Pension

  • Auto-Enrolment – All employees are required to auto enrol their employees into a qualifying pension scheme. This begins on the first day of the contract.
  • Opting out – You have the right to opt-out of auto-enrolment within your first month of the contract. However, if you remain with the county for more than three years, you will have to repeat the process.
  • Lifetime allowance – If you have built up substantial pension funds it is likely that your adviser will recommend that you cease all pension contributions to any arrangement.
  • Multiple Employers – do not forget that if you have more than one employer, each will have to auto enrol you at their Staging Date, which is likely to vary.

Benefits

Ascot Lloyd Benefit Solutions (ALBS) have partnered with the ECB to offer financial advice when it comes to planning your work place pension and offer several employee benefits:

  • Death in service – A lump sum death benefit of four times your basic salary, which is provided for all professional cricketers who are Pension Plan members or have opted-out due to HMRC protection restrictions. Pension Plan members are also insured for a Death in Service pension of 25% of their salary, which is payable to their partner or spouse should they die in service.
  • Expression of wish form – The above benefits are payable to a trustee. You do this via an expression of wish form, which should be reviewed whenever your personal circumstances change.
  • Income protection insurance – If your career is curtailed by injury or illness which prevents you from playing cricket, you may be eligible to claim a percentage of your basic salary for up to a maximum of two years.
  • Pension arrangements – The ECB Group Self Invested Personal Pension (ECB GSIPP) is the qualifying scheme for auto enrolment purposes for all professional cricketers and many staff at cricketing organisations. Our Advisers ensure that as you move Counties, your benefits automatically move with you.

One of the important choices with a pension plan is deciding where to invest your contributions.  You can either invest in default lifestyle options if a choice is not made, or a range of self-investment facilities.

The charges that Legal & General apply to each fund vary, but the basic annual management charge is 0.10% and then a variable fund management charge is made in addition, depending on investment choice.

Membership is now compulsory and you are required to pay 5% of your basic salary, on which you receive tax relief. Your employer will then pay an amount equal to a further 10% of your basic salary to give a total of 15%.

Employees who are subject to higher-rate tax will need to reclaim the difference between 20% and 40% in their self-assessment.

Retirement

It is worth remembering that players who signed their first professional contract after April 1st 2006 have an earliest retirement age of 55 (prior to mentioned date it is 40).

When the time comes to retire, you will have various options following the introduction of pension freedoms, these include: cashing in your whole fund, flexible access, buying an annuity, postponing taking your benefits, combining your options.

If you are unsure about any of the above we highly recommend that you talk to your Personal Development Manager, who will provide expert advice on the situation.

To qualify, you must be a member to the ECB Group Self Invested Personal Pension Plan (ECB GSIPP).

  • Payment will not commence until after 26 weeks of absence.
  • % of basic salary will be dependent on age: 75% 17-29 years, 50% 30-34 years and 25% 35-40 years.
  • Players whose contract period ceases before payment commences are still eligible. You must be employed at the time of injury.

Please note there are tax implications involved when taking your benefits and it is recommended that you seek financial advice before proceeding.

Helpline

ALBS operates a helpline as follows:

Pam Wightman

T: 01423 523311
Ext 289

Email Pam

Financial Planning

Financial planning should be one of the most important aspects to your life, when you look to end your cricketing career and plan for life after the game.

The PCA has built strong relationships with several financial experts to advise players on all financial matters – all of these can be accessed via your Personal Development Manager.

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