Withdrawal
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Notice To All Employers
In The Construction Industry
The Employer’s Organisations and the Trade Union, being parties to the Council have concluded their deliberations on the directive by the Insurance Pension Commission (IPEC) to allow the Pension Fund to collect on its behalf with effect from 01 October 2016. Employers are therefore requested to remit pension deductions/ contributions directly to the Pension Fund.
RE: REMITTANCE OF PENSION DEDUCTIONS /CONTRIBUTIONS DIRECT TO THE CONSTRUCTION INDUSTRY PENSION FUND
We will update a pensioner’s record with any changes to personal details once every month before effecting the monthly payroll.
We will send to each pensioner a certificate of existence, by 31 March each year for subsequent completion and return to the Fund. Failure to return the completed certificate will result in pension payment being suspended.
We will acknowledge receipt of notice of death of a pensioner and start to process payment of dependents’ benefits, provided all details and documentation are at hand, within one month of receipt of the notice.
On leaving service a basic benefit equal to the member’s contributions plus 1/25th of such amount for each year of contributory service is payable if the member has completed 5 or more years of service an additional amount equal to a percentage of the member’s own contributions with interest is also payable, up to a maximum of 100%, after fifteen year service. This benefit is taxable. The member may elect to receive a deferred pension payable from normal retirement date based on the total amount payable or a refund of the basic benefit in cash and a deferred pension based on the additional amount payable. Any deferred pension is retained within the Fund or transferred to another registered fund.
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