Life After Football
PFAG PENSION FUND
It is an inevitable phenomenon that all good things must eventually conclude and come to an end. This fact of life is particularly true in the domain of football, where our superstars light up our pitches for a period of time but eventually bid us farewell as they hang up their boots.
For long this has been the bane of many footballers. A most unfortunate situation, given the lengths they go to while plying their vocation to entertain the millions of fans who adore them. Our footballing history is littered with numerous narrations of one time stars, who end their illustrious careers broken, forgotten and marginalized by society. As heartbreaking as this may seem, it is no figment of fantasy, but a damning and stark reality.
In order to curtail such unfortunate occurrences, the PFAG has taken upon itself the challenge of helping to ensure a secure future for all local footballers, just as pertains in Europe and other more advanced areas of the world. The PFAG, earlier this year rolled out a lucrative pension scheme, which seeks to administer attractive and rewarding benefits to all registered professional footballers who ply their trade in the country.
The following are the main objectives of the PFAG’s Pension Fund:
- Provide seed capital for business opportunities
- Enable clubs to retain and adequately motivate their best footballers
- Avoid future financial difficulties for retired footballers
The Pension Fund operates on the assumption that each player earns an average monthly salary of Ghc 250, of which Ghc 15.00 would be paid into the “Life after Football Fund”. The Provident Fund will grow players’ incomes and create future wealth for future withdrawals and retirement.
Withdrawal from the fund is permitted periodically after two years of operation, and is subject to approval by the Board of Trustees.
The fund will permit players to withdraw 30-50% of balances at key times.
At 35 years, a player can withdraw 35% of the Fund’s balance to support key life initiatives. A package fondly dubbed “35@35”.
Yet another package within the Fund, the “Life begins at 40 package”, provides a player the opportunity to withdraw 25% of the Fund’s balance at the age of 40 years.
Upon the attainment of age 50, the “Golden Withdrawal” package, enables a player to withdraw up to 50% of the remaining balance of the Fund.
In the event of the player’s demise, a lump sum, or the outstanding balance will be paid to the player’s documented beneficiaries.
The projections for the Pension Fund are as follows:
- It is projected that at 35 years, the fund will be Ghc 34,141.00.
- At 60 years, the fund will be 1, 123,881.00 without withdrawal.
- Withdrawal of 35% at age 35 is projected to equate to Ghc 10,299.00.
- Withdrawal of 25% at age 40 comes to Ghc 10,425.
- The Golden Withdrawal at age 50 tallies up to Ghc 66,954.00
To ensure the smooth operation and efficient management of the Pension Fund, the PFAG has put in place a Board of Trustees, tasked with overseeing all matters pertaining to the Fund. The membership of the board consists of:
- Two representatives from the PFAG
- A representative from the GFA
- A member from the NSC
- A member from the League Clubs Association
- An independent Trustee licensed by the National Pensions
- Regulatory Authority (NPRA)
- An independent member of the Ghana Bar Association (GBA).
It is thus of great importance that all stakeholders, most especially the footballers themselves, help make the PFAG’s proposition a success. We remain committed in our bid to ensure that football players playing their trade in the country get the very best out of their efforts when their playing days are over; and together we intend to make this happen!