings to provide income in retirement
Death in Service cover for members
€100,000 benefit plus the fund value payable to the next of kin plus additional €5,000 for each eligible child
Sick Benefit cover for members
€48.00 payable per day (€240.00 per week)
Full compliance with the Sectoral Employment Order (SEO)
Membership of CWPS also satisfies the conditions of the Sectoral Employment Orders (SEOs) in respect of pension, Sick Pay and Death in Service benefit for all workers registered with CWPS.
Pension contributions paid to individual funds by both employer and employees
Tax relief on contributions paid and tax relief at retirement
Flexible retirement choices
Flexible retirement age and flexible retirement options available to members
Excellent Lifestyle Investment – Age appropriate investment of fund
Age-related investment funds that are appropriate to the length of time to retirement
No administration costs
100% allocation on all contributions paid to CWPS by both members and employers
Additional Voluntary Contributions (AVCs)
Smart and tax efficient way of saving more for retirement, as relief from Income Tax is allowed on AVCs at the marginal rate
24/7 Online Access for employers and members
Online access for employers to pay the monthly subscriptions and members to access their Pension Accounts
Using specialist knowledge and qualified staff CWPS helps employers provide a comprehensive benefits package
Full legal, actuarial and investment services provided to the Trustee
Full professional Administration Service
Professional pension administration company employed by the Trustee to administer the Scheme
Industry agreed contributions rates, uniform across industry
Pension contribution is 7% of the average industry wage set by National Joint Industry Council
No registration fees
Registration with CWPS is easy and free
No entry or exit charges on members moving employers within CWPS
A member's Pension Account will simply be transferred over to the other employer at no cost