Ministry of Finance Pension Clearing House: Your place to view your pension savings

Spread the love

Tracking and managing your pension products may not be a simple matter at all, when you have to contact each of the insurance companies or investment houses to get up-to-date information on the details of your policy or savings.

Today almost every person in the State of Israel has pension products such as a pension fund and life insurance. These pension instruments are managed by one or more of the various insurance companies and investment houses, and many people do not even know where their pension savings and insurance are, how much money they have accumulated and what insurance coverage they have.

In order to organize each person’s pension products, the Ministry of Finance initiated the Pension Clearing House – a smart platform that allows each person to receive centralized information about all the pension products they have.

What is the pension clearinghouse?
The pension clearinghouse is an initiative of the Ministry of Finance which was established in 2012 by the Swiftance company and has since been supervised by the Capital Market Authority. The main purpose of the pension clearinghouse is to enable every person to receive information about the pension products in his possession in an efficient, simple, transparent and accessible manner. This platform removes barriers to access to information that until recently was mainly reserved for pension agents and the managing companies, and allows each person to get all the information he needs about his pension portfolio.

In addition to the information available to any private individual, the Ministry of Finance’s pension clearinghouse provides pension information to any person with a license such as insurance agents, pension consultants, pension marketers and employers, who can also perform a variety of operations in the system.

What information can be obtained at the pension clearing house?
The amount of money accumulated in the various pension savings – pension funds, provident funds and training funds – all your pension savings appear in one place that allows you to see how much money you have accumulated in each pension savings.
Where are the funds – you can see which company manages each of the pension products you have.
What are your savings and investment routes – there is a wide variety of savings and investment routes. Using the pension clearinghouse, you can see which plans and investment routes your pension savings are in.
What is expected of the pension at retirement age – a pension clearinghouse not only shows you how much money you have accumulated to date, but also allows you to get an estimate of the monthly pension you will receive at retirement age. The calculation is based on your savings routes, your monthly deposits and the years you have left until you reach retirement age.
What is considered a “pension product”?
Pension products are a variety of life insurance and savings products. These are products designed to provide a person and his family members with financial security during retirement, and in cases where he cannot earn or support himself, such as in the case of loss of work capacity, serious illness or death. In addition to these products, another product was added to the category – an investment provident fund.

This product enables the creation of medium and long term savings. The government savings program “Savings for every child” is intended for children up to the age of 18 (or 21) and is based on a provident fund for investment.

These are the pension products that can be seen in the pension clearing house:
Insurance products in the field of life – executive insurance and any insurance that includes coverage in the event of death, such as life insurance for a mortgage, as well as insurance in the event of death and loss of working capacity.
Pension funds – whether you have an old or a new pension fund, all types of pension funds are displayed in the pension clearinghouse, even if they are no longer active.
Training funds of all kinds.
Reward funds – all provident funds, including participating reward funds, investment reward funds, individually managed funds (IRA) and investment provident funds for children, such as “Savings for every child”.
Be sure that the employer sets aside funds for you for retirement
One of the great advantages that the pension clearinghouse provides is peace of mind when it comes to your employer’s conduct in making deposits to the pension fund. By law, every employer is obligated to deposit funds into the pension funds of his employees, with some of the deposits being derived from the employee’s salary and the remaining part, at the employer’s expense.

Many times employees reported that they discovered unexpectedly that their employer did not deposit all the funds for them to the pension fund. With the help of a simple check of your pension file at the pension clearinghouse, you can see all the deposits your employer has made to the pension fund in the last 12 months, which gives you security and peace of mind.

How can you view the pension information on the clearinghouse website?
Registration on the site is done by filling in personal details, receiving a user code and verification code and submitting a request to receive the information. Viewing your pension information on the pension clearinghouse website is not immediate, but after completing the registration, the information about your pension file will usually be received within a few hours.

Is it necessary to manage the pension file by a pension agent when all the information can be viewed at the pension clearinghouse?
Although the pension clearinghouse provides a lot of information about the pension portfolio, it is important to remember that optimal management of your pension portfolio does not only include familiarity with your pension products, but also a thorough understanding of the steps you must take to manage them in an intelligent and optimal way.

Management of the pension portfolio should take into account the types of savings routes, the insurance coverages that suit you exactly and your needs, the amount of management fees, the nature of the managing company and a variety of options and scenarios that will allow you to achieve optimal savings at retirement age.

For this purpose, consider using the services of a professional and skilled pension agent or consultant who can manage your pension portfolio for you, change and adjust it for you at any stage of your life and taking into account your personal and employment data.

The wise company employs pension consultants and professional investment managers who provide excellent pension management and investment management services. Through professional and high-quality pension and financial management, you can be sure that your savings are in good hands and that your money is doing more for you.