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This was one of the most searched and discussed programs on the old HYIP Blog (over 500 comments). I’d give my analogy, and you can bite me if everyone is paid $55,000.00 in the next 10 years.
What is Global Pension Plan?
As advertised, Global Pension Plan (or GPP for short) is a venture registered in Liechtenstein, offering a possible payout of $55,000.00+ when you join them with a membership fee of $35.00. With your money, it promises to cover everything, including administration of your membership, the website costs and hosting, the banking solution and all.
Quoted from GlobalPensionPlan.net
“The face value for each member’s pension plan contract is €200,000.
Of this amount 60% or €120,000 will be disbursed as follows:
Premium for the policy assuming an average age of 34: €41,000
Loyalty Program Rewards (€2,000 x 12 levels): €24,000
Compensation to each member under 66 years of age at
payout: €55,000
Total amount disbursed: €120,000”
The scheme promises to create a series of contracts for each of the 100,000 members, morgage them to release the funds.
A good warning then was from this UK biz Site, which everyone should read. Still $35.00 was nothing much to lose, and to everyone, it’s like trying for the lotto.
The number has since been reached, and the last that I heard, they’re still raising funds even after the magic number.
From ‘Stella’, whoever it is from GPP
Dear Members,
We have finally figured out the deadline for the program, and
here it comes! This is going to give the members a clear schedule how to work towards the rewards.- program will be closed on the 31st of December 2007
- documents have to be provided during January 2008
- payout will be between the 15th and 29th of February 2008
To make the short story a little bit longer, we are going to close the program on the very last day of year 2007. This gives you all enough time to complete the profiles and recheck the information you have provided. Also, there is enough time to handle all the inactivation and downline modification requests (please see my earlier update).
The recently launched 250,000 Additional Policies campaign doesn’t have any effect on this closure date. If we only sold 10,000 Additional Policies, or all 250,000 of them, the program will be closed on the 31st of December 2007.
The ID copies and the agreements (latter will be downloadable in the member area starting on the first of January 2008) must be returned during January. There is one full month to send us what we need and that should be enough for every single member. Full instructions of how to complete this step will be available during December.
And the date that matters you the most is the payout date. The Trust Partner has worked with the insurance company to be able to shorten the policy handling time after all the members have provided the documents. The payout is projected to happen between 15th and 29th of February 2008.
I am sure this update clarifies a huge amount of confusion amongst the members. Please share the latest news with your group and assure them that we are on the track heading to the great success!
Thank you for your support and cooperation!
You’ll expect more delays in February. Simple maths,
$35.50 x 100,000 members = $3,550,000.00 (input)
To pay over $55,000.00 x 100,000 = $5,500,000,000 (output expected)
Just looking at the zeros behind makes it really daunting. You have your usual insurance policies or life policies that you get over the shelf with insurance agents like Great Eastern, Prudential giving you a premium after depositing monthly/ annually a sum with them after a stipulated period of time. The reason why they’re able to cough the guaranteed premium is that they do invest your funds somewhere and it does take awhile for your fund to mature (not to mention making a good sum for their own too)
When did GPP started? Late 2005, and till date it’s 2007. To cough over 154% over a magnitude of 3.5 million over 2 years will take the art and work of Warren Buffet or George Soros for that matter. Not to mention the fact that the magic number was reached only a few months back, which means they didn’t actually start with 3.5 million for any types of investment.
Oh, there’s this 2,000.00 bonus for each referral too. It doesn’t take rocket science to know that this wont work out.
What comes after this?
It’s just delays and delays, people will just forget about their $35.00 whilst some of them will still pray for it. With the 250,000 contracts just started, you can expect another 250,000 members being scammed in the process. Reminds me of FLO when we started out HYIPs.
You can share with me your thoughts via comments or discuss with our Global Pension Plan thread on Nobullshit Network Forum
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Right you are!
After participating in a couple of them I made the conclusion that these cannot possibly pay out what they claim!
One of them even closed down my account and threatened to remove all of my downline based on what I posted in my BLOG!
It’s all crap. Pure scams! One time payments for future megabucks! Yeah right!
Stay away from so-called reverse pension plans!
js/admin at 9planetreviews.com/blog.shtml
I couldn’t agree more with Jude’s assessment. These so called reserve pension plans - and GPP in particular - are scams. I always ask myself, how can people fall for such nonsense.
My suggestion is that if people want to gamble they’re better off putting their $35 in the lotto. At least there you’ll have a chance - small as it may be - of winning
oh you of little faith!!!
So you’ve been paid wanda?
I think this sums it all up about RPPs:
http://www.oneworldincome.com/2007/08/16/reverse-pension-plans-myth-or-reality/
Global Pension Plan for dummies:
-Hi, can you lend me 20 euros?
-Sure, here they are.
-Thanks, I will pay you back right now. Here are 4 euros.
-??
-Actually, 4 euros are the same as 20 euros. When you put these 4 euros into a savings account at a 5% interest for a period of 33 years, you will end up with 20 euros. So I have paid my debt to you, haven’t I? And I’ve got 16 euros for free. We’re both winners!
Somewhat more complicated:
-Hi, can you lend me 20 euros?
-Sure, here they are.
-Thanks, I will pay you back this way: I put 4 euros into a savings account of Harry’s. You may have that savings account.
-??
-Actually, 4 euros are the same as 20 euros. When you put these 4 euros into a savings account at a 5% interest for a period of 33 years, you will end up with 20 euros. So I have paid my debt to you, haven’t I? Harry receives 5,50 euro’s for using his name. And I’ve got 10,50 euros for free. All three of us are winners!
Somewhat even more complicated:
-Hi, can you lend me 20 euros?
-Sure, here they are.
