Construction group nails pension award

THE pension scheme that provides for workers in the construction industry has won the award for best Irish pension scheme at the annual European pension awards.

The Construction Federation Operatives Pension Scheme (CFOPS), which was set up 40 years ago, contains funds under management of over €530 million and has more than 63,000 active members and almost 7,000 pensioners.

The scheme won the award, which was presented in the Swiss city of Zurich, for its success in a major restructuring programme.

It also made the final shortlist of three for the best European industry-wide pension schemes.

The fund was revamped from a traditional defined benefit scheme, which guarantees employees a percentage of their final salary when they retire, to a hybrid scheme with elements of defined benefit and defined contribution models.