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Personal Finance

Personal Finances

A career in football is relatively short-lived in most cases, so getting the right financial advice is vital for members to protect their investments.

It is inevitable that every footballer will be faced with a career change at some point and therefore sound financial advice is vital to ensure that each player makes the best possible provisions not only for this transitional period, but also for the future.

To assist members with their financial planning, the PFA appointed Pro Sport Wealth Management, a chartered independent financial advice company specialising in sport, as an official partner in Autumn 2011.

Pro Sport Wealth are on hand to educate players on how best to handle their finances, as a former player and current PFA Trustee Gareth Griffiths is well placed to inform players of the need to invest their money wisely.

“To me as a trustee, it seems that the PFA is only called upon a lot of the time when the decisions have already been made and the wheels have fallen off – it’s more of a disaster recovery as opposed to something that can be done in advance to prevent things from happening in the first place.”

Gareth Griffiths, Co-founder Pro Sport Wealth Management.

Pro Sport Wealth have also been tasked with making players aware of the new 2011 section of the Professional Footballers Pension Scheme which provides a non-contributory amount of £4,750 for contracted professional players. This will see pension workshops being taken to dressing rooms, encouraging members to update their death benefits nominations. That way, should anything happen to that person, their loved ones would be paid a lump sum of up to four times basic salary (subject to capping levels).

We hope members will fully utilise all the relevant expert help at their disposal through the PFA. Many former professionals have tripped up in the past because they invested money in complex schemes they did not fully understand, so it is vital members are well informed with regard to their personal finances.

Investment Checklist:

  • Get expert and independent advice
  • Spread the risk
  • Invest in products you understand
  • Keep pension beneficiaries updated
  • Make a will

We encourage all members to take appropriate professional advice from independent financial advisors, accountants, solicitors and property professionals. If you have any queries regarding any area of your personal finances please login and contact the PFA.