22
Sep
The Construction Workers’ Pension Scheme (CWPS) is an industry-wide pension scheme, providing low cost pension and protection benefits for workers in the construction and related industries.
CWPS satisfies the conditions of the Sectoral Employment Orders for the construction sector as it provides retirement benefits as well as sick pay and death in service benefits for all workers registered with CWPS.
The new pension rates that come into effect on 1st of October, 2019 they are as follows:
Standard Contribution Rate
| Employer Contribution | Member Contribution | Total | |
| Pension Contribution | €27.35 | €18.24* | €45.59 |
| Death in Service Contribution | €1.14 | €1.14* | €2.28 |
| Sick Pay Contribution | €1.30 | €0.65 | €1.95 |
| Standard Contribution Total | €29.79 | €20.03 | €49.82 |
* Contributions for Pension and Death-in-Service Benefit are made before PAYE is calculated.
Standard Plus Voluntary Rate
CWPS facilitates the collection of some voluntary weekly industry deductions for Construction Workers Health Trust and the Benevolent Funds and these can be paid as a combined payment with the Pension, Sick Pay, and Death in Service contributions.
| Employer Contribution | Member Contribution | Total | |
| Construction Worker Health Trust | €0.00 | €1.00 | €1.00 |
| Benevolent Funds | €0.19 | €0.50 | €0.69 |
| Overall Total | €29.98 | €21.53 | €51.51 |
There is 100% allocation to members’ funds from pension contributions paid.