The lifecycle of a global athlete – Essential pension issues

Pension written in block letters on money

Wednesday, 16 August 2023
By Clare Coley

That is the fifth in Penningtons Manches [Cooper]’s sequence of blogs addressing the important thing authorized points that worldwide athletes and their advisors ought to contemplate earlier than coming to work within the UK.

Pensions knowledgeable Clare Coley seems to be on the significance of pensions financial savings. That is within the context {of professional} athletes having a comparatively quick profession and subsequently needing to handle their funds fastidiously with the intention to present for a future after retirement from skilled sport.

Athletes coming to the UK from overseas ought to actively contemplate their choices for pension saving on this nation, previous to shifting right here. Pensions ought to be considered a part of their general wealth administration and financial savings methods. There’s a lot to play for!

This info is directed mainly at those that could have long-term stays within the UK (e.g. footballers staying beneath a five-year contract). For shorter visits, pension financial savings is probably not notably profitable however should still generate some retirement advantages (and could also be offered routinely).

Pensions are a extremely sophisticated space and there are a lot of necessary points to think about. This text considers:

  • What kind of pension preparations can be found within the UK?
  • What if I have already got pension financial savings as a result of I’ve labored within the UK earlier than?
  • Examples: pensions for footballers and rugby gamers.
  • When, beneath no matter pension scheme I be a part of, can I take my advantages?
  • The place can I am going to take additional recommendation?

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Clare Coley

Clare Coley

Clare, a senior affiliate in Penningtons Manches’ pensions group, specialises in contentious and non-contentious employment issues with an emphasis on claims prevention. She is a member of the Affiliation of Pensions Attorneys and the Employment Attorneys Affiliation and has been famous as ‘one to observe’ in Chambers UK.

Clare offers recommendation to sports activities professionals for his or her sometimes shorter careers and steering for pension saving and retirement plans.