Rising Tide Blog

Did you miss the deadline to make changes to your PA retirement scheme in August?

If so, which of the following categories do you fall into?

a) I have no idea what to do

b) I’m not sure what investment option to choose

c) I know what to do, but missed the deadline

Over 90% of players don’t elect to make changes to their retirement scheme fund, so you aren’t alone. But, if you’ve taken the time to read it – the link is here.

That said, if you have no intention of reading it, but want a simple overview, read on.

When does money go into your PA retirement scheme?

Every year you are on a list, a specific amount goes in (depending on a few factors). The longer you play, the more that goes in. Your contributions are drip fed over the year:

• 25% goes in each February
• 25% goes in each May
• 50% goes in each October

When can you access it?

Well, this basically depends on how long you’ve been on a list for – as outlined below:

1–4-year career = you get 100% of your cash in the July after you finish

5–7-year career = you get 30% of your cash in the July after you finish, the rest is spread between years 6–10 after your career ends

8–10-year career = you get 25% of your cash in the July after you finish, the rest is spread between years 6–16 after your career ends

11+ year career = you get 20% of your cash in the July after you finish, the rest is spread between years 6–21 after your career ends

Remember, there is also the option for individuals to request lump sums along the way, but this needs to be signed off by the Players Association and accompanied by financial advice.

How is it invested?

There are two default investment options (if you make no choices).

In years 1-4 of your career, it will be invested in the conservative investment option (see below) After year 4, it gets moved to the growth investment option (see below as well)

What if you want a bit more control?

Before making choices, do some research. You have 5 different investment options in total, and they range in risk & likely returns.

What should you do?

The easy (& possibly the right) thing to do is nothing. But it depends on your situation. If you want to discuss it in more detail, feel free to flick me a text (0401 944 713) or email (matt@ctrt.com.au)

Matt Hale