Low Charges and Value For Money
CWPS is an industry wide pension scheme so it is highly cost effective and provides excellent value for money for the service and benefits that it provides for members.
Charges are very competitive in comparison to other pension schemes. There is no administration charge on pension contributions paid to CWPS so that means that 100% of pension contributions and AVCs paid to CWPS are allocated to the members' Pension Account. CWPS do not apply commission fees to Transfers in or Transfers out of CWPS.
Individual pension account invested in CWPS incur a 0.4% fund charge each year towards the running costs of the fund. As well as this small charge, investment management fees are incorporated into the investment returns delivered to the fund. The level of additional investment management fee reduces over time as part of the CWPS lifestyling strategy, from 0.45% for the sub funds at younger ages, down to nil as a member approaches age 65. There are no hidden charges and this is lower than other pension providers in the market, and substantially lower than any individual pension arrangements.
As well as building up a valuable pension account for retirement, we are happy to offer valuable risk benefits Death in Service and Sick Pay benefit to active members at relatively low costs compared to our competitors in the market. There is no underwriting or health screening involved. Due to the deemed high risk nature of their work, many construction workers struggle to access similar benefits from Life Assurance companies at all, or at reasonable premium levels.
For a very low cost of €1.17 per week for both employer and members, members are covered for Death in Service benefit of €100,000 which is payable to a member’s next of kin if a member dies while they are an active member of CWPS. There is also an additional €3,175 payable for each eligible child of a deceased member. The Death in Service benefit is payable in addition to the value of the members accumulated pension account up to the date of death. This benefit gives peace of mind to members as it provides protection for their family in the event of their premature death.
Members are also covered for Sick Pay benefit of €44.00 per day payable while they are absent from work through illness or injury. Sick Pay benefit is provided at a very low weekly cost to members of €0.67 per week and €1.34 to employers. This means that a member’s family is protected during vulnerable times of sickness or injury and the benefit from CWPS is payable in addition to any benefit that may be due to the member from the Department of Social Protection.
CWPS offers low cost annuities rates and this means that at retirement members can convert their retirement savings into a pension payable for life at very favourable pension conversion terms, in the region of 8% better than the open market annuity rates.
No entry or exit charges
The funds are totally portable if members change employment within industry and there are no entry or exit charges when moving employers within CWPS. There are also no charges on transfers in or out of CWPS.
AVCs free of charge
There are no administration charges on payments of Additional Voluntary Contributions (AVCs) so 100% of the amount saved is invested in the members' Pension Accounts.
Simple Service Solutions at no cost
CWPS is operated on behalf of the industry by an independent Trustee Company who engages the services of Investment Advisors and Investment Managers to ensure that the fund achieves the optimum return for members. CWPS is administered by a professional Pension Administration company CPAS on behalf of the Trustee. These full service solutions come at no additional cost to employers or members.
There are no set up fees and the registration with us is free!