There's a new electricians pension scheme

ginger 1

At long last there's a new pension,mortality and sick pay scheme availible that was launched a few weeks ago that's complient with the r.e.a with far better benifits and a lot cheaper too. It works on 6.2% of your gross weekly wage. So if you only work 15 hours, you only contribute for your 15 hours worked!Plus €200k life cover,€200 a week benifit for over two years if out sick.It is fully approved by revenue and pensions board and is setting a proper industry standard.

Personally, I think it's great as it will give the C.W.P.S a run for their money and they've had the monopoly on it for to long.

2011

[RANT]

Ginger so far you have posted 4 times on boards, each time on the electrical forum and 3 of the 4 posts have been word for word:

At long last there's a new pension,mortality and sick pay scheme availible that was launched a few weeks ago that's complient with the r.e.a with far better benifits and a lot cheaper too. It works on 6.2% of your gross weekly wage. So if you only work 15 hours, you only contribute for your 15 hours worked!Plus €200k life cover,€200 a week benifit for over two years if out sick.It is fully approved by revenue and pensions board and is setting a proper industry standard.

I know that this is important news, but we have got the message now!

[/RANT]

ginger 1

2011 wrote: »

[RANT]

Ginger so far you have posted 4 times on boards, each time on the electrical forum and 3 of the 4 posts have been word for word:



I know that this is important news, but we have got the message now!

[/RANT]

Sorry, I'm new at this.

2011

No problem!!

Hoagy

ginger 1 wrote: »

a new pension,mortality and sick pay scheme availible that's complient with the r.e.a

Are you sure it's compliant with the REA?

From Rule 23:

"A Pension and Mortality Scheme equal in conditions and benefits to the terms of the pension and mortality scheme of the Registered Agreement for the Construction Industry to be provided for all employees between the age of 20 and 65 years. In this connection each employee between the age of 20 and 65 years to be entered in the Construction Federation Pension and Mortality Scheme."

ginger 1

Yes it is compliant with the REA agreement. It has been legally tested for the last year & meets all the requirements. It complies with all conditions & all details are available on www.neci.ie

thecribber

The pension requirements as written in the agreement its self are confusing. One part states that you can have any pension as long at it is equal to CWPS and another part states you can only use the CWPS.

See below for proof that another scheme is acceptable.

Extract from determination of Labour Court Feb 2009 page 77
Full report avaibaile here http://www.neci.ie/downloads/Labour%20Court%20Determination%20REP091%20Electrical%20REA.pdf

Pensions

The parties to the agreement should make it clear that the obligation imposed on an
employer under the Agreement is to provide pension, assurance and sick pay cover up
to the specified minimum level of benefits and to ensure that the entitlements under
the scheme are transferable within the sector. It should also be made clear that
employers are free to obtain cover for these benefits from any source of their choosing
provided that benefits and other conditions meet the requirements of the Agreement.

Signed on behalf of the Labour Court
Kevin Duffy
26th February, 2009 ___________
MOD Chairman


See also the Cassels flood report of December 2009 which states on page 26

The review of the Agreement should make it clear that the
obligation imposed on an employer is to provide pension,
assurance and sick pay cover up to a specified minimum level
of benefits and ensure that these entitlements are
transferable within the sector. The agreement should also
make it clear that employers are free to obtain cover for these
benefits from any source of their choosing provided that the
benefits and other conditions meet the requirements of the
Agreement.

Full report here http://www.neci.ie/downloads/cassells%20flood%20report.pdf

Electricman999

Extremely Great Value For Money

NECI’s New Electricians Pension Mortality & Sick Pay Scheme

Built By Electricians For Electricians


The Benefit For You The Employer
• EMPLOYER AND EMPLOYEE CONTRIBUTIONS BASED ON THE WEEKLY HOURS WORKED BY THE EMPLOYEE multiplied by HOURLY RATE.
• SUBSTANTIALLY CHEAPER WITH BETTER BENEFITS.
• COMBINED CONTRIBUTION BASED ON 6.2% OF GROSS WEEKLY WAGE.
• APPROVED BY REVENUE, REGULATED BY PENSIONS BOARD.
• COMPLIANCE CERTIFICATE ISSUED WITHIN 48 HOURS.
• ONLINE ACCESS VIA NECI WEBSITE FOR ALL MEMBERS.
• ALL PENSION INFORMATION AVAILABLE TO NECI MEMBERS AT PENSIONPLANET.IE
• DEDICATED 1890 NUMBER FOR NECI MEMBERS INFORMATION AND SUPPORT
• FUNDS FULLY TRANSFERABLE INTO OR FROM OTHER SCHEMES.

