Sigma Pension Signs MOU with Professional Footballers Association

National Association of Nigeria Professional Footballers (NANPF) signed Memorandum of Understanding (MOU) with Sigma Pensions on Tuesday, 11th August 2020 in Abuja to officially kick start the operations of Nigeria Professional Footballers Pension Scheme (NPFPS) which groundwork actually started in 2016.

The MOU signed by the president and the General Secretary on behalf of the union, and the Managing Director/CEO and Executive director (technical) on behalf of Sigma Pension, set out the terms of the relationship between both parties with respect to the nature and mode of the operations of the customized Scheme for all registered Professional Footballers in the NPFL, NNL, and NWPFL. Details of the implementation of the customized Scheme, which hopefully shall commence from the 2020/2021 Football season shall be finalized after meeting with the NFF and the various League bodies.

It’s not information that on a regular basis footballer is just not identified to readily save right into a Pension Fund. The basic stereotype that involves the thoughts of knowledgeable league Soccer participant is having fun with their alluring earnings, funding a lavish way of life and splurging on unique automobiles and colourful nights out, fairly than diligently saving cash away for the wet days as is prevalent within the common work state of affairs in current pension schemes

Even when a Footballer has invested his hundreds of thousands, we have a tendency to listen to the way it has been misplaced because of lack of expertise of the nitty-gritty of funding and even lawsuits that will spring up as a result of as we all know, they’re profitable and are simple prey to unscrupulous people hoping to rope them in a “scenario” with the hope of settlements.

Everywhere in the world, particularly in international locations with established skilled Soccer leagues, like England, Holland, Germany, Spain, and so on, Footballers have at all times had pension plans. As an example in England and Holland, any footballer registered with a Membership within the FA premier league or Soccer league is routinely registered into the Skilled Footballers Pension Scheme

It’s subsequently essential for the participant to care for his or her future and the pension scheme is a structured plan participant can make the most of in the direction of the smoother transition to life after Soccer.

The Nigeria Professional Footballers Pension Scheme will provide valuable benefits for all registered Contract Players in the Nigeria Professional Football league (NPFL) the Nigeria National League ( NNL) and the Nigeria Women Professional Football league ( NWPFL) and their dependents during their playing career and after they retire from active Football

Benefits the Footballers will get by joining a Pension Scheme

• Contributors will get returns on pension savings
• In case of death, benefits will be paid to the family of the deceased
• Group life Insurance in case someone dies while playing
• At retirement, Retiree will get monthly Pension
• There is a well structured customer service to handle their needs
• In the case of loss of job before retirement, customer can access part of his or her benefits
• Footballers will benefit from free Pre-retirement Financial advisory services

Why Footballers need a Customized pension Scheme

• The professional Footballer retires at an average age of 35yrs, that is, he has less than 20yrs of active playing career compared to other Professionals with more than 40 – 45yrs.
• Because Football has the power to remove every potential quality player from the mainstream of education, he is (in other words) deprived of future security which education offers, especially after the active engagement on the pitch.
• The high-risk nature of Professional Football can compel a player with an injury to retire from the game unceremoniously.

How the pension scheme for the footballers will work

• The Footballer notifies the union NANPF and the league body to which he or she is registered to play, of his/her intention to join the Scheme and open a Retirement Savings Account (RSA) in accordance to the relevant provisions of the laws and League Regulations or framework.
• Based on the agreed Amount/Percentage to be contributed, in accordance with the relevant law and provisions of league Regulations or framework, the Footballer advises NANPF/ League bodies depending on which league the player is registered to play, of the amount in writing.
• NANPF sends regularly his/her contributions to the Pension Fund Administrator (PFA) through the Pension Fund Custodian (PFC).
• The PFA credits all Contributions into the Retirement Savings Account of the Footballer, investments and manages the Footballer’s Funds.
• The PFA sends the Footballer regular updates about his/ her Retirement Savings Account (RSA).