Share this article:
INCREASED PROTECTION FOR FAMILIES OF CONSTRUCTION WORKERS
The Construction Workers’ Pension Scheme (CWPS) provides long term pension, death-in-service and sick pay benefits to members of the construction industry. We see our role as protecting the financial future of members of the industry, and we are constantly looking for ways to improve the services that we offer. We are delighted to announce a significant improvement to our scheme, at no extra cost to you!
The Trustee of CWPS have announced that from 1st May 2015, the Death in Service benefit for members currently paying into CWPS increased from €63,500 to €100,000, at no additional cost! There is also an extra benefit of €3,175 payable for each dependent child. This benefit will be paid to a member’s next of kin along with the total value of the member’s accumulated CWPS Pension Account.
The construction sector is at last experiencing some growth after a long period of low activity. Some workers, who have been absent from the industry for a time, will hopefully make a return to work at their chosen trade or profession and the industry will also embrace some workers who are beginning a new career in the industry. It is important that every effort is made to provide pension benefits and protection benefits for current workers in construction, workers returning to the industry as well as new starters.
The announcement of an increase in the Death in Service from €63,500 to €100,000 at no extra cost to either the employer or member is a very generous increase and this increased benefit comes without the necessity for any underwriting. Due to the nature of the work carried out by construction workers and the risks involved in their daily trade or profession, these workers would be considered “high risk” by insurance companies and life insurance would come with a heavy weighted premium. The Death in Service benefit from CWPS is self- insured by the Scheme and the Trustee are happy that the increased Death in Service benefit to members at very low cost is something that workers in the industry may not receive from any other insurance providers.
The Trustee hope to welcome back previous CWPS members to the Scheme, members who have been absent from the industry for a while and who still have a fund with CWPS. These members, once they start to contribute to CWPS again will have an entitlement to the enhanced Death in Service benefit while current members will automatically have the enhanced cover available from 1st May 2015*.
The Construction Workers Pension Scheme and Construction Workers’ Sick Pay Trust are not for profit industry-wide schemes offering members valuable Pension, Death in Service and Sick Pay benefits throughout their working lives.
*This benefit is subject to CWPS rules.