Auto-Enrolment is Coming.
Is "My Future Fund" the right home for your wealth?The Government’s new Auto-Enrolment scheme is a game-changer for Ireland. But for High-Income Professionals and Directors, it might be a step backward. Don't sleepwalk into a default pension.
Compare the State scheme vs. a Private Omega Pension today.
The 40% Tax Gap
The biggest difference is Tax Relief.Auto-Enrolment: The State adds €1 for every €3 you save (Effective 25% boost).Omega Private Pension: You claim tax relief at your marginal rate (Up to 40%).If you pay tax at the higher rate (52%), Auto-Enrolment could cost you money.
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Who is this for?
Auto- enrolment is a good option if you are a normal income earner, but as your salary goes higher, the cracks begin to show in My Future Fund.
- You pay tax at the standard rate (20%).Verdict: Auto-Enrolment is great for you. The State top-up (25%) is actually better than standard tax relief. You should likely stay in the AE scheme.
- You pay tax at the higher rate (40%).
Verdict: Auto-Enrolment is a bad deal. By using a Private Pension, you get 40% tax relief on your contributions. If you stick with AE, you are losing 15% in potential tax efficiency immediately.Action: Opt-out of AE and set up a Private Executive Pension or PRSA.
- You control your own income and company cash.
Verdict: Avoid Auto-Enrolment. An Executive Pension allows your company to contribute virtually unlimited amounts (within overall limits) tax-free. AE has strict caps and forces you to contribute personally from net income.Action: Ensure your Executive Pension is active to exempt you from AE.
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Why Omega is right for pensions
Our services combine protection, pension planning and wealth-management, giving you a single, integrated financial strategy rather than multiple, fragmented solutions.
We believe that financial planning shouldn’t be complicated—it should be clear, strategic and tailored to your goals. Our approach is built on:
Understanding Your Unique Needs
Every professional has different challenges and aspirations. We take the time to listen and customise a strategy just for you.
Providing Clear, Jargon-Free Advice
We simplify complex financial concepts, ensuring you feel confident and informed at every step.
Long-Term Partnership & Guidance
Your financial needs evolve over time and we’re here to support you through every stage of your career and life.
