Financial Planning for Consultants
From your early consultant years through public or private practice, we provide specialist financial planning built around your career and future goals.
Medical Consultant finances are different
Every medical consultants career is different. Some spend their careers entirely within the HSE while others combine public and private practice or move into full-time private work. Each path brings different financial opportunities, pension arrangements and levels of financial risk.
The right strategy should reflect your career stage, income structure, family commitments, retirement goals and the connection between your public and private practice. That is why financial planning should be tailored to your individual circumstances.
Three Career Stages
Practical guidance for wherever you are in your Consultant career.
Plan Every Part
Start with the priority that matters now, then build a complete plan over time.
Protect a portion of your income if illness or injury prevents you from practising.
Coordinate your GMS pension, AVCs, and personal contributions from private income.
Build wealth beyond your pension in line with your timeline and appetite for risk
Clear answers to the questions we hear most often.
It largely depends on when you entered pensionable public-service employment and your service history. The Single Scheme generally applies to new entrants from 1 January 2013.
Potentially. Previous pensionable service and for some members of older schemes, professional added years can affect retirement benefits and should be checked individually.
Potentially, yes. Your public pension benefits, private income and age related tax relief limits should be considered together before making additional contributions.
HSE sick pay is valuable but limited and it may not replace significant private-practice income.
Yes. Omega currently provides eligible IHCA members with a 17.5% discount on income protection premiums.
Accessible investments can provide additional flexibility before and during retirement without relying entirely on pension assets.
Well before retirement. Public pension benefits, private pensions, investments, private-practice income and family objectives all need to be coordinated.
Omega can bring public and private pensions, income protection and wealth planning together into one strategy designed around a consultants career.
