getting funds out of defunct cwps pension scheme

M

maixo

Guest
i was working in ireland in construction sector from 1998 until 2007 for various contractors.some contractors were in the cwps and some were not.
i have been mostly working overseas -norway and holland - for last 5 years.i have about 5000 euros in my cwps fund .i do not plan to work in ireland again and am looking for a way of accessing or transfering these funds because they will be of as much use to me as an ashtray on a motorbike by the time i retire if left where they are.
i was told i can only transfer my funds to a prsa or other similar scheme.
the whole cwps scheme has a funny smell about it with another company called Epace ltd involved and a handful of trade union officials thrown in as "trustees" for good measure.
any advice or links to advice would be greatly appreciated.

matt
 
Epace Limited were set up as a "monitoring agency" for those in the electrical area of the construction industry. That said, there were queries before about their role. See here.

Anyway, your fund in the CWPS can be transferred out to a new pension scheme if you're now part of one. This would include an overseas scheme, if the rules of the scheme are broadly similar to Irish rules, i.e. it provides you with a pension and lump sum at retirement and cannot be accessed at a young age.
 
Hi Matt,

This Money can be moved into a PRSA or possibly a retirement bond although most Life Companies have a minimum of €6500 for a transfer into a retirement Bond.
Either option will let you control which funds your money is invested in.

Hope this helps

Stephen
 
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