General Practitioners are the backbone of community healthcare. Between GMS contracts, private practice income, and patient demands, it’s easy to focus on everyone else’s wellbeing and neglect your own financial future. 

Why GPs Face Unique Challenges

GPs operate within one of the most complex pension systems in Ireland. Those with a GMS list contribute to a hybrid arrangement — technically self-employed but supported through an occupational pension contribution from the HSE. While this provides some structure, it also creates confusion when adding private savings or claiming tax relief.

Key challenges include:

• GMS contributions deducted automatically, with limited investment control.
• Confusion around AVCs (Additional Voluntary Contributions) and personal PRSA options.
• Balancing practice income, locum costs, and personal savings while remaining tax efficient.

Why Planning Ahead Matters

For a GP, structured pension planning means peace of mind. It ensures that when you retire, you can continue living comfortably without relying on practice sale proceeds or fluctuating income.

A strong pension strategy allows you to:

• Combine your GMS scheme and private PRSA seamlessly.
• Maximise tax relief on contributions (20–40%) within age-related limits.
• Gain visibility over your projected retirement income.

Managing Complexity with Confidence

At Omega Financial, we simplify pension planning for GPs. We calculate your allowable contributions, coordinate AVCs and private pensions, and ensure your investments grow tax-efficiently. We understand your GMS deductions, Revenue thresholds, and how to make each contribution count.

Our advisors have decades of experience working with GPs across Ireland. We create bespoke retirement strategies that align your professional structure, tax position, and long-term ambitions.

• Understand your GMS scheme and private pension interplay.
• Optimise contributions for maximum relief and investment flexibility.
• Protect your income and pension continuity with tailored cover.

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You care deeply for your patients — let us care for your financial wellbeing.

• Schedule a free consultation
• Call us on +353 1 293 8554
• Email us - info@omegafinancial.ie

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

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