Must see for EK pilots - Income protection issue
Join Date: Aug 2006
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Concerning LIPS, does anyone have any information regarding claims? That is, to anyone's knowledge have any claims for loss of license/medical been made? And if so, have they been paid?
Join Date: Sep 2006
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If AB set this up (kudos for the extra pocket money it brings in), how did MP become involved? Surely he's not just there to add the official tick to the scheme? Be interesting to know 
Also begs the question as to what the 'Directors' are being paid to 'manage the scheme'. As I don't yet subscribe, is there a clear and open policy as to who gets paid what out of the monthly donations?
Cheers
Also begs the question as to what the 'Directors' are being paid to 'manage the scheme'. As I don't yet subscribe, is there a clear and open policy as to who gets paid what out of the monthly donations?
Cheers
Join Date: May 2007
Location: Dubai - The City That Cares
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And still no response from the scheme administrator. This is now becoming a worry. Just as concerning is the recently disclosure that the scheme is administered by a committee of just the scheme administrator as the EPC do not want any involvement.
I wonder what the payment option is going to be now that the EPC has stopped salary deductions? Cash or cheques into AB's personal bank account? Don't be silly
I wonder what the payment option is going to be now that the EPC has stopped salary deductions? Cash or cheques into AB's personal bank account? Don't be silly
Join Date: Jun 2007
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Sorry to butt in, but what concern is all this to you megacamel, if you're not a member of Lips? Granted, an explanation from Lips would be in order, but certainly not to you.
Join Date: Dec 2006
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I agree with megacamel that it's a concern that the LIPS administrator has been so silent. What are the payment options now? There is no way I would pay into a personal bank account. That would just be stupid.
Join Date: Apr 2007
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DD I guess they don't....
I put my car in for a service yesterday and the garage dude hasn't called me and said it is ready. Any one here know if its ready? Did they find a problem with it?? Will they accept a cheque when I pay the bill??? maybe I should start another post here on Pprune about my car. Oh I know.. I will call the garage and ask them direct, now there's a good idea!! AB and MP's numbers are in the list on the portal, make a call for crying out loud and ask them your questions. Thats of course if you really want an answer.
I put my car in for a service yesterday and the garage dude hasn't called me and said it is ready. Any one here know if its ready? Did they find a problem with it?? Will they accept a cheque when I pay the bill??? maybe I should start another post here on Pprune about my car. Oh I know.. I will call the garage and ask them direct, now there's a good idea!! AB and MP's numbers are in the list on the portal, make a call for crying out loud and ask them your questions. Thats of course if you really want an answer.
Join Date: Aug 2006
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You're wrong, SM. With over "500" members, there needs to be some official email/documentation, anything. My concern is, if this is how they are running the biz with all of the questions, how will they handle any claims. EPC has dropped them like a bad habit-you would think there would be at least something at least saying "standby". The silence is deafening. Of course, maybe all 499 other members are calling, like you suggested and they don't have time respond like a business should.
Join Date: Apr 2007
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TU I don't believe I am wrong, call the source if you are a LIPS member and want an answer. However I never said there was an adequate information flow, on that I agree with you.
Join Date: Oct 2000
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I am AB, the LIPS Administrator.
I have been on leave in Oz with no internet on my farm and apologise for the delay in my response.
As you are no doubt aware there has recently been a change of heart within the EPC committee over their involvement with the salary deduction for LIPS. Their concerns are that by collecting money for LIPS the EPC is exposed in the event of possible legal action by a LIPS member. LIPS is also outside their scope as a social club and therefore not in their mandate from EK. This is particularly disappointing as the whole premise of LIPS was set up to use the EPC salary deduction as a simple method to pay LIPS premiums with minimal effort for the members. It would have been more appropriate for the committee to raise their objections last year while LIPS was being created.
As to any concerns over the legality of LIPS, let me assure you that the scheme was created in such a manner as to not only make it legal under all countries laws but also to protect the funds against fraud or misuse from either the scheme administrators, directors or trustees. The premiums are held offshore in a trust account managed and audited by Carey Pension and Benefits Ltd in Guernsey.
The status of LIPS as of 30th August is as follows :
Funds held in trust : Dh 1.2 million
Members current : 502
Anticipated balance after next 12 months : nearly Dh 3 million.
Expenses per month per member : Dh 30.
Claims to date : nil.
This effectively means that LIPS can support 4 times the industry statistical average loss of licence claims. A new, albeit less convenient, method of payment is being relayed to members.
I agree that more open communication with members is required and have begun to set up a website so they can see the status of the group fund on a monthly basis.
Finally may I personally thank the members for their continued support throughout the last year and particularly over this latest inconvenience. I am on leave in Australia until the 25th but may be contacted by email until then or afterwards by phone.
Kind regards,
AB
LIPS Administrator.
I have been on leave in Oz with no internet on my farm and apologise for the delay in my response.
As you are no doubt aware there has recently been a change of heart within the EPC committee over their involvement with the salary deduction for LIPS. Their concerns are that by collecting money for LIPS the EPC is exposed in the event of possible legal action by a LIPS member. LIPS is also outside their scope as a social club and therefore not in their mandate from EK. This is particularly disappointing as the whole premise of LIPS was set up to use the EPC salary deduction as a simple method to pay LIPS premiums with minimal effort for the members. It would have been more appropriate for the committee to raise their objections last year while LIPS was being created.
