Owner, industry pensions and benefits body B&CE, blamed rising costs and the impact of Covid-19.
B&CE acquired the scheme from former owner the Construction Skills Certification Scheme in 2016.
Plans to reform Constructing Better Health and replace it with an improved scheme called People’s Health were suspended last year due to increasing costs.
People’s Health would have been a health surveillance framework to help construction companies manage occupational health.
B&CE has now decided to pull the plug on the whole initiative.
Patrick Heath-Lay, CEO at B&CE, said: “B&CE supported the acquisition of CBH on behalf of the industry, planning to replace it with a new integrated system that fulfilled the needs of the construction and occupational health industries.
“As the build progressed, it became increasingly complex and costly to deliver and is not commercially viable at this time.
“We have now made the difficult decision to exit the occupational health market, by closing CBH and ending the build of a replacement system.
“B&CE will continue to serve the construction industry by providing financial products, including The People’s Pension, to hundreds of thousands of construction workers across the UK.”