Welcome to the Academy of Life Planning, where we guide you not just in saving for your future, but in building a life of purpose, financial security, and sustainable growth. As we delve into the recent changes to the Professional Footballers’ Pension Scheme, it’s clear that proactive financial planning is more important than ever.
Understanding the Retirement Age Changes
The Professional Footballers’ Pension Scheme has undergone significant adjustments to its normal retirement age. Here’s a summary based on the latest Member Guide (November 2022):
- If you joined before 5 April 2006: You can still access your pension benefits at age 35.
- If you joined between 6 April 2006 and 3 November 2021: Your normal retirement age is now 55.
- If you joined after 4 November 2021: You will be eligible to access your pension at age 57.
It’s important to note that these retirement ages are subject to change, as they are tied to the Normal Retirement Age set by the Department for Work and Pensions (DWP) at the time.
With these changes, the gap between retirement from football and pension entitlement is widening. This makes it essential for players to have a solid financial plan in place to cover the years between the end of their football careers and the point at which they can start drawing their pension.
Why Financial Planning is More Important Than Ever
The shift in retirement age highlights the need for robust financial planning strategies that go beyond traditional savings. Many wealth managers and financial advisers focus on helping you manage the money you’ve already earned, offering advice on saving and investing. But what about those crucial years between football retirement and pension entitlement?
This is where holistic financial planning comes in. At the Academy of Life Planning, we help you navigate this transition by offering strategies that tap into your human capital—the present value of your future earnings. Human capital is represented by intangible assets such as:
- Know-how and skills
- Your location and connections
- Vitality and well-being
- Professional and personal relationships
- Character and reputation
Instead of just focusing on what you’ve already saved, we help you leverage these assets to create entrepreneurial opportunities and build a sustainable livelihood. This approach ensures that you not only fill the financial gap between retirement from football and accessing your pension, but that you do so in a way that aligns with your values and long-term goals.
Leveraging Human Capital for a Sustainable Future
At the Academy, we provide guidance on how to maximise your human capital—whether it’s exploring new business ventures, investing in your personal brand, or developing new skills that open doors to opportunities beyond football. The goal is to ensure that your life after football is just as rewarding as your time on the pitch, both financially and personally.
By focusing on the unique strengths that make up your human capital, we help you create a future that is not just secure but thriving. Whether it’s through entrepreneurship, community engagement, or personal development, we are here to help you bridge the gap between your football career and retirement benefits.
The Academy of Life Planning: A Partner in Your Financial Journey
At the Academy of Life Planning, we view financial planning as a journey toward self-discovery, purpose, and holistic well-being. Our mission is to democratise financial planning, making it transparent, ethical, and accessible to everyone.
We offer tailored membership and mentorship services that empower both personal and professional growth. Our holistic approach integrates financial planning with life goals, ensuring that your financial decisions support the life you want to lead, not just now but for years to come.
Through personalised coaching, we help you align your financial well-being with your broader life aspirations. And by providing cutting-edge tools and resources, we ensure that you stay at the forefront of industry best practices.
The Next Steps
In light of these changes to the pension scheme, now is the perfect time to start planning for your future. Whether you’re nearing the end of your football career or have a few more seasons to go, understanding how to leverage both your financial and human capital is key to ensuring long-term success and stability.
We invite you to explore our membership and mentorship programmes, where we provide the wisdom and guidance necessary to navigate your financial journey with confidence and clarity. At the Academy, we’re not just about helping you manage money—we’re about helping you build a life of significance and sustainability.
Warm regards,
The Academy of Life Planning Team
P.S. If you would like to know more about the benefits of working with financial planners who are not financial advisers or wealth managers, see our blog, Safeguarding Footballers: A Call for Non-Intermediating Financial Planners.
Take Action Today
Explore how holistic financial planning can help you achieve a sustainable livelihood beyond football. Reach out to us for a personalised consultation and take control of your future.
Remember: Financial planning is not just about the numbers—it’s about building a life that aligns with your values, aspirations, and goals. Let us guide you on this journey to financial and personal success.
Questions & Answers
Q: Why has the normal retirement age changed in the Professional Footballers’ Pension Scheme?
A: The changes in the retirement age reflect evolving pension laws in the UK, ensuring compliance with regulations set by the Department for Work and Pensions (DWP). These adjustments are also designed to align with standard pension schemes, promoting long-term financial well-being by giving your pension more time to grow. While the shift may seem significant, it offers the chance to develop new career or business opportunities between retiring from football and accessing your pension benefits.
Q: I’ve been counting on retiring at 35, what do I do now?
A: If you joined the scheme before April 2006, you can still retire at 35. However, if you joined after that date, your retirement age will now be 55 or 57 depending on when you joined. This makes planning for the years between football retirement and pension entitlement more crucial than ever. At the Academy of Life Planning, we help you bridge that gap with human capital strategies, entrepreneurial opportunities, and personalised financial planning.
Q: What is human capital, and why is it important in my financial planning?
A: Human capital refers to the intangible assets you possess—your skills, relationships, experience, and reputation. These are often overlooked by traditional wealth managers who focus on saving the money you’ve already made. Holistic financial planners, like us at the Academy of Life Planning, help you leverage your human capital to create entrepreneurial opportunities and a sustainable livelihood. This approach is essential for ensuring your financial security between the end of your football career and your pension entitlement.
Q: Can’t a wealth manager just help me with this?
A: Wealth managers typically focus on managing the money you’ve already earned, helping you invest and save. While this is valuable, it’s not enough when you need to actively create new income streams after retiring from football. A holistic financial planner, on the other hand, looks at the bigger picture, helping you harness your human capital to pursue new ventures, develop your personal brand, or even start a business. It’s about creating wealth, not just preserving it.
Q: How can the Academy of Life Planning help me?
A: At the Academy of Life Planning, we provide personalised coaching and guidance to help you make the most of both your financial and human capital. We offer strategies that go beyond traditional saving and investment plans, focusing on entrepreneurial opportunities, life coaching, and sustainable financial solutions. Our goal is to ensure that you’re not just financially prepared for the future, but that you’re able to live a life aligned with your personal goals and values.
Q: What should I do to prepare for the gap between my football retirement and my pension entitlement?
A: The first step is to review your financial situation and identify potential income sources for the years between your football retirement and your pension entitlement. This is where human capital strategies come in—by leveraging your skills, reputation, and network, you can create new opportunities. We’re here to guide you through this process, helping you plan for a secure and fulfilling future.
Q: Why is holistic financial planning better for professional athletes?
A: As a professional athlete, your career trajectory is unique, with an early retirement and a potentially long gap before you can access your pension. Holistic financial planning addresses this by considering not just your financial capital, but also your human capital—your personal strengths, relationships, and opportunities. This approach ensures you have strategies in place to create income and build a sustainable livelihood even after your sports career ends, setting you up for long-term success.
Q: What’s the next step?
A: If you’re ready to take control of your financial future, the next step is simple: reach out to us. We’ll work with you to develop a comprehensive plan that aligns your financial goals with your personal aspirations. Our holistic approach ensures that you’re fully prepared for life after football, with strategies that go beyond just saving and investing, giving you the tools to thrive in every aspect of your life. Check out our website, today!
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