Money Maximising Advisors Ltd.
Financial Plan for Public and Private Sector Employees
Make your salary, pension and savings work towards the life you want
You work hard to earn a living. Your financial plan should help that income support your home, family, future choices and eventual retirement. Whether you work in education, healthcare, the civil service, a local authority, technology, retail, finance or another sector, your benefits and priorities deserve a plan built around your circumstances.
We help you connect
- Workplace pensions
- AVCs
- Take-home pay
- Mortgages
- Savings
- Protection
- Retirement
WHO WE HELP
A plan for your career and the people who depend on you
At MM Advisors, we look at your income, workplace pension, any AVCs, mortgage, savings, investments, protection and household commitments together. Where tax, employment or scheme-specific questions arise, we work alongside the appropriate professional or pension administrator.
You may be permanently employed, on a fixed-term contract, working part-time, changing jobs or approaching retirement. Your partner might be in a different sector or have no paid employment. Teachers, nurses and other public servants may have benefits that differ from those of private sector employees, and those benefits can change with your joining date and employment history.
Your financial plan
What your financial plan should help you achieve
The aim is a practical plan with priorities, realistic assumptions and actions you can revisit as life changes.
- Understand your likely retirement income, pension access dates and any gaps.
- Balance essential spending, debt repayments and accessible savings with pension funding.
- Assess AVCs, employer contributions or MyFutureFund in the context of your own employment.
- Review mortgage affordability and borrowing options using your actual income and allowances.
- Prepare for career breaks, reduced hours, parental leave and unexpected income interruptions.
- Protect your family and plan for children’s education, future gifts and inheritance.
YOUR PENSION
Know what pension you have before deciding what to add
Public service pension benefits
Public service employees may belong to different schemes depending on when they entered pensionable employment and whether previous service is relevant. The Single Public Service Pension Scheme, generally applicable to many new pensionable entrants from 1 January 2013, is career-average. Earlier arrangements can have different accrual, integration, retirement and lump-sum rules. Your actual scheme statement and administrator’s guidance are essential.
We review the pensionable service and pay information available, projected pension and lump sum, potential preserved benefits, death-in-service provisions and any interaction with the State Pension. We do not assume that every public servant has the same retirement age or that every allowance is pensionable.
Private sector workplace pensions
Private sector arrangements may include defined-contribution occupational pensions, master trusts, PRSAs or less commonly defined-benefit pensions.
We review employer and employee payments, vesting and leaving-service rules, investment allocation, charges, nominated beneficiaries and retirement options. A projected fund is not the same as a guaranteed retirement income.
MyFutureFund auto-enrolment
MyFutureFund began on 1 January 2026. Eligible employees without qualifying pension contributions through payroll can be enrolled automatically, subject to the scheme’s age, earnings and employment conditions. From 2026 to 2028, the standard rates are 1.5% of eligible gross pay from the employee, 1.5% from the employer and 0.5% from the State. Contributions and access rules differ from an occupational pension or PRSA.
1.5%standard employee rate from 2026 to 2028, with 1.5% from the employer and 0.5% from the State
We help you understand what is already being paid, whether your employment is exempt, and how the arrangement fits your broader plans. Do not assume you can simply combine MyFutureFund with another workplace scheme or transfer between them.
Your State Pension position
The State Pension (Contributory) depends on your PRSI record, including applicable credits and other rules. Eligible people can choose to start it from age 66 up to age 70.
A public service pension may also be coordinated with the State Pension in scheme-specific ways. We check your contribution record and model realistic start dates instead of assuming a full entitlement.
AVCs & CONTRIBUTIONS
Use AVCs and additional contributions for the right purpose
AVCs for public service employees
Additional Voluntary Contributions can help address retirement goals or potential shortfalls alongside a public service scheme.
For a teacher, nurse or civil servant, the appropriate AVC amount depends on existing benefits, pensionable pay, service, remaining years to retirement and the maximum benefits allowed under applicable rules. AVCs are not automatically necessary or suitable for everyone.
