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Construction Workers' Pension Scheme

With over 30,000 active members supported by over 2,000 participating employers, the Construction Workers Pension Scheme (CWPS) is one of the largest private sector pension schemes in Ireland. 

CWPS is a multi-employer industry wide 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 with the minimum amount of fuss and overheads.  Membership of CWPS also satisfies the conditions of the Sectoral Employment order for the construction and mechanical engineering and building services sectors in respect of pension, sick pay and death in service benefit for all workers registered with CWPS.

CWPS is a Master – trust arrangement with a Corporate Trustee Company. This removes the burden of time, cost and effort for employers who can hand over the duty of care of the pension fund to the Trustee Company.

Contributions to CWPS are invested in individual member’ accounts in a range of age-related investment funds. This Lifestyling investment approach means that younger members’ have exposure to long term growth potential while members closer to retirement have a higher exposure to assets which are less volatile.

In addition, members may make Additional Voluntary Contributions (AVC’s) to enhance their pension account in CWPS and 100% of members AVC’s are invested on their behalf.

Death in Service Benefits

The scheme pays death-in-service benefit of €100,000 to the member’s next of kin, and an extra €3,175 for each eligible child if:

  • all contributions due for the member have been paid into the scheme at the time of their death; and
  • the member had been paying contributions for at least 26 weeks up to the date of death.

The value of the member’s account is also refunded.

Sick Pay Benefit

A Sick Pay Benefit is payable to members of CWPS who cannot attend work due to illness or injury and benefit is payable for 50 days in any calendar year.

As these benefits are funded by CWPS, there are no medical underwriting requirements on members and contributions are kept to a minimum because of economies of scale in the Scheme.

A full range of retirement options are available to members on retirement. CWPS offer a not for profit discount rate when converting fund values to pensions.

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"Midland Heating & Plumbing Ltd has been a registered employer under the CWPS Pension Scheme since 2006 . As an employer we are impressed by the ease of administration, the professional and dedicated staff and the recognition that annual compliance means to our customers. Our Employees are pleased to contribute to the scheme as they recognise the benefits accruing from the Pension,Sick Pay and Death in Service elements. Finally, both the Company and our employees feel that the respective contributions represent good value for money."
Frank Kelly F.C.A. Financial Controller, Midland Heating & Plumbing Ltd.