LIPS/EPC
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
Kingpost, I agree with you totally, there are some very capable people involved with LIPS as there are in EPC. It is in fact a central bank requirement to hold an insurance trading licence to sell such products....this I believe along with your comments is why EPC wanted more distance. It would put EPC in a position of facilitator for a product they cannot sell by law....my only other question is....would you trust a pilot with your financial future?
I think that has been answered on more than one occasion in DXB with some of the calamities that have happened over the last 10/15 years!
Me, definitly not! But then we all have free choice and I for one would rather entrust my further with an insurance company with a track record and endless monies for underwriting! Then again I suppose there is no reason why not to have both!
But then we all have free choice and I for one would rather entrust my further with an insurance company with a track record and endless monies for underwriting!
Not from paying out on claims, if they could possibly avoid it!!
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
Hey Wiz..am with you on that one! But it will at least be an impartial professional trying to not pay me rather than someone who doesn't want to drain his golden goose dry!
Tell me that all decisions are impartial by LIPS!?
Tell me that all decisions are impartial by LIPS!?
More a comment on insurance companies in general than any in particular, Silky.
LIPS is too new and too small to make generalisations, but with the exception of one claimant who I think was questionable in any case, I think LIPS has been a case of "So far so good".
LIPS is too new and too small to make generalisations, but with the exception of one claimant who I think was questionable in any case, I think LIPS has been a case of "So far so good".
Join Date: Dec 2002
Location: usa
Posts: 1,005
Likes: 0
Received 0 Likes
on
0 Posts
I like LIPS and the way they communicate ...
Don't know much about EPC...but back in the day when I was a pho ... I flew with 2 skips who are now involved..
XX & XX (initials removed by request).
farkn disgrace to the profession .. And if that's the best we can do after next election..I'm out
f.
Don't know much about EPC...but back in the day when I was a pho ... I flew with 2 skips who are now involved..
XX & XX (initials removed by request).
farkn disgrace to the profession .. And if that's the best we can do after next election..I'm out
f.
Last edited by fliion; 10th Mar 2014 at 00:48.
Join Date: Nov 2000
Location: The Pilot Grinder
Posts: 362
Likes: 0
Received 0 Likes
on
0 Posts
Silk your an antagonistic ignorant idiot,
Did someone in LIPS step on your toes in the sim or something???? Maybe missed out on an upgrade or something so the directors of LIPS is your axe to grind???
Your malicious attitude would be better directed towards other things that don't matter or are cared about.
LIPS is a genuine fund, audited, and there for members to be looked after should there be any problems with your continued employment due to med.
Why don't you have a rave about the way guys are getting terminated after a long period of illness to avoid LOL payouts by our parent???? Or is that outside your realm of reality???
Did someone in LIPS step on your toes in the sim or something???? Maybe missed out on an upgrade or something so the directors of LIPS is your axe to grind???
Your malicious attitude would be better directed towards other things that don't matter or are cared about.
LIPS is a genuine fund, audited, and there for members to be looked after should there be any problems with your continued employment due to med.
Why don't you have a rave about the way guys are getting terminated after a long period of illness to avoid LOL payouts by our parent???? Or is that outside your realm of reality???
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
Interesting response from the puppy(Caynine)! I got my upgrade first time tks, applying for SFS next month! Wish me luck!
I assume from your rant that the rumor on the line is correct..pockets are being lined!
Its a pilot managed fund...that says enough! It's also against the UAE law to sell "insurance" without a correct trade license. I assume you are forwarding some of your ill gotten gains to BC in Oz.
Just a little reminder in case you forgot your last outing with a pilot managed fund...sound familiar?
"BC, KT and a few other very very very respectable principals of EPI put a proposal to investors, partners, whatever the little minded pedantic naysayers want to call it, to purchase a share in the EPI fund in question. Now that was all very respectable above the board and handled very professionally, professionally took our cheques, professionally gave us a nice certificate and wow a CD, all swimmingly wonderful stuff......"
Tks but no thanks!
P.s. See you by the pool later Boet?
I assume from your rant that the rumor on the line is correct..pockets are being lined!
Its a pilot managed fund...that says enough! It's also against the UAE law to sell "insurance" without a correct trade license. I assume you are forwarding some of your ill gotten gains to BC in Oz.
Just a little reminder in case you forgot your last outing with a pilot managed fund...sound familiar?
"BC, KT and a few other very very very respectable principals of EPI put a proposal to investors, partners, whatever the little minded pedantic naysayers want to call it, to purchase a share in the EPI fund in question. Now that was all very respectable above the board and handled very professionally, professionally took our cheques, professionally gave us a nice certificate and wow a CD, all swimmingly wonderful stuff......"
Tks but no thanks!
P.s. See you by the pool later Boet?
Last edited by Silky; 10th Mar 2014 at 05:38. Reason: Typos and added text
Join Date: Sep 2004
Location: Australia
Posts: 19
Likes: 0
Received 0 Likes
on
0 Posts
SILKY All transparent information 2012 LIPS Audit Page 22 Directors Remuneration. Amount in AED listed clearly .
777-Up Hope your 3rd post is better than your last. I stand by what I said previously LIPS have not explained why they took so dam long to communicate, could have avoided all the confusion had they done so.
They are after all being compensated for their efforts. Which for the record I do applaud and have no axe to grind.
777-Up Hope your 3rd post is better than your last. I stand by what I said previously LIPS have not explained why they took so dam long to communicate, could have avoided all the confusion had they done so.
They are after all being compensated for their efforts. Which for the record I do applaud and have no axe to grind.
