British boxers have never had a successful trade union – but that could be about to change.

The Global Fighters' Association (GFA) is planning to create a union it hopes will help safeguard boxers' futures.

The non-profit organisation is run by Martin O'Shea – the agent of former world champion Amir Khan – and former British champion Paul Smith.

"The union is so needed because there isn't one, and there's nothing in place for fighters to protect them," Smith tells Radio 4's File on 4 Investigates.

"Former fighters, current fighters, future fighters… there's nothing in place that will give them the infrastructure to cope with life after and during when you're a professional."

This isn't the first attempt to create a trade union for British boxing.

In 2002, former world champion Barry McGuigan launched one, with the intention of reducing the number of fighters who struggle financially after retiring.

But as Matt Christie – editor of BoxingScene – explains, it wasn't successful.

"Ultimately, you have to have agreement from the boxers that these people are trying to govern, that they are willing to give a certain percentage of their purse to a union, and that's the difficulty," says Christie.

The GFA has a different idea for funding – relying, instead, on fans and promoters.

"All we ask for from the promoters is that they can maybe add a small booking fee for the union – let's say a couple of pounds here or there on to every ticket," Smith says.

"So, therefore, the fans will ultimately be paying for it on behalf of the promoter."

Robert Smith – general secretary of the British Boxing Board of Control, which oversees the sport – says he would support the union if it was created.

"We would help set up a union but, of course, we can't be part of that union," he says.

"That's what unions are. They've got to be independent from the board. But, for sure, we'd help to do that."

British former world cruiserweight champion Johnny Nelson has his own ideas on how to help boxers secure their long-term futures.

He has been developing a savings scheme for boxers – inspired by the "amazing foresight" of his former promoter.

"Barry Hearn took a percentage of his fighters' purses and put it straight into a pension scheme," says Nelson.

"At the time, the boxing fraternity said: 'He's robbing your money.' But he had an amazing foresight. Time had gone on… I retired… I get a letter through the post and I thought it was junk mail. It was actually my pension that had matured. And I couldn't believe it. I think it was about 90 grand."

Nelson believes a pension plan like the one he had with Hearn could transform the financial security of British boxers.

"I know how much of a difference it made to my life and I know that there's guys in a lot lesser position than me and it would make a life-changing difference," he says.