What is the Enhance Construction Pension Scheme?
Enhance – Construction Pension Scheme Northern Ireland is a multi-employer, industry-wide scheme for the construction industry in Northern Ireland.
Enhance is a defined contribution scheme available to all employees of participating employers in the construction industry, including office based staff.
Enhance is governed by Trustee Directors who have been nominated and selected by the Joint Council for the Building & Civil Engineering Industry (Northern Ireland) ('the Joint Council') which consists of Employer and Trade Union Representatives.
Contribution rates are determined by the Joint Council. Employer contributions are currently either £10.24 per employee per week or 4% of normal weekly pay (whichever is higher). Employee contributions are currently 5%.
You can benefit from basic rate tax relief on your payments. This means that currently, for every £8 you pay in, the government will add a further £2 to your pension fund.
A pension plan is a good way to invest for your retirement. You make payments into the Enhance - Construction Pension Scheme Northern Ireland, your employer also pays and the government provides tax relief, all of which increases your pension fund.
As a Member of the Scheme, benefits may also be provided for your family and/or dependants when you die.
If you die as an Active Member of the Scheme (this means you are employed by a participating employer who is paying contributions on your behalf) up to age 69, a lump sum death in service benefit of £30,000 may be payable subject to scheme rules and insurer terms and conditions, at the discretion of the Trustee. In addition to this, your Member’s Account may also be used to provide a lump sum death in service benefit.
If you die as a Deferred Member before your Normal Retirement Date (this means you are no longer an Active Member and contributions are no longer being paid by an employer on your behalf), your Member’s Account may be used to provide a lump sum death benefit.
If you die as a Pensioner, your death cover will depend on the type of pension (annuity) you purchased when you retired.