Scheme Member / Employee Benefits
• PENSION ON RETIREMENT.
• MORTALITY €200,000 PLUS MEMBERS PENSION FUND GOES TO NEXT OF KIN.
• SHORT TERM SICKNESS & ACCIDENT €165 PER WEEK FROM WEEK 2 TO WEEK 13. = €2145.00
• LONG TERM SICKNESS €200 PER WEEK FROM WEEK 14 FOR 2 YEARS TOTALLING 2
YEARS 13 WEEKS BENEFITS FOR SCHEME MEMBERS. = €20,800.00
http://www.neci.ie/necipension.html

Electricman999

Where is the value for money ?????

CWPS scheme benefits

Sick pay benefit
Sick pay benefit of €37.51 a day is payable from the 4th day of illness
Sick pay benefit is paid for a maximum of 50 working days in a calendar year = €1875.50 per calendar year.

Death in service benefit
A death-in-service benefit of €63,500 plus
• the value of the member’s account is payable to the next of kin of a deceased member, provided all contributions due in respect of the member are paid up to the date of death and
• at least 26 weeks of contributions in respect of the member had been paid into the Scheme at the time of death.
• An additional €3,175 for each eligible child is also payable.

NECI’s New Electricians Pension Mortality & Sick Pay Scheme
EMPLOYER AND EMPLOYEE CONTRIBUTIONS BASED ON THE WEEKLY HOURS WORKED BY THE EMPLOYEE multiplied by HOURLY RATE.

for example

39 hours worked by a 3rd Year Apprentice = €526

Employers Weekly Contribution= €19.49
Employees Weekly Contribution= €13.48

Total Weekly Contribution On NECI's Scheme = €32.59
Total Weekly Contribution On CWPS Scheme = €54.72



39 hours worked by a Electrician 5 years Experience = €838

Employers Weekly Contribution= €31.01
Employees Weekly Contribution= €20.95

Total Weekly Contribution On NECI's Scheme = €51.96
Total Weekly Contribution On CWPS Scheme = €54.72

24 hours = 3 days worked by a Electrician = €516

Employers Weekly Contribution= €19.08
Employees Weekly Contribution= €12.89

Total Weekly Contribution On NECI's Scheme = €31.98
Total Weekly Contribution On CWPS Scheme = €54.72

The figures speak for themselves

meath4sam

Electricman999 wrote: »

Where is the value for money ?????

CWPS scheme benefits

Sick pay benefit
Sick pay benefit of €37.51 a day is payable from the 4th day of illness
Sick pay benefit is paid for a maximum of 50 working days in a calendar year = €1875.50 per calendar year.

Death in service benefit
A death-in-service benefit of €63,500 plus
• the value of the member’s account is payable to the next of kin of a deceased member, provided all contributions due in respect of the member are paid up to the date of death and
• at least 26 weeks of contributions in respect of the member had been paid into the Scheme at the time of death.
• An additional €3,175 for each eligible child is also payable.

NECI’s New Electricians Pension Mortality & Sick Pay Scheme
EMPLOYER AND EMPLOYEE CONTRIBUTIONS BASED ON THE WEEKLY HOURS WORKED BY THE EMPLOYEE multiplied by HOURLY RATE.

for example

39 hours worked by a 3rd Year Apprentice = €526

Employers Weekly Contribution= €19.49
Employees Weekly Contribution= €13.48

Total Weekly Contribution On NECI's Scheme = €32.59
Total Weekly Contribution On CWPS Scheme = €54.72



39 hours worked by a Electrician 5 years Experience = €838

Employers Weekly Contribution= €31.01
Employees Weekly Contribution= €20.95

Total Weekly Contribution On NECI's Scheme = €51.96
Total Weekly Contribution On CWPS Scheme = €54.72

24 hours = 3 days worked by a Electrician = €516

Employers Weekly Contribution= €19.08
Employees Weekly Contribution= €12.89

Total Weekly Contribution On NECI's Scheme = €31.98
Total Weekly Contribution On CWPS Scheme = €54.72

The figures speak for themselves

my company have switched my pension from the cwps to the neci,im am working a 3 day week so 24 hours, its cheaper for me now but am i losing out in the long run and has he switched just to benifit himself with lower payments for him?????

jaykay77

Can anyone tell me is there anything like this pension outside the CWPS for construction workers besides electricians? Am sick of paying into this monopoly, I think it's absolute extortion.

NonSickle

NonSickle, I'm removing the content of this post as it could produce a potentially dodgy situation, no need to explain it to you I'm sure, but the forum is not for such things.

Stoner

Ginger I'm removing your posts here as it stacks up that you are advertising pension plan, you only have 11 posts, they relate to pensions, you contribute nothing else to the forum over and above alerting people about pension products.

Free advertising is not allowed on Boards, it's the rules they have been brought to your attention before.