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FINANCIAL PLANNING

Looking after your finances is extremely important in a sport
where earnings fluctuate regularly, financial planning is key to maximising your welfare from the first bell to the last.

A career in boxing is relatively short-lived in most cases, so getting the right financial advice is vital for members to protect their investments.

It is inevitable that every professional boxer will be faced with a career change at some point and therefore sound financial advice is vital to ensure that each player makes the best possible provisions not only for this transitional period but also for the future.

To assist members with their financial planning, the PBA works with various financial advisory companies, such as Belgrave Wincham and Schroders Personal Wealth who will be on hand to help provide support from financial education to an individual financial plan that can help you plan how you utilise your earnings.

The PBA will also be setting up a PBA Pension Scheme which will be provided by Cartlidge Morland, the pension provider for the Professional Jockey Association Pension Scheme (PJAPS).

‘The fear of injury and difficulty in knowing the longevity of your career can be mitigated by building a readily accessible nest egg. Building up a readily accessible investment pot is an important part of any professional sportspersons financial plan, as in most cases pensions cannot be accessed until age 55 at the earliest, and most professional sports careers end well before this.

Building an investment pot can be done in a tax-efficient manner, with options to help reduce your self-assessment tax bill.

As well as reducing tax bills and ensuring your investments are held in a tax efficient environment, we will also explore the option of protection policies, such as life and critical illness insurance. These policies can offer peace of mind and allow you to focus fully on further developing your boxing career.’ Belgrave Wincham Independent Financial Planners

‘The fear of injury and difficulty in knowing the longevity of your career can be mitigated by building a readily accessible nest egg. Building up a readily accessible investment pot is an important part of any professional sportspersons financial plan, as in most cases pensions cannot be accessed until age 55 at the earliest, and most professional sports careers end well before this.

Building an investment pot can be done in a tax-efficient manner, with options to help reduce your self-assessment tax bill.

As well as reducing tax bills and ensuring your investments are held in a tax efficient environment, we will also explore the option of protection policies, such as life and critical illness insurance. These policies can offer peace of mind and allow you to focus fully on further developing your boxing career.’ Belgrave Wincham Independent Financial Planners