Almost every adult in the State of Israel has savings for retirement and other savings and pension coverage. Many insurance companies and investment houses operate in the pension sector and it is not always possible to remember all the insurance and pension products that are available in each company. What to do? Enter the pension clearinghouse of the Ministry of Finance and locate all the pension products you have.
The pension clearinghouse is an information system that allows anyone to receive information about their pension savings and insurance in a reliable, accessible and clear manner and without having to contact any pension body independently.
Who can benefit from the service of the pension clearinghouse?
Pension insurance agency, advisers and private pension agents – can receive information about their clients’ executive, pension and provident insurance products from insurance, provident and pension companies. In addition, agents and consultants can transfer various documents and various operations such as opening an account or moving an account to another company. In this way, they can save themselves valuable working time with the insurance companies and optimally manage their clients’ pension portfolio.
Individuals – anyone can simply and quickly register for the pension clearinghouse and receive complete information about all the pension devices they have. In this way, he may find out whether he has lost insurance and savings, which insurances he is insured with and how much money he has saved in the various pension savings.
Employers – can receive information and make pension deposits for employees and report on the deposits.
What information can be obtained at the pension clearing house?
At the pension clearinghouse, you can get complete or partial information about the pension products of each insured person, including pension funds, executive insurance, provident funds, investment provident funds, training funds, life insurance, disability coverage, and more. The clearinghouse displays the existing products, the current savings amount and the company that manages the savings or insurance device.
These are the services provided at the clearinghouse:
Pension information from all the managing companies – the information contains all the pension products that must be saved, detailing the full data for each product, such as accumulated amounts, monthly deposits, management fees, insurance coverages and more.
Receiving pension information upon entering a new job – the list of pension products that the saver had at his previous job, including the dates of the last deposits.
Updating personal details of the insured in various pension products.
Request to cancel a power of attorney.
Is the information that goes through the clearinghouse secure?
The clearinghouse is a kind of conduit for transferring information only and is not allowed to keep information about insured persons in the system. The clearinghouse operates under strict information security rules, according to the Financial Products Supervision Law.
Does the pension clearinghouse replace the need to contact insurance companies and investment houses?
The clearinghouse presents each person with information about the Shishi pension products in his possession, thereby eliminating the need for direct contact with the insurance companies and investment houses that manage the pension, insurance and provident funds, in order to receive information about the pension instruments that are managed by them. In addition, the clearinghouse allows you to perform several basic operations of updating personal details and canceling a power of attorney.
However, in order to perform additional operations on the various pension instruments, the managing company must be contacted independently or through the insurance agent.
Who manages the pension clearinghouse?
The pension clearinghouse is an initiative of the Ministry of Finance, but the service is provided by the “Swiphants” company and is supervised by the Capital Market Authority. The company is managed by a private company that won a tender from the Ministry of Finance and charges a nominal fee for its services.
What is the difference between a pension clearinghouse and the “silver mountain”?
If the services provided at the pension clearinghouse sound familiar to you, it may be because some of them are similar to the services provided on other websites of the Ministry of Finance: the Money Mountain and the Insurance Mountain.
“The Silver Mountain” allows you to locate lost funds as well as funds of a deceased relative. “Insurance Mountain”, on the other hand, deals in the field of pension insurance and helps in locating insurances and issuing a “lack of claims report” in car insurance.
However, the information provided on these sites does not completely coincide with the information provided at the pension clearinghouse. At the clearinghouse, for example, you can get information about life insurance with a savings component for the insured. This is information that does not appear in the “Money Mountain” or the “Insurance Mountain”.
These are the differences between a pension clearinghouse and the “Silver Mountain”:
The amount of time needed to receive the information: at the pension clearinghouse – between 3 hours and 3 days. In the “Silver Mountain” the information is received immediately.
The cost of the service: the services at the pension clearinghouse involve a fee of up to NIS 20 per operation, while the service is provided free of charge at the “Silver Mountain”.
Ownership: The pension clearinghouse is owned by a private company called “Swiftans” and under the supervision of the Ministry of Finance. “Silver Mountain” is owned by the Ministry of Finance and the Bank of Israel.
Obtaining information about insurances: while the pension clearinghouse provides information on a variety of pension insurances including life insurance, loss of working capacity, personal accidents and serious illnesses, at the “Silver Mountain” you can obtain information on life insurance only.
Information about a deceased person: You can get information about a deceased person in the “Silver Mountain”, but not through the pension clearinghouse.
Account information: You can get information about the insured’s active accounts through the pension clearinghouse. On the other hand, in the “Silver Mountain” you can only get information on active accounts of a deceased person. On both sites you can get information about inactive accounts.
The type of information provided: The pension clearinghouse allows you to receive detailed information about the insured’s account number and the pension products he has. In the “Silver Mountain” you can get information about the type of pension product and which company it is managed by.
Receiving information from banks: The pension clearinghouse does not provide information from banks, unlike “Money Mountain” which allows you to receive information about deposits and bank accounts.
The pension clearinghouse is a particularly important and effective tool for receiving information about your pension portfolio. However, optimal and high-quality management of the pension portfolio for all its components should preferably be done by an agent or a specialist pension consultant.
Ermir Myzaferaj Finance | Ermir Myzaferaj Blog | Ermir Myzaferaj Capital | Ermir Myzaferaj Holdings | Ermir Myzaferaj Human Resource | Ermir Myzaferaj SEO | Ermir Myzaferaj Real Estate | Ermir Myzaferaj Financial Blog | Ermir Myzaferaj Investing | Ermir Myzaferaj Consulting | Ermir Myzaferaj Coach | Ermir Myzaferaj Mortgage
