How CWPS works

Joining CWPS

When an employer has registered a member in CWPS (from age 15, but under age 70), a Pension Account is set up in the member's name. The member and employer pay contributions into the member's account which is then invested in a fund by the Trustee who looks after the Scheme.

Once registered, a registration pack will be sent to the member's home address. This pack will include the following:

• A welcome letter
• Rules and Benefits booklet
• A Statement of Reasonable Projection
• Details of how to register for Member Online Services on our website. This will allow members to access their personal details, contributions paid to CWPS from current and previous employers as well as the current value of their Pension Account.

The current pension contribution rate to CWPS is 7% of the average basic construction industry salary of which the employer pays 4.2% and the member contributes 2.8% as a deduction from salary. Both the member and the employers contributions are allocated to the member's Pension Account and then invested according to the member's age. The value of these contributions will increase in value over time depending on investment returns from the age related fund. Each year a Member Benefit Statement is sent to each active member of CWPS showing how their fund is performing as well as how it is expected to perform up to the member's normal retirement age.

Benefits from CWPS

As well as saving for their retirement, members who are in employment and paying to CWPS are covered for the  following benefits:

Sick Pay Benefit is payable from the fourth working day missed of a claim due to illness or injury. 50 working days can be claimed per calendar year where the first five days per calendar year are paid at €125 per day. Thereafter the daily rate drops to €50 per day which is a weekly amount of €250. Visit the Sick Pay Trust website for more information. 

Death in Service Benefit of €100,000 plus the value of the member's pension account. If a member dies before they reach retirement age and they are an active member (currently paying pension contributions to CWPS) a lump sum benefit will be payable to the deceased's next of kin. Please click here for further information.

If a member dies before retirement age and they are a deferred member (not currently contributing to CWPS), the value of the deceased's Pension Account will be payable to their next of kin.

To see what Options are available to a member with their CWPS Pension Account please click here.