-Thanks, I will pay you back this way: I put 4 euros into a pension plan of Harry’s. You may have that pension plan.
-??
-Actually, 4 euros are the same as 20 euros. When you put these 4 euros into a pension plan at a 5% yearly return for a period of 33 years, you will end up with 20 euros. So I have paid my debt to you, haven’t I? Harry receives 5,50 euro’s for using his name. I have met Harry througth some friends. I’m very happy that I now know him. So I will pay each of the 12 friends that have brought me into contact with Harry the amount of 20 cents. And I’ve got some 8 euros for free. All fifteen of us are winners!
By far the most complicated (the Global Pension Plan):
-Harry, I know a bank that will borrow me 200,000 euros. I can pay them back by putting 41,000 euros in a pension plan. [These bank people will have to wait another 33 years to get their money back, and for all those years waiting they don’t ask me to pay any interest at all. They are the nicest bank people I have ever met. For that reason, I keep their names secret…]
However, I need to use your name for a moment. You will get 55,000 euros, and to your 12 friend will receive 2000 euros, I promise. As for myself, I will keep the remaining 80,000 euros.
But all this money will come later, when everything is settled.
The only thing you should do at this moment, is giving 30 euros to me. We call this: “administration fee”.
Who is the winner here?
Answer: The winner, that’s me! I receive 30 euros from Harry.
The rest of the story is nonsense. You cannot find anybody who would lend you a large sum of money for a 33 year period without asking any interest. 20 euros at this moment do not equal 4 euros at this moment, even when these 4 euros will be worth 20 euros in 33 years’ time. The pension plan story is a smoke screen, used only to make it look plausible that I need someone else’s name for this scheme.
The loser is Harry. He just lost 30 euros. He may put the blame partly on his 12 friends. They persuaded hime into participating, because I promised them 2000 euros each. These friends believed in getting rich in a pyramid scheme. However, they will not get their 2000 euros for each participating “Harry” either.
I’m going to share this with everyone if you don’t mind.
ha! guess what..their website is down..surprised? don’t be! webhosting problems? doubt it! scam? most likely!
STAND BY!
update..my bad their .com site is down but the .net site is still running…still doesn’t change the nature of the unworkable scheme they are drying to lure you into joining.
Now have a little more faith! *chants mantra and emits chakra from Jude’s body*
[…] By alan | January 26, 2008 Some of you probably have head about GPP (global pension plan), the new fangled pyramid scheme “reverse pension plan” promising you 55,000 EUR with a membership fee of only 35 EUR. Check out this article for more details. […]
[…] Some of you probably have head about GPP (global pension plan), the new fangled pyramid scheme “reverse pension plan” promising you 55,000 EUR with a membership fee of only 35 EUR. Check out this article for more details. […]
lol was that supposed to be funny Jude, cause if it was I sure did not get it..anyways…:)
I can honestly say that this is a scam. I signed up last summer and was told that I was going to receive my money in November of 2007. Unfortunately, I have not received anything and it is already June 2008.
You guys forget one thing. Life never works out the way you want it in that exact moment. You are the guy waiting for the money, you live in your own world of perception, and when things don’t go right you tend to start looking for reasons why this is nonsense. The reality is you never belived it was possible to begin with, but somehow you still decided to do it, because you want to achieve that success you read in books or in magazines. The bottom line is you don’t know whats going on behind the scenes. This is complicated stuff. They just asked for paper work, which is a good sign. Your money that you spent is not money you would have put any where else that would yield you a better ROI. Go to the local food diner, the only thing you yield for your 30 bucks is heart burn. So think about it from that stand point. How often do we waste are money on things that can’t bring us any kind of ROI. I honestly belive GPP will pay out in about 2 months time. They are dealing with world problems too. You have no idea what the banking world is like, and opening your own bank is not and easy task. There are many licenses that you must get. My friend in Canada is still trying to open his bank in Switzerland, and its been 4 years. So much red tape just in that alone its not even funny. People spend more time saying something is a scam then just investing and move on to the next thing life offers you. Life can be a scam in every corner you turn if that’s the way you always think…
Keep the Peace
I couldn’t agree more with what you have written. I have been in this for a while and it has reached the target of ‘policies sold’ but unfortunately the delay now comes from people who have been in it for so long that they are ticked off and now wont follow simple instructions and take the final step. We get called stupid for going into this but how stupid is it to sign up, pay your money then decide not to follow it through thus delaying things for everyone and to top it off moan about it being a rip off cos you haven’t been paid! Hello….if you have joined follow it through till the end and hope for the best because the worst is you have only lost a few dollars. Smokers pay more than this a week and only invest in lung cancer.
ahh, lets see. If we dont get our money, well all travel to germany and kick their ass. Demand our money, or sew their asses..
SEE YOU AT THE BEACH. I WILL BE WEARING A SMILE!
lol..I’ll believe this nonsense when I see a scan of that “big check” you GPP “investors” are due to receive. Until then you’re all just suckers who fell for another pie in the sky get rich quick scheme.
Oh, and don’t forget to send in your private info so they can possibly engage in identity theft on top of the regular old fashion financial theft.
To Chris: Maybe you should ask your banker friend to go over the numbers with you and tell you if you’re sane or not for investing in this scheme.
To Jenner: Hmm, let’s hope so. If not, the folks behind this scheme will be the ones sitting on the beach wearing big smiles, and not to mention rolex watches. All thanks to you of course, so keep on smiling because you did some good charity work.
Cheers,
and happy investing…or rather happy waiting
*Applaudes
http://alansmoneyblog.com/2008/08/26/global-pension-plan-scam-update/
Read the two quotes at the top.
Hello,
Did you all read the second notice made by Breadforkids. org about Global pension plan? Take a look here:
http://breadforkids.org/notice.htm
Lynda