Contribution Rates and Calendar
The CWPS contribution rates mirror the recommended contribution rate specified in the Sectoral Employment Orders (Construction and Electrical Contracting Sectors 2021).
New rates are effective 1st Feb 2022.
Below are the weekly rates for Pension, Death in Service and Sick Pay contributions. New rates commencing 1st Feb 2022. There is 100% allocation to members' funds from pension contributions paid.
New rates commencing 1st Feb 2022
| | Employer | Member | Total |
|---|
| Pension Contribution |
€28.65 |
€19.10* |
€47.75 |
| Death in Service Contribution |
€1.17 |
€1.17* |
€2.34 |
| Sick Pay Contribution |
€1.27 |
€0.63 |
€1.90 |
| Standard Contribution Total |
€31.09 |
€20.90 |
€51.99 |
* 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.
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 2020 will be issued to all active members of the Scheme in March 2021. These statements will show all contributions paid into the member’s account from 1st January to 31st December 2020 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 2020 will show in the 2021 statements to be issued in 2022.
New rates are effective 1st Feb 2022.