As to any concerns over the legality of LIPS, let me assure you that the scheme was created in such a manner as to not only make it legal under all countries laws but also to protect the funds against fraud or misuse from either the scheme administrators, directors or trustees. The premiums are held offshore in a trust account managed and audited by Carey Pension and Benefits Ltd in Guernsey.
The status of LIPS as of 30th August is as follows :
Funds held in trust : Dh 1.2 million
Members current : 502
Anticipated balance after next 12 months : nearly Dh 3 million.
Expenses per month per member : Dh 30.
Claims to date : nil.
This effectively means that LIPS can support 4 times the industry statistical average loss of licence claims. A new, albeit less convenient, method of payment is being relayed to members.
I agree that more open communication with members is required and have begun to set up a website so they can see the status of the group fund on a monthly basis.
Finally may I personally thank the members for their continued support throughout the last year and particularly over this latest inconvenience. I am on leave in Australia until the 25th but may be contacted by email until then or afterwards by phone.
Kind regards,
AB
LIPS Administrator.
Join Date: May 2005
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Welldone A. I fully suppport the scheme, think it's a great idea as is a website to calm all the sceptics. A fund invested by those who will purely benefit from it, with sound financial cashflow both now and in the future. Perhaps you could set up a paypal scheme or similar, but then how do you regulate the payments? Maybe a yearly payment or bi-annually by cheque. I think it is a shame that EPC (OUR CLUB) won't allow you just to use them as a financial collection agency for those in the scheme and the scheme members accept by signature that that's all the involvement they have. Anyway, continue the good work and I hope more join soon so see the real benefit this membership brings.
CW (not a AUS mate)
CW (not a AUS mate)
Join Date: Dec 2006
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AB your silence was becoming a problem. If you are taking 180,000 dhs a year from the scheme as 'administration fees' you need to be more transparent and professional in how you run your 'business'. I was a fan of LIPS but I'm starting to have a re-think.
I don't doubt that the scheme is legal. I think the issue is with your legality and I believe the EPC's lawyer was of the same opinion. Don't have a go at the EPC because without them, you wouldn't have been able to start LIPS. You know that!
And if you think of suggesting that we pay into your personal bank account, you can think again.
I don't doubt that the scheme is legal. I think the issue is with your legality and I believe the EPC's lawyer was of the same opinion. Don't have a go at the EPC because without them, you wouldn't have been able to start LIPS. You know that!
And if you think of suggesting that we pay into your personal bank account, you can think again.
Join Date: Sep 1999
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AB... you lucky b_stard.. summer leave!!
I think it is good that the LIPS scheme is being forced away from the EPC, it should be independent, and transparent to all members and potentials.
If the intention was to create a scheme to the benefit of all EK pilots then it should never have been associated with the EPC because not all EK pilots are members of the EPC and as a result have so far been excluded from the scheme.
I think it is good that the LIPS scheme is being forced away from the EPC, it should be independent, and transparent to all members and potentials.
If the intention was to create a scheme to the benefit of all EK pilots then it should never have been associated with the EPC because not all EK pilots are members of the EPC and as a result have so far been excluded from the scheme.
Join Date: May 2007
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Question To Ab
AB, you comment that the scheme was set up to comply with all the respective country's laws. The one concern that I have had is how it stands here locally. LIPS is an entity trading in the UAE and therefore needs to be licensed as such.
1. Is there a local company set up?
2. You are either selling an insurance product or an investment product therefore is the local company registered and licensed by either MoE with an insurance broking license or with the Central Bank?
Thanks,
I_P
1. Is there a local company set up?
2. You are either selling an insurance product or an investment product therefore is the local company registered and licensed by either MoE with an insurance broking license or with the Central Bank?
Thanks,
I_P
Join Date: May 2007
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I have been on leave in the US with no Internet on my ranch and apologize for the delay in my response. I’ve been finalizing a new exclusive investment scheme for Emirates Pilot’s who are also members of the EPC. The plan is to purchase some land south of Lagos, Nigeria and turn it into an industrial park. The portfolio will be known as Emirates Pilots Club Lagos Industrial Park south or EPC LIPs for short. (Please note the lower case ‘s’ to differentiate this investment from any current running scheme). The land will be purchased through a legally registered company called EPCL (Monrovia) Limited and will be fully compliant will all international laws and those of Monrovia. The directors of the company will be myself, Mrs Megacamel and her nail technician. We are seeking 502 like-minded investors who are willing to pay 300dhs a month into a specially created bank account in the name of Mr and Mrs Megacamel. We envisage that the administration fees will be in the region of 180,000dhs. 165,000dhs will go towards the mortgage on my villa (which we will use as the office), 500dhs towards “Certificates of Investment”, 1000dhs website and the balance for directors entertainment. Please note that I am not acting as a Real Estate agent, but only wish to facilitate this incredible investment. Members will be welcome to visit the Industrial Park at any time.