GLOBAL Pension Plan or scam??

lotterywish

Hi, Just wondering if anyone has heard anything about the Global Pension Plan?

I used to use mycashback.com and when I came to claim the cash-back, I was told they had gone into liquidation, however, since then I receive emails from mermaid technologies, informing me of their current state, etc. but the latest one seems to be an internal mail to other members of the aforementioned global pension plan (GPP). So i've possibly received it by default anyway.

It does have it's own website, here is the link:-


link removed by BG due to the possible suspect nature of the site


Please let me know your thoughts

Thanks

dunstonh

Is this a spam attempt? That link comes up with a referrer message.

Never heard of them apart from that.

jamesd

lotterywish may not be spamming.

The "pension plan" is a scam designed to get the premiums. "Mortgage" loan against future value of endowment plan at maturity, loan then used to pay the future premiums.

Among other things it seems to be ignoring premature deaths of policy holders and the need for the lender to get a useful interest rate on their loan. And the posibility that if the bank wanted to be getting investment proceeds it could invest in its own name, not via this scheme, and keep all of the proceeds for itself.

btloptingout

There's quite a heated debate on it on www.scam.com.

Make no doubt about it, it is a scam.

It seems you have an attraction to scams as mycashback.com is quite clearly a ponzi scheme.

lotterywish

thanks for replies and just so dunstonh knows, i wouldn't know how to attempt spam, purposefully or not!

btloptingout

It appears that the global pension plan web-site has now been disconnected.

The administrators will be in the region of €3M wealthier (100,000 subscribers * £30€).

100,000 people will be feeling pretty darn stupid.

Why do people ever sign up to this sort of tosh......if it sounds too good to be true it invariably is.

rain_dropz

Hey i know its probably a scam but a friend of mine joined them and is very positive they'll pay out:rolleyes: as apparently gpp have told them they gonna pay them in feb.They've even opened off shore bank accounts and it sounds legit:p that i'm regretting not signing up when i was asked as it wasnt such a big investment but the pay outs huge.Do reverse pension plans exist?can they work or is it definately a scam?Anyone joined gpp?

jamesd

rain_dropz, it assumes that the banks are ignoring a chance to make money themselves but are instead out of the kindness of their hearts letting consumers make the money instead. Good bet that such things are a scam.

Ian_W

rain_dropz,
It's a scam, plain and simple and your friend won't get a penny - if you want to join them that's your decision but remember for a con trick to work they need to get people who are both gullible and greedy.
Your friend will learn a lesson when it doesn't pay out and at 30€ it's probably quite a cheap one. But if the proposers of the scheme get their 100,000 target they'll have made a cool £2Million less operating exes.
There is quite a lengthy piece about it HERE suggesting it possibly originates in Angola - hardly the foremost world centre of financial expertise. But this one paragraph should make you stop and think:

When someone requests money via an irreversible payment system, refuses to tell you who they are and also aims to acquire your personal details and identification then you are well advised to do a great deal of what the Americans call “due diligence”.

When they won't say who they are this is nigh on impossible. Another old saying that springs to mind - A fool and his money are soon parted.

Cook_County

This sounds like a typical Ponzi scheme. It should never be touched except by the police.

jamesd

The real fun of this one will be when they start asking for the proof of ID so they can make payment and the identity theft using that ID starts. That'll make the scammers even more than the initial "investment" did.