Notional service and scheme-specific options
Some legacy public service schemes may offer purchase of notional service, subject to their rules.
This is not a general option under the Single Public Service Pension Scheme. Where relevant, compare a purchase quotation with AVC alternatives on cost, benefit structure, dependants’ benefits, tax, flexibility and employment plans.
Pension tax relief and affordability
Personal pension contributions are generally subject to age-related income percentages and an aggregate earnings ceiling of €115,000 for tax relief. The relief available depends on qualifying earnings and pension arrangements.
€115,000aggregate earnings ceiling for personal pension tax relief
Employer contributions and MyFutureFund State top-ups operate differently. We also consider the effect of contributions on monthly take-home pay and pension access restrictions.
Old pensions from previous jobs
When you leave an employer, an occupational pension may remain preserved or there may be other options, depending on scheme type and rules.
Any proposal to transfer or consolidate requires a comparison of guarantees, charges, investment risk, death benefits and retirement ages. Older defined-benefit entitlements deserve particular care before change.
Invest without tying up every euro
A pension is intended for retirement, not next year’s school costs or a house deposit.
We balance long-term funding with accessible savings for emergencies, renovations and family goals. Investment choices should reflect time horizon, charges, tax and the possibility of loss.
CASH FLOW
Organise your salary and household cash flow
Work from net income, not just headline salary
Public sector pay scales, increments, overtime, shift allowances and other regular payments can affect household cash flow. Teachers may have substitution income, fixed-term or part-time contracts, and additional allowances. In the private sector, bonuses, commissions, share awards or overtime can be variable. We distinguish regular dependable income from money that may not recur.
Set up a workable monthly system
1Income
Income account
Receive salary and any partner income.
2Household
Bills account
Mortgage or rent, utilities, childcare, insurance and agreed debt repayments.
Annual costs account
Car expenses, school expenses, holidays and other irregular bills.
3Savings & goals
Emergency reserve
Accessible money for unexpected expenses or unpaid leave.
Short-term savings
Home improvements, a property deposit and children’s costs.
Long-term funding
Agreed pension, AVC and investment contributions after essential needs.
We help estimate appropriate transfers and review them when net pay, family commitments or employment arrangements change. You retain control and authorise bank instructions.
Plan for a change in pay
A promotion, incremental rise or higher bonus can improve saving capacity, but it may also affect taxation and allowances. Before increasing fixed commitments, check how much of the pay increase reaches the household bank account.
Model risks and choices
What happens if a partner reduces hours, childcare costs rise, an employer changes a pension scheme or you want to retire before your pension starts? We test scenarios using realistic costs, inflation, charges and different investment return assumptions. Forecasts are estimates, not guarantees.
YOUR FAMILY
Include your spouse, children and family in the plan
01
Two public sector incomes
Each partner may have pension benefits, death-in-service cover and scheme-specific retirement rules. We assess them separately, then forecast the household as a whole. Even when both are pension members, reduced hours, gaps in service and different start dates may affect retirement income.
02
Public and private sector couple
A teacher and a privately employed partner may have very different pension structures and protection benefits. We bring the public service pension forecast together with the private workplace fund, employer contributions, any MyFutureFund arrangement and PRSI records, without assuming that they all become available at the same age.
03
One partner works part-time or has no paid employment
Where one income funds most of the household, accessible reserves and appropriate life and income protection take on greater importance. We also review the non-earning partner’s own pension history, possible State Pension credits or entitlements, ownership of savings and the financial value of unpaid caring responsibilities.
04
Career breaks and family leave
Maternity, paternity, adoptive and parental leave, unpaid leave, job sharing or career breaks may change net pay, pension accrual, PRSI and cover. The consequences depend on employment law, employer policy and scheme rules. Ask HR and the pension administrator for written confirmation before committing to an extended break or reduced hours.
05
Save for your children’s future
We separate shorter-term education expenses from longer-term college or financial support goals. We assess regular savings, appropriate investments, ownership and the Irish gift and inheritance tax implications where relevant, taking care not to put the parents’ retirement security at risk.
