Hi anyone
I paid API for 3 years after reading this I wrote to api and asked for answers and they called me back and these are notes I took to those questions
uae.pilotprotection
Website run by former LIPS manager that now works with Baymac competeing with api.
aircrew protection intl (API) was originally a plan run by Emirates pilots . There now appears to be no current EK pilots involved, either as Directors or decision makers.
On the website one of the committee quit in august but is still carried on some of the legal because the process to remove him takes some time but is being done, one retired from emirates and only works for api, one still is pilot at ek and one lost his gcaa medical and is only working for api. The ones only working for api paid from api the same they did when they were flying full-time for ek. None of them is flying somewhere else.
“Sovereign Corporate Services ( operating with paid consultants who are former EK pilots )Mondial Dubai acting as investment & life cover facilitator. There appear to be no EK pilots acting as Directors.”
Sovereign trust is in UK and manages the bank accounts and has to approved any changes to the Rules after reviewing UK regulatory and approveds or not the benefits to pilots based on recommendation from Harvey watt in the usa. The pilots who run the plan are consultants. Mondial is broker for life insurance and does investments.
I asked about the things on pprune about Harvey watt getting paid to screw pilots and they said that he gets paid a flat rate per pilot per month and he doesn’t get paid more or less if a recommendation is positive or negative its just a flat rate.
“ as a pure mutual, self - funded plan, risk of reduced payout to the pilot is greater than ‘ insured’ plan.”
They don’t have no evidence of such a statement. They are a self-funded that is non-profit because any investments gains or refunds from the life insurance contributions go directly back into the fund. There aren’t shareholders that take dividends and the guys that work there get a flat rate per month and there aren’t any bonus.
-it cites across from plan legal domicile ie any associated legal action: “the British Virgin Islands.”
trust is in the UK and any legal actiions happens there.
“No LIPS/API currently have nil regulatory oversight.”
The trust regulated by guernsey regulatory commission.
“It appears there are zero current Emirates pilots acting as Directors of this plan.The scheme is run by Directors who left Emirates some time ago & are now employed elsewhere. Indications are that members have not yet been advised.
As above. The one who quit in 2015 and his resignation was in 2015 annual report. The one who quit api this year and is still in the legal book will be advice in the next annual report if hes off the book by then.
According to LIPS / API annual reports investment return on investments has been negative to only 1-2 % for a number of years. Because of this and other factors watch for a possible rate increase. Plan has no insurance regulatory oversight.”
Returns were always low because everyone wants to be very cautious investing the fund because the members don’t want their money to be risky invested. In 2017 they went with a new investment company and did really well and will advice in the annual report. The oversight is done by the trust in the uk who is regulated there. The last rate increased was in 2013 and if theres another one it’ll be aobut 50 durham per month because theyre actuarial people recommended it for the last 3 years. The api is investigating is they can get a trust or company that can have reinsurance.
Out of interest the aircrewprotection.org website remains unchanged and still lists ( with photographs ) the API committee.
The one who quit will be remove when all the legal papers are done and until then hes still legally part of api.
I ask why this trust instead of the way it was because the pilots who run api don’t want access medical records because they’re not doctors so Harvey watt is a doctor and makes recommendation to the trust and they didn’t want to access bank accounts because they don’t want to be accuse of being able to steal the money and run off to Australia like some guy did a long time ago at EPC. Only trust can approved pays out of the bank accounts.
Thanks