For medical consultants, pension planning has become increasingly complex. Between the Single Public Service Pension Scheme introduced in 2013, the revised consultant contract, and older superannuation rules, it can be difficult to know exactly what your retirement benefits will look like. Add in private contributions, and the picture gets even more confusing.

With the October 31st deadline approaching, now is the time to review your position. By topping up your pension before the deadline, you could significantly reduce your tax bill and secure your long-term financial stability.

Why Consultants Face Unique Challenges

• Multiple schemes: Many consultants contribute to the superannuation scheme, the single public service scheme, and private pensions simultaneously.
• Confusing deductions: Contributions are taken from salaries in varying amounts, often without clear explanations.
• Revenue complexity: A table of factors now determines the capital value of your single scheme contributions, which impacts how much you can put into PRSA AVCs privately.
  
  

Why Acting Now Matters

• Immediate tax savings – reduce your bill for 2024.
• Maximise relief before year-end deadlines.
• Avoid over- or under-contributing with expert guidance.
  
  

How Omega Can Help

At Omega Financial, we have been looking after consultants for many years. We understand the complexity of multiple schemes, Revenue limits, and the capital value calculations. Our specialist advice ensures you’re making the right contributions today to maximise tomorrow’s retirement income.

The October 31st deadline is approaching. A short review now could save you thousands in tax while giving you clarity on your retirement plan.

Schedule a free consultation today at +353 1 293 8554 (Sandyford office).

OFM Financial Ltd T/A Omega Financial Management, regulated by the Central Bank of Ireland.

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At Omega Financial, we understand the risks professionals like you face. Our income protection plans ensure that if you’re unable to work due to sickness or injury, you’ll continue to receive a steady income, helping you maintain your lifestyle and financial commitments.

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