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Transfer Deadline Day: Worst Premier League Signings

We approach the end of the transfer window with so much hope that the transferred footballers will make a difference to the next season's results. Unfortunately, some transfers do not live up to the expectations.
Fernando Torres spell at Chelsea was a spectacular failure notching a solitary goal in his first 18 games. It lurched from bad to worse, Torres went on to score 19 goals in his next 92 games before he left in 2014. The only highlight was the deciding goal in the 2012 Champions League semi-final against Barcelona.
The Fernando Torres money was burning a hole in Liverpool's back pocket which saw the bid for Andy Carroll go up and up as the clock wound down. The £35m fee eventually agreed was nearly double the first offer made just hours earlier. Carroll's time at Anfield started badly; he was injured when he arrived and didn't start a game until March 2017. Apart from a couple of promising moments, the striker was not to Brendan Rodgers' liking and was shipped out to West Ham in 2012.

The concept of Inter Milan buying a player from Coventry City for £13 million may seem like something from a science-fiction film but in 2000, it happened. Marcello Lippi signed a 19-year-old Robbie Keane following their policy of going for young players. In a common theme, the manager left the club and, like a wicked stepmother, the new manager didn't like Robbie that much. Despite the huge fee, he was loaned to Leeds after just six league games for Inter. It was the last Inter would ever see of Robbie Keane. In fact, teams have an uncontrollable urge to sign Robbie Keane for large sums of money (a total of £70 million in transfer fees have been for Keane throughout his career).

The lessons from the football transfer market apply equally to pensions. Here are a few things to remember before transferring your pension.

  • Fully understand the benefits that you are giving up before transferring. Liverpool may have been better off keeping Torres.
  • A transfer that is right for your friend may not be right for you. Keane played a blinder for Coventry but never de a made a mark in Milan.
  • An intermediary may convince you that transferring your money is the best thing but another intermediary may think otherwise. Keane and Carroll both found that they were surplus to requirement when a new manager came in.
  • The size of the transfer value may be eye-wateringly high but that is because retirement is expensive. You are taking a big risk by transferring out of a defined benefit scheme and you may find that the investment does not live up to expectations.

If you are thinking of transferring out of your defined benefit scheme, speak to TPAS. We are independent and impartial. We will not tell you what to do but we will give you all the questions that you should be asking yourself or others before signing.

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