Page 21 - IMO Consultant Guide

The Consultant Guide

Consultant Pension Information

IMO Financial Services is a company (owned by the Irish Medical Organisation) of impartial Financial
Advisors providing advice, products and solutions to match doctors’ financial planning requirements.
We represent our customers when dealing with insurers. If you wish to speak to an advisor from
IMO Financial services, please email imofs@imo.ie or call 01- 6618299.

We provide advice and solutions in the following areas;
1) HSE Pension schemes (and additional funding to enhance benefits)
2) Executive pension funding - for directors and where there is spousal employment.
3) AVC opportunities to enhance HSE pensions.
4) Income Protection (Group & Non group plans).
5) Mortgages & Mortgage protection.
6) Personal protection (Life Cover + Serious Illness Cover).
7) Partnership Protection.
8) Lump sum Investments and regular savings.
9) Inheritance tax plans.

The information below focusses on the HSE pension schemes, how HSE employees can enhance their
benefits, Revenue pension limits and other financial areas where see we get many queries from
hospital consultants.

HSE Pension
HSE pension and supplementary benefits explained. There are two different pension schemes in
operation in the HSE.

1) HSE employees who were recruited before 1 January 2013, in general, are a member of the
st
HSE Superannuation Scheme. This is a defined benefit final salary pension scheme.

2) HSE employees recruited after 1 January 2013, are members of the Single Public Service
st
Pension Scheme. This is a defined benefit career averaged pension scheme.
1

1-HSE Superannuation Scheme: Overview
The HSE Pension Scheme provides a wide range of benefits to pensionable employees, including:

• Lump sum on retirement,
• Pension on retirement,
• Death-in-service gratuity,
• Spouses’ and Children’s pension, and
• Ill-health retirement benefits

1 Employees who are members of the Single Scheme will pay Additional Superannuation Contribution (ASC) at
a lower rate than member of the Superannuation Scheme. See here for details
https://www.hse.ie/eng/staff/resources/hr-circulars/hr-circular-001-2019-guidance-for-payroll-operators-on-
asc.pdf
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