| By Casey Lim,
on 24-07-2007 09:48
|
Published in : HYIP |
Today I have participated again in another program under the Reverse Pension Plan. It is a bit confusing, but I think I understand how it works. It seems that this type of programs has been working in the offline world but not too sure about online.
It could be a scam it could be legitimate. But anyhow the program I participated is call Global Pension Plan
This plan, like Early Pension Fund and Human Capital Insurance works on a model call Reverse Pension Plan.
So what is Reverse Pension Plan?
Now everyone knows that a pension plan can only be paid once you retire which depending on where you reside could be from 55 to 70 years of age. You start saving now or pay the pension plan and when you do reach the ripe age of between 55 to 70 you can start drawing down your pension fund.
Now reverse pension plan is a bit well of a reverse. These plans are run by financial institution or cooperation between financial institutions. They gathered a number of eligible members by means of network marketing to sign up with the plan. And once the numbers of member or contracts are being 'sold', these financial institution will then buy a pension insurance policy from each members which will mature at the members retirement age of between 55 to 70 (depending on which fund/pension plan one participate)
Meaning, the financial institution will buy the plan or policy from each members say for between $50,000 to $90,000, mortgage it to get some cash out to pay all expenses, (policy premium, bonus, compensation) and once the members reach the stated age in the policy they will collect the full value of each policy.
Here is a calculation from Early Pension Fund…
Policy Face Value - Collateral: $200,000
Mortgage Amount: 60%
Available Cash: $120,000
Premium for the Policy: $15,000
Immediate Compensation: $90,000
Bonus Rewards Program ($1500 x 10Levels): $15,000
Total Amount Disbursed: $120,000
So when the member will get an immediate compensation of $90,000 and the financial institution will collect $200,000 after the member has achieved the retirement age.
This is a very general explanation about what Reverse Pension Plan is all about. Basically, we buy a policy a one time fee, and when the number of members or contract is achieved, the financial institution will mortgage it, pay out and then when the time is right ripe the fortune.
Now there are a lot of skeptics saying that it might be a scam. And it’s the website owner who will make the money from ordinary members. Well, in my opinion, it’s a gamble and it is a price I would pay if it’s true. If it does not turn out and pay…. I get on with my life….
Now if this opportunity does pay then this is what I will be getting
That would be a whooping.... ~ $340,000 (after conversion)
Well, I won't retire young and rich, but this will help me get by........ 
Buy yourself a hope anyone??
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This can't work
By: Berty () on 19-09-2007 11:00