The lifecycle of a global athlete – Essential pension issues

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?