New range of pension options for construction sector launched
A new range of services aimed at construction personnel thinking about their retirement and other financial needs have been launched by the construction sector pension funds. Now all those who have a pension with CWPS, CERS and CIRT will have direct access to a full suite of easy to access measures that can be tailored to their individual requirements.
This new initiative means that those employed in the construction industry can access all the latest pension options that include pre/ post retirement services, life assurance and investments. Up until now those in the construction pension schemes had to go to outside third party operators for these services. The new suite of services will now be available through CPAS Broker Services, providing access to information and greater assurance to the individuals and their families.
As part of the new services, those interested in their pre/ post retirement options will be able to make arrangements including:
- Approved Retirement Funds (ARFs)/Approved Minimum Retirement Funds (AMRFs)
- PRSAs
- Personal Retirement Bonds
- Annuities
The life assurance measures available will include:
- Term assurance
- Serious and critical illness cover
- Income protection
- Keyman cover
Investment options will also be available such as:
- Unit-linked regular savings
- Lump sum investments
Speaking about the new services, CIF President Philip Crampton said, “Retirement planning and pension management have their own specific requirements when it comes to the construction sector. Our industry does not operate in the same way as others and this needs to be reflected when preparing for our future financial needs post a career in construction. That is why we are delighted that the people who are experts in understanding how our industry works and what construction personnel need will now be able to provide a full suite of services”.
According to Donal O’Brien, Chairman of the Construction Executive Retirement Savings (CERS) the demand for these new services came from those within the pension schemes. “We received a lot of feedback from members of the pension schemes and others within the industry that they wanted more options available to them. These pension schemes exist to serve their members. Meeting their needs has driven the introduction of these services. It will not only provide easier access and further assurance to those looking at additional retirement and investment options but it will help them make good decisions about how to manage a pension that reflects their own particular needs. We expect having access to these new measures will be welcomed by all those in the construction industry thinking about their future.”
The new services will be managed by CPAS Broker Services which will be located in the construction pension schemes building. For further details please contact Doreen Molloy at press@cpas.ie