MORTGAGES & SAVINGS
Review mortgages, savings and investments together
Mortgage advice for public service employees
Some mortgage lenders assess public sector workers using identifiable salary scales, increments and qualifying fixed allowances, but criteria vary.
Income from overtime, acting-up appointments, substitution, part-time or fixed-term work may be treated differently. We assess the supporting documents and lender options available through our panel rather than promising a particular multiple or approval.
Mortgage advice for private sector employees
We assess base salary, employment status and lender treatment of bonuses, commission and overtime.
A strong gross package does not necessarily translate to the same mortgage assessment across lenders. We consider affordability after debt, childcare, pensions and other deductions.
Buying, switching and paying down the mortgage
A plan can compare purchasing a first home or moving, switching a current mortgage, making overpayments or retaining additional savings.
We consider interest-rate risk and the amount of debt you would still carry as you approach retirement.
Saving and investing for other goals
Cash reserves serve different needs from long-term investments. We assess deposit accounts and suitable investment arrangements against time horizon, risk, taxation and costs.
Funds and ETFs can have different Irish tax rules from directly held shares. Money needed soon should not depend on favourable market returns.
Investment preferences
Where relevant, we consider ethical, sustainability-related or faith-based investment preferences, subject to suitable provider availability and product suitability.
Investment screening does not guarantee performance or capital protection.
PROTECTION & RETIREMENT
Protect your income and plan for retirement
Income protection and sick-pay arrangements
Employer sick-pay benefits and occupational ill-health retirement terms vary.
A public servant’s sick-pay entitlements and pension-related benefits are not equivalent to an individual income protection policy; private employers also offer different arrangements. We look at actual cover, deferred periods, benefit limits, exclusions and affordability before recommending additional protection.
Life, mortgage and specified illness cover
We review any death-in-service benefit against mortgage debt, dependants, future education costs and household income needs.
Employer cover may cease when you leave the job. Personal life assurance, mortgage protection or specified illness cover may help meet different risks, subject to underwriting, policy conditions and suitability.
Plan retirement around dates that matter
Your desired retirement date may come before your occupational pension, preserved benefits or State Pension start.
We forecast the sources of income available at each date, including any tax-free pension lump sum where eligible, occupational pension payments, private pension drawdown and accessible investments. Early retirement and lump-sum rules differ between arrangements.
Prepare for redundancy or a job change
Private sector employees may face redundancy or changes in employer benefits; public sector workers may move departments or leave the service.
We review the effect on income, protection, pension preservation, debt and cash reserves. Any redundancy tax treatment and transfer options require confirmation for the individual case.
Plan gifts, wills and inheritance
We consider the financial impact of supporting adult children, caring for parents and future inheritance.
Wills, beneficiary nominations, joint ownership and gifts require coordination with legal and tax advisers. Not every pension death benefit follows the same estate or tax rules.
ILLUSTRATIVE EXAMPLES
See how an employee financial plan could work
Example 01
A teacher and a private sector employee planning ahead
Primary school teacherPartner in private sectorTwo childrenMortgage
A primary school teacher has a public service pension while their partner works for a private employer and contributes to a defined-contribution pension. They have two children, a mortgage and a plan to reduce working hours in their fifties.
Their plan could
Their plan could bring together the teacher’s scheme forecast, any appropriate AVCs, the partner’s pension contributions, mortgage balance, income protection and education savings. It would test whether reduced hours affect pension accrual and establish savings to bridge any gap before retirement benefits begin.
Example 02
A nurse reviewing work, family and pension choices
NurseVariable shift allowancesJob sharingLarger home
A nurse has variable shift allowances, existing pension service and plans for a period of job sharing. The household is considering a larger home and needs to understand whether the new mortgage remains affordable after reduced working hours.
Their plan could
Their plan could review dependable income, pension administrator projections, sick-pay arrangements, current protection and accessible reserves. Mortgage options could then be assessed against a lower-income scenario rather than today’s strongest payslip.
