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 active 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.
Here are just some of the reasons why the Construction Workers’ Pension Scheme (CWPS) is the right choice.
Provides solution for Sectoral Employment Orders (SEOs)
CWPS operates using the contribution rates and benefit rates payable in respect of pension, death in service and sick pay benefit specified by the Minister in the Sectoral Employment Orders (Construction and Electrical Contracting Sectors 2021). So, for all employees who are registered in CWPS, the are covered for the benefits stated in the conditions of the SEOs.
Death in Service and Sick Pay Benefit
As well as building up a pension account for retirement active members of CWPS, are also automatically covered for risk benefits as follows:
• Death in service benefit of €100,000
• Sick Pay benefit of €48.00 per day
The Trustee has a single investment strategy, which invests members’ Pension Accounts across a range of age-related investment funds that are appropriate to the length of time they have to retirement. This strategy provides greater protection for the benefits that members’ pension accounts might provide at retirement age.
Operated by Trustee Company
CWPS is operated on behalf of the industry by a trustee company, CWPS Trustee DAC. The trustee company is responsible for running the Scheme according to the legal document which governs it ‘Definitive Trust Deed and Rules of the CWPS’. The trustee company employs investment advisors and investment managers to ensure that the overall fund achieves the optimum return for members. The trustee company also employs a professional pension administration company, CPAS, to administer the scheme on their behalf. These full service solutions come at no additional costs and remove the burden of time and effort from employers who can hand over the duty of care of the pension fund to the trustee company.
50 Years Experience
CWPS has been providing pension and death in service to members of the Construction Industry for over 50 years. CWPS is well recognised on both national and international levels and was awarded the Best Pension Fund in Ireland category at the 2014, 2015 and 2020 IPE European Pensions Awards. The CWPS Trustee also won Trustee Board of the Year at the Irish Pensions Awards for 2017 and at the 2018 IPE European Pension Awards CWPS won “Best Irish Pension Fund“ and was shortlisted in the Pensions Governance and Administration award category.
Below is a testimonial video from an employer who understands the benefits of having his members registered with CWPS.