From Monday 3rd March 2014, in accordance with the EU Payments directives, the Construction Workers' Pension Scheme (“CWPS”) is migrating to the European wide SEPA Direct Debit scheme. As a result of this CWPS will now collect IBAN and BIC numbers from employers and members for any transactions using the electronic banking system.
Where we have previously accepted payment details under the domestic ROI Direct Debit scheme for payment of pension contribution to CWPS, this instruction will be automatically migrated to the SEPA Direct Debit scheme after the 3rd March 2014.
In accordance with the rules of the SEPA Direct Debit Scheme, the banks advise that the first new instruction using this SEPA system will take six business banking days to process. For subsequent instructions, the system will take three business banking days to process. It may be beneficial to keep these timeframes in mind when submitting a payment.
Following the migration to SEPA all direct debit will be subject to the terms and conditions of the SEPA Direct Debit system and your rights are explained in a statement that can be obtained from your bank. You have the right to cancel your direct debit instruction at any time with your bank.