Money Talks: I'm a 45-year-old dentist, should I drill into retirement planning now?

If you're starting a pension, there are advantages of being a company director, writes Carol Brick, Managing Director at www.hermoney.ie

Money Talks: I am a 45-year-old dentist with no pension provisions in place. Can you please advise about a pension plan?

I am a 45-year-old dentist earning approximately €80,000 per annum. Having always been a sole trader, I have just set up my own limited company. I have no pension provisions at all in place and have heard there are distinct advantages attached to being a director in terms of pension funding. Can you please advise as I would like to get started as soon as possible?

The good news is that as a company director, there are indeed some major advantages when it comes to pension funding. Setting up a director’s pension will allow your company to consistently build a retirement fund by facilitating the tax-efficient transfer of cash directly from your company’s bank account to a revenue-approved pension scheme.