Changes in pension laws may mean that footballers have to play on until 55, according to an expert.
Since pensions A-Day there are no longer any special dispensations for occupations that were previously allowed early retirement, such as professional footballers, rugby players and deep sea divers, states pension provider Clerical Medical.
Before the pension reform, a younger footballer, such as Arsenal and England's Theo Walcott, would have been able to contribute up to 17.5 per cent of earnings up to a limit of £105,600.
However, since the pension reforms, the same player can pension their entire earnings of £200,000, with a lifetime allowance - £1.5 million this tax year - above which benefits become taxable.
John Hiew, managing director of Clerical Medical financial services, said:
"Professional football is not a career commonly associated with the need for prudent pension planning.
"However, new laws that came into effect earlier this year mean that, even for younger players such as Walcott, they need to plan ahead to ensure a comfortable retirement."
The government's pension reform also contains plan to restore a link to earnings in 2012, which will be offset by raising the retirement age to 68 in the future, so a personal pension plan or company pension may be the best option for many professionals.
Footballers may face pension crisis, experts say
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Footballers may face pension crisis, experts say
Mon, 26 Jun 2006
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