PFAG launches pension fund
The Professional Footballers Association of Ghana (PFAG) last Monday launched the ‘Life After Football Trust Fund’ which will pay-out over GHC1million to each beneficiary when they reach the age of 60.
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The fund, which also has a section that will provide insurance cover to all 480 players in the Ghana Premier League, will pay GHC10, 000 to each player or their beneficiaries in the event of accidental death or critical illness during their playing careers.
Speaking at the launch of the fund in Accra, the Financial Controller of the PFAG, Solomon Torson, explained that the fund would require each beneficiary to contribute GHC15 a month in order to benefit from the ‘Life After Football Fund’, while premiums for the insurance would be paid by the PFAG for the first two years.
He said, "Upon the death of a member GHC 10,000 will be paid to the beneficiary of the player, GHC10,000 will be paid to the player in times of critical illness, such as cancer or to cover medical expenses in times of critical illness.
"All injured players will also be paid GHC 192 a month for a period not exceeding 26 weeks and all premiums for the insurance will be paid by the PFAG," Mr Torson stressed.
He added that players who made contributions to the fund would be able to make their first withdrawal from the fund when they reached 35 years to start a project.
Mr Torson stated, "The fund assumes that each contributor starts at age 21 and earns a salary of at least GHC 250 a month.
"Players can make withdrawals from the fund at age 35, 40 and 50 while they are due a payment of GHC 1, 123,881 when they reach 60 years."
Mr Torson also disclosed that the fund, managed by SIC Insurance Company Limited and Fidelity Securities, would have a Board of Trustees to include representatives from the GFA, PFAG, the Ministry of Youth and Sports, the Ghana League Clubs Association, the National Pensions Regulatory Authority and the Ghana Bar Association.
The GFA president, Kwesi Nyantakyi, said his outfit shares in the commendable vision of the PFAG which was why they set-up a similar fund for retired national footballers last year.
The Minister of Youth and Sports, Nii Lantey Vanderpuye, urged the PFAG to ensure the sustainability of the fund, calling for a percentage of all gate proceeds from league matches to be committed to the fund.
Also present at the ceremony were members of the Black Stars and the captains of 14 out of the 16 premier clubs, including Sadick Adams (Berekum Chelsea), Robin Gnagne (Accra Hearts of Oak), Muntari Tagoe (Medeama SC) and Simon Martey (Inter Allies).