What is the CIF scheme?

Hi,

I'm a plumber and have been an employee of a couple of different firms since I was a young lad. Since I was 21, I've been making contributions to the Construction Industry Federation pension scheme but at a very low rate (currently €20 per week.) I don't work for the CIF but all my employers have been members of it.

I want to start my own PRSA to supplement this. Can anyone tell me - is the CIF scheme a Personal Pension, a PRSA or a Pension Scheme, as I'm told this is relevant to what sort of PRSA I can take out.

I made an enquiry to the CIF and they said they'd get back to me. They sent me a valuation. Not much help.

Thanks.

The CIF Operatives Scheme is an employer sponsored scheme. It is not a personal pension.

Rather than doing a PRSA I would suggest you consider an AVC under the CIF scheme as the last time I checked they have no charges on AVC contributions.....however you lose out on investment control as the fund choice is determined by the trustees (as far as I know).

Thanks for this. Now I'm confused - how can the CIF scheme be an employer sponsored scheme when my employer has changed ?

Mr. Seamus Power
Construction Federation Executive Pension Scheme (CFEPS)
Construction House
Canal Road
Dublin 6

Tel: 01 406 6048
Fax: 01 497 7054
Email: spower@cif.ie

Contact this chap. Easy enough chap to talk to.

The CIF scheme is not tied to one single employer but is a scheme for all employers registered with the CIF. You can move between CIF registered employers without losing pension entitlement.