Doctors who are members of the GMS (General Medical Service) Superannuation Plan should ensure that their financial advisers are aware of changes to the way their income is being calculated for retirement purposes.

The Revenue Commissioners have adjusted the method for calculating income, as a result of discussions with the Technical Committee of the Institute of Taxation, says Mr Paul Kenny of Irish Pensions Trust. "As a result, a doctor who is typically earning in the region of £115,000 a year - the example, the Revenue has supplied - with about £76,000 coming from his GMS receipts and about £40,000 from private practice fees will now have an additional £1,000 available to invest in his pension fund each year."

It may be too late to avail of the extra funding potential for the purposes of this year's preliminary tax payment, but an accountant will be able to advise doctor clients as to the longer term benefits of the new method of calculation.