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
ima birdbrain Thanks for the clarity in your response!
It does make anything they say biased as you can agree? And no I don't have an Axe to grind with any of the LIPS people but I do wish to have all the facts so as to make an educated decision!
At least with a broker I know from the outset what Im getting and have a choice to accept of not!
Thats my only objective here is making sure guys are openly educated to whats on offer and allowed the ability to freely compare whats on offer without being shouted down....
It does make anything they say biased as you can agree? And no I don't have an Axe to grind with any of the LIPS people but I do wish to have all the facts so as to make an educated decision!
At least with a broker I know from the outset what Im getting and have a choice to accept of not!
Thats my only objective here is making sure guys are openly educated to whats on offer and allowed the ability to freely compare whats on offer without being shouted down....
Join Date: Nov 2003
Location: MUC
Posts: 107
Likes: 0
Received 0 Likes
on
0 Posts
LIPS is nothing more than a ponzi scheme.
Do your math and you will find out.
it WILL COLLAPSE IF:
1. too many members will draw benefits, ie, there will be a cut off point.
2. Too many members leaving and not enough fresh members joining.
It is NOT backed up and underwritten by any insurance company.
and YES, the directors DO TAKE a salary.
guys stop being so naive!!!!!!!!!
Do your math and you will find out.
it WILL COLLAPSE IF:
1. too many members will draw benefits, ie, there will be a cut off point.
2. Too many members leaving and not enough fresh members joining.
It is NOT backed up and underwritten by any insurance company.
and YES, the directors DO TAKE a salary.
guys stop being so naive!!!!!!!!!
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
Then go with Caitlin, Top Cover or whichever is more appropriate and secure....Caitlin is avail to join any time with debits directly from your card monthly...BUT I think it is best for the younger than the older as over 45 it is expensive IMHO!
Join Date: Jan 2008
Location: Ireland
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
The Catlin policy at Pilot Insure IFR - Insurance Products for Pilots in the UAE is just recently launched and Lloyd's of London are involved here, so deep pockets for claims. Peace of mind is everything 
Nice online calculator too, the rates are specific to the UAE, so pretty competitive. It's transparent and there are no politics involved, which is no bad thing at all
Nice online calculator too, the rates are specific to the UAE, so pretty competitive. It's transparent and there are no politics involved, which is no bad thing at all
Join Date: Oct 2000
Posts: 144
Likes: 0
Received 0 Likes
on
0 Posts
spanishfly69, LOL....you must be like me in the over 45 bracket..... below 45 is ok, but below 40 is good and so on!!
My understanding is its a fixed price from whenever you join....so the really young guys do extremely well from it where us old farts pay for our age and fragility!
My understanding is its a fixed price from whenever you join....so the really young guys do extremely well from it where us old farts pay for our age and fragility!
Join Date: Jan 2008
Location: Ireland
Posts: 17
Likes: 0
Received 0 Likes
on
0 Posts
Spanishfly69
At least you can mess around with the calc and select the level of cover you want. Just because another quote is cheaper, dosen't mean it's better.
You need to be satisfied that whoever you are handing over your hard earned cash too, will have the funds to pay out what you are entitled to, in the unfortunate circumstance that you need to claim.
It's important to compare apples with apples !!
At least you can mess around with the calc and select the level of cover you want. Just because another quote is cheaper, dosen't mean it's better.
You need to be satisfied that whoever you are handing over your hard earned cash too, will have the funds to pay out what you are entitled to, in the unfortunate circumstance that you need to claim.
It's important to compare apples with apples !!
Join Date: Jan 2014
Location: UAE
Posts: 7
Likes: 0
Received 0 Likes
on
0 Posts
Ponzi Scheme
g109,
about each and every financial/security system or scheme is a Ponzi scheme, look around in this world - the way you describe LIPS looks at one scenario in a negative way. A Ponzi scheme with a negative design favors those joining early in the scheme-I don't see that with LIPS, and I am sure the guys (Directors) have done their math.
Interesting to see this topic being increasingly debated after EPC has cut the deduction line with payroll. They have achieved their goal in discrediting LIPS in favor of other service providers. The EPC Committee has done this deliberately, arguing that this was necessary to have a clean vest applying for a license of some sort. It will be interesting to see what that is and given that they would have to ask the membership first before even applying, I find it absolutely disrespectful towards the membership to move forward like this, probably even spending our money for expertise fees and p#ssing off everyone in the process.
Guys, there's no need to sign anything and I am getting increasingly annoyed by EPC's communication.
Wonder, how many members raise their hands for committee work. I would imagine that there would be more, if a new start with a new crew could be achieved. Take a hike AK and AS and allow fresh air in.
about each and every financial/security system or scheme is a Ponzi scheme, look around in this world - the way you describe LIPS looks at one scenario in a negative way. A Ponzi scheme with a negative design favors those joining early in the scheme-I don't see that with LIPS, and I am sure the guys (Directors) have done their math.
Interesting to see this topic being increasingly debated after EPC has cut the deduction line with payroll. They have achieved their goal in discrediting LIPS in favor of other service providers. The EPC Committee has done this deliberately, arguing that this was necessary to have a clean vest applying for a license of some sort. It will be interesting to see what that is and given that they would have to ask the membership first before even applying, I find it absolutely disrespectful towards the membership to move forward like this, probably even spending our money for expertise fees and p#ssing off everyone in the process.
Guys, there's no need to sign anything and I am getting increasingly annoyed by EPC's communication.
Wonder, how many members raise their hands for committee work. I would imagine that there would be more, if a new start with a new crew could be achieved. Take a hike AK and AS and allow fresh air in.