If your employer isn't contributing, set up a personal pension plan. If your employer is contributing, set up an executive pension plan.
You won't be able to just stick the full €40k into a pension and claim tax relief on it immediately. At 50, you can claim tax relief on pension contributions on up to 30% of income (you can also backdate it to last year. People in their 40's can claim tax relief of 25% of income). Any money that tax relief is not claimed on is carried forward.
I wouldn't put all of the €40k into the pension. You should keep some cash on hand for cashflow purposes.
Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)