It is often said that well paid members of the public sector have “Rolls Royce” pensions. We often get asked by our private only medical consultants, “How much do I need to put into a pension to at least receive the same pension as I would if I was on a B* or a C contract?”
The following is a list of the contract types for HSE medical consultants:
Type A. This is for medical consultants who work exclusively in the public system.
Type B. This allows medical consultants to undertake private work in the same hospital as their public commitments.
Type B*/C. The C contract is the newer version of the old B* contract and there are no geographic limitations on medical consultants undertaking private work in Ireland.
This week’s article relates to professional added years which are granted at retirement for medical consultants who were appointed pre-2013. Depending on the projected length of employment service at retirement, a consultant may not fully benefit from these. These are a very valuable benefit and it is worth ensuring that they are optimised. There are a number of considerations to be taken into account.
As financial advisers, we have built up a very detailed knowledge of the specific challenges that relate to medical consultants in Ireland. I will be posting a short article each week that highlights key areas of pension and financial planning that can be of benefit to medical consultants. The first article relates to foreign pensions that were earned/contributed to while working abroad.