Tag Archives: financial

FIFArce…

FIFA, the body that runs world football is a disgrace. Full of corrupt autodidacts leading with a grandiosity that is beyond the pale. Awarding Qatar the 2022 World Cup finals was more of a joke than a shock, and now emails are emerging that show the finals were bought.

But what can be done?

Individual football associations have already indicated that they feel powerless to go beyond the investigation process FIFA has already undertaken. And to suggest that a single FA, like England, would pull out of FIFA alone is absurd.

Yet, there does not seem to be enough momentum to see a large bloc of FIFA members withdraw their support for the organisation. Perhaps there are many football associations around the world that are quite happy with the shady goings-on in Switzerland.

But what does FIFA really provide to the world of football anyway? They are supposed to be the governing body of the sport and yet corruption is the only example they set. Their main cash-cow is the World Cup final – held next in Brazil in 2014.

So what can the punter on the street do to enforce the reform of FIFA? Well, if they wait for the national associations to join together then nothing will happen. Why not strike where it will hurt FIFA most, their pocket?

If Facebook can bring down the dictators of the Middle East then surely it can sweep a broom through the dodgy back-handers in Switzerland?

We need a central location online where all FIFA sponsors, and details of their sponsorship type and values are listed and publicised in an easy to share way. Then as many genuine fans around the world need to join together in boycotting those companies.

Adidas, Coca Cola, Hyundai, Kia, Emirates, Sony, Visa… these are the main partner firms, but many more come on board to sponsor each major tournament. I like some of these firms, but if the financial support for FIFA falls off the edge of a cliff – because they choose to no longer be associated – then perhaps we may finally see a genuine platform for reform?
Brazil v Sweden at Emirates Stadium

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SERPS Question

OK, this is one for all you financial advisors out there.

My father is just hitting 65 soon. He already has a pension from a company he worked for – which was for about 23 years from 1979. That company pension was partially money the company put in and partially payments he made in addition.

So he is getting that pension from the company anyway, as he retired early.

Now his state pension is due to start. He got a letter from the DWP people explaining that they are going to pay his pension from September, but it will mean he will get a deduction of almost exactly the same amount from his company pension. They said it’s because he contracted out of SERPS.

The biggest question I have here though, is when was it possible to contract out? And secondly, he was working from the early 60s… there is another 20 years of work and NI payments not connected to this job, so how come the state pension does not reflect that?