Pension Partnership at Work

January 2026 is the scheduled commencement for the Automatic Enrollment Retirement Savings System Act. This means that all employees who earn between €20,000 and €80,000 per annum must be enrolled into a pension scheme by their employer.

Employees who are already members of a registered pension scheme are exempt from the Auto Enrollment System.

History:

On the 1st October 1977, the Butchers in Cork established a Pension and Life Assurance scheme. This scheme is called the:

Cork Master Butchers Association Pension and Life Assurance Scheme.

This scheme is administered by Irish Life with registration number DB 3523. It is also registered with the Pensions Authority PB 3179.

Since its inception there have been several beneficiaries, who have opted to take a pension or a tax free lump sum on retirement. There have also being some cases of death in service, where the life assurance policy has seen dependents receive a lump sum of two years of the participants annual salary. This presently amounts to €70,000.

In general – this has been and continues to be, a very satisfactory pension and life assurance policy.

Funding:

The CMBA is a fifty/fifty scheme - meaning that employer and employee each contribute the same amount. The cost is based on a rate of pay set by the Cork Master Butchers Association in conjunction with the Cork Operative Butchers Society (a branch of the Independent Workers Union). The rate used for the 2025/2026 pension year was €35,500, which led to an all inclusive cost of €950 per employee.

This is paid in total by the employer on the renewal date of 1^st October each year. The employee share of €475 is then deducted from wages in equal amounts of €9.13 per week.

Both employer and employee amounts are tax deductible.

Administration:

The contributions to the fund are collected each year on renewal day which is the 1^st October.

The 4 trustees (two employers and two trade union reps) issue the renewal statements and ensure the collection of contributions.

The contributions are then passed on to Irish Life and are added to the fund for investment.

(On October 2025 – the fund was in excess of €2,000,000).

When benefits are due the trustees ask Irish Life to calculate the amount due and they inform the beneficiary who chooses their preferred benefit option.

At this time (Autumn 2025) a full contribution (40 years service) is giving a return of a tax free lump sum of €50,000 or a pension of €270.00 per month.

Benefits for lesser years of service are proportionate.

Death in Service at this time is awarding a lump sum of €70,000 to next of kin.

Eligibility:

While the scheme was originally set up for butchers, in recent years the trustees have accepted other workers in the food industry or any worker or group of workers, recommended by the union, into membership.

The current trustees of the Cork Master Butchers Association Pension and Life Assurance Scheme are:

P. O’Flynn - Chairperson (Employer Rep)

L. Bresnan (Employer Rep) 

T. Kelleher(Worker Rep)

C. Sreenan (Worker Rep)

N. Murphy is the secretary for the trustees.