As a medical consultant, your expertise is your livelihood. But with high earnings, demanding schedules, and complex income structures, retirement planning can feel like navigating a maze. Without a clear strategy, you risk paying unnecessary tax or missing out on valuable long-term benefits.

⚕️ The Key Challenges

1️⃣ Complex Pension Structures

Since the Single Public Service Pension Scheme and new consultant contracts were introduced, calculating benefits has become increasingly complicated. Many consultants now hold a mix of superannuation, single-scheme and PRSA/AVC contributions — each governed by different Revenue valuation factors.

2️⃣ High-Earning Pitfalls

By 2030, the lifetime pension savings cap will reach €2.8 million. Many consultants are already on track to hit that limit. Without expert oversight, you could lose valuable tax relief or exceed Revenue thresholds unintentionally.

3️⃣ Salary Deductions & Contribution Confusion

‍Revenue’s capital-value formula for the single scheme adds another layer of complexity. Knowing how much you can contribute privately and still claim tax relief requires specialist financial guidance.

_{💡 Why Pension Planning Matters}

✅ Up to 40 % tax relief on contributions
✅ Those aged 50 + can contribute 30 – 40 % of earnings
✅ Consolidate multiple pensions for clarity and lower fees
✅ Plan strategically to stay below the €2.8 m limit

‍The maximum contribution table is as follows:

🧭 How Omega Financial Helps

For over two decades, Omega Financial has helped Ireland’s medical consultants align public-sector entitlements with private savings to build secure, efficient pension strategies.

We’ll help you:

• Map every pension source and project your retirement income
• Maximise contributions and tax relief while staying compliant
• Consolidate fragmented plans for clearer control
• Match investment growth to your risk profile and goals
  

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Take Control of Your Future

Your career is long and demanding – your retirement plan should be simple and secure. Don’t let fragmented pensions or missed tax relief erode your future wealth.

• Get more information
• 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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