Player peace of mind: Doolan on Australian Cricket Retirement Account

The Australian Cricketers’ Retirement Account (ACRA) is providing players with peace of mind as they transition out of the game into the next phase of their career.

ACRA was introduced in 2001 with the aim of assisting Australia’s international and domestic contracted cricketers in their transition to a life after playing professional cricket.

Earlier this year, former Australian cricketer Alex Doolan announced his retirement following 13 years at the highest level. Doolan has been proactive in planning his transition into the next phase of his life over the last three or four years, thanks to the ACA’s Educations and Training Grants. He will continue his career as a part-time financial planner with Ford Scott Financial Planning in Hobart while completing a post-graduate diploma through the Kaplan Institute

“Cricket is an all-consuming game. When we are playing, we’re fully invested in it, so a lot of the time the next phase of life isn't as clear to some as it is to others.

“To have a fund like ACRA sitting in the background, knowing that if cricket is to finish tomorrow, that there is time for you to decide or even just experiment with what you want to after cricket finishes, is a great peace of mind to have as players. We are very lucky to have it.”

About the Australian Cricketers’ Retirement Account (ACRA)

The structuring of ACRA has been significantly enhanced by the ACA and CA following the negotiation of the most recent 2017-22 MoU. These agreed enhancements included the:

• Inclusion of all Australian international and domestic female contracted Players for the first time.
• Transfer of ACRA’s governance and management to the ACA from CA;
• ACRA funds being invested at risk with Player’s estimated post career benefits being exposed to market fluctuations.
• Change in the way ACRA benefits are paid out from purely a lump-sum-payment upon retirement from cricket to a mix of lump sum and annuity style distributions.

These enhancements were designed to better assist players to transition into the next phase of their life after cricket and manage their medium to long term financial strategies.

Professional athletes are faced with the unique situation of embarking a career change when their playing days have finished. For Doolan, he says ACRA has provided him the flexibility and peace of mind to pursue his passions away from the field as he prepares for life after cricket

“It provides that flexibility for me to continue my studies, as well as transitioning into some form of work without knowing that whatever I choose next is my primary source of income. So that flexibility and that comfort that it provides post cricket is just a tremendous thing for a player to have.

“To have the ACA sitting there helping you in any way possible to further your life outside of cricket is a huge support and not many other people could say that they have that.”