The introduction of the fund, which has been welcomed by the elite athlete community, has been set up to support those who have had to retire early from their sport through injury, or find themselves in hardship through other circumstances. 

“With elite athletes in the UK becoming increasingly professional in their training and often putting education and careers on hold to enable them to train full time, there has been no better time to put such a ‘safety net’ in place,” said Leon Taylor, Olympic diving silver medallist.

The BAC is responsible for representing the interests of all elite athletes in the UK,and its chief executive Pete Gardner said: “I am delighted that the BAC and SportsAid have been able to come together to provide this key support service for elite athletes in the UK.

"Since the inception of the BAC, a key concern in conversations with athletes has been what happens if their sporting career is cut short prematurely.

"The benevolent fund will provide a measure of comfort to athletes, that should the unthinkable happen, there will be a measure of support available to them."

The setting-up of the fund was supported by the Sports Minister Richard Caborn.

“The launch of the British Athlete Commission Benevolent Fund is exciting news for our athletes; past, present and future," he said. 

"At a time when there is so much pressure on our athletes to perform, it will be reassuring to now know that a safety-net exists for those who may fall on hard times. 

"The combination of the trust and loyalty of the British Athlete Commission coupled with the proven success of SportsAid, the charity for sportspeople, at raising and distributing funds, gives me confidence that the Benevolent Fund is in good hands and will be a great source of advice and support to our athletes at any point in and after their competitive career.”