So easy to see how it happens - Fowler mentioned above went into properties with his agent, and they've made a load of money off it.
But it only takes the footballer trying the same but trusting the wrong business partner, unlike someone like Fowler trusting the right one). I'm sure there's no shortage of blokes they play golf against or whatever trying the 'we'll both make a nice profit' line at them, and footballers trying to maintain that lifestyle after retirement.
That's the biggest mistake anyone who earns mega money can make - especially those who, like professional footballers, have a fairly short window at those earning levels. Save two thirds of income (and still live a great life on the one third that is left) for say 10 years and you then have 50% of your current spending level to last 40 years!
Yeah it's a shame, you can tell there's a lot of materialism and keeping up with the Joneses attitude around a lot of footballers though, and I guess in your 20s it's easy to get carried away and not think about the fact that it's a short career.
Am sure I read once, that the PFA insisted that something like 10% of the players salary is paid directly into a pension scheme to ensure players don’t get such a shock when their career ends at an early age.
Do clubs have to match a players pension contribution like normal employers do? I'd never thought about this before!
No - and any employment pension scheme only ever leads to an employer contributing (matched) up to a certain percentage of salary, not open ended.
With the PFA scheme there is a set contribution from clubs via a transfer levy, currently £6,900 pa. Players can then opt in by adding their own contributions, or opt out.
Do you know if players can still take their pensions at 35 or are they now bound by the same rules as the rest of us mortals?
George Best was declared bankrupt in the early 80s, when I worked at the Insolvency Service. The Examiner dealing with his case got George to sign the two autobiographies I still have, although sadly I didn’t get to meet him.
Am sure I read once, that the PFA insisted that something like 10% of the players salary is paid directly into a pension scheme to ensure players don’t get such a shock when their career ends at an early age.
Do clubs have to match a players pension contribution like normal employers do? I'd never thought about this before!
No - and any employment pension scheme only ever leads to an employer contributing (matched) up to a certain percentage of salary, not open ended.
With the PFA scheme there is a set contribution from clubs via a transfer levy, currently £6,900 pa. Players can then opt in by adding their own contributions, or opt out.
Do you know if players can still take their pensions at 35 or are they now bound by the same rules as the rest of us mortals?
Not now - the 'from 35' provision was for PFA pensions where the player commenced paying in to the scheme before 2006, and is protected.
Since then it's the same as everyone else - 55 rising to 57 in 2028.
To become a qualified football agent now, you have to pass tests that i'm advised are not easy to pass - surely part of the course will involve the basics of how to advise their footballers with regards to their money - even if its just directing them to independent financial advisors ?
Comments
As Jarvis Cocker once sang:
What's the point of being rich
If you can't think what to do with it
'Cos you're so bleeding thick
He's richer than Shaun
Bradley Wright Phillips
He's richer than Shaun.
You're a nasty man Rambo