Example 03
A private sector employee with several pensions
Private sector employeePrevious pensionsAnnual bonusPartner part-time
An employee has changed companies several times, leaving pension benefits behind, and now has an employer pension and annual bonus. Their partner works part-time and has little pension provision.
Their plan could
Their plan could locate pension statements, compare the benefits and costs of retaining or transferring arrangements, assess bonus-based saving and establish realistic retirement dates for both partners.
These examples illustrate possible planning conversations. No specific pension, mortgage or insurance outcome is implied.
FROM WHERE YOU ARE TO WHERE YOU WANT TO BE
How MM Advisors can help
- 01Understand
Understand your priorities
Discuss your work, household finances and goals.
- 02Gather
Bring the information together
Review pay, pension statements, assets, debts and existing cover.
- 03Plan
Build and explain options
Produce practical cash flow and retirement scenarios and an action list.
- 04Implement
Coordinate suitable implementation
Arrange products within our service scope and liaise with administrators or professional advisers when necessary.
- 05Review
Review when life changes
Reassess after a job move, pay change, mortgage decision or shift in retirement plans.
We explain any agreed planning fees, product charges and commission arrangements before you proceed.
FREQUENTLY ASKED QUESTIONS (FAQs)
Before you build a plan, you may be wondering…
A few of the questions that often come up with public and private sector employees.
Do public sector employees need financial planning if they already have a pension?
Yes. A public service pension is an important part of the picture, but its value and access dates depend on your scheme and service. Mortgage costs, cash reserves, protection, dependants and retirement timing still need to work together.
Is a teacher’s pension the same as a nurse’s or civil servant’s pension?
Not necessarily. The relevant scheme, pensionable service, entry date and employment history matter more than the job title alone. Seek an individual benefit statement from your administrator.
Should I pay AVCs?
AVCs may be useful, but the answer depends on your existing pension, scheme limits, age, goals and accessible savings. We compare the options rather than assuming the maximum contribution is appropriate.
Can every public servant purchase notional service?
No. Purchase options depend on the scheme. Notional service is not a general feature of the Single Public Service Pension Scheme.
What is MyFutureFund and who is it for?
It is Ireland’s auto-enrolment retirement savings system introduced in 2026. Age, earnings and qualifying pension contributions through payroll determine automatic enrolment; the rules also permit some people to opt in.
Can I bring pensions together after changing jobs?
Sometimes, but transferring is not automatically beneficial or possible. Preserved defined-benefit rights, guarantees, charges and access rules should be compared carefully before any decision.
Can I get a mortgage using overtime, shift allowances or bonuses?
Potentially. Lenders vary in the evidence and proportion of non-basic earnings they will accept. We assess the particular income and lender criteria.
What if my spouse and I retire at different ages?
We model pension and State Pension start dates separately and identify whether accessible savings or changes in spending are needed to bridge a gap.
Does sick pay mean I do not need income protection?
Not always. Sick pay may reduce or end after a period, and employer policies differ. Review existing entitlements and policy terms before deciding what additional cover is appropriate.
Can you help if I work part-time or on a fixed-term contract?
Yes. We consider your actual earnings, pension membership and continuity of employment, and adapt mortgage and savings planning to the income evidence available.
MORE FINANCIAL PLANS
Explore other financial plans
MORE HELPFUL GUIDES & ADVICE
Guides for Financial Planning for Employees
CLIENT TESTIMONIALS
What Our Clients Say
Take the next step
Whether you work in the public or private sector, a financial plan should help you make decisions with your whole household in mind.
Tell us what you want to achieve and we can discuss the most useful starting point.
Money Maximising Advisors Limited is regulated by the Central Bank of Ireland – C154250
General information only, not personalised financial, tax, legal or pension scheme advice. Product eligibility and tax treatment can change. Investments may fall as well as rise and you could get back less than invested. Pension access restrictions apply. Mortgage approval is subject to affordability, status and lender criteria. Check individual public service benefit entitlements with the relevant pension administrator.