We all know the constant script when moving between jobs:

We get up in the morning with a smile on our faces, meet new people at the coffee corner, and just run through our minds how happy we are, that we no longer see the sour face of the old boss. Suddenly the phone rings and through the other line we hear the voice of the insurance clerk calling us to arrange a meeting with the new pension insurance agent of the workplace, and suddenly, as soon as our faces change color and turn pale, the smile disappears from our faces and we whisper to ourselves: another meeting with the pension agent, another meeting in which we stare at the same man A profession for an hour, we will sign the documents soon, and we will leave it more confused than the situation we were in before the meeting.

But maybe this is actually one of the most important meetings we’ve had in the last year?

Have you asked yourself when was the last time you purchased a product, whose future value is expected to reach several million shekels?

Have you asked yourself how your life will change if you lose the ability to work? How will this affect all your close family members?


The most important tips for meeting with your pension agent

These questions are exactly the questions you should address to your pension agent, but before you start asking a large number of questions, we will provide you with a detailed guide, which will prepare you for the meeting with the pension agent:

The meeting with the pension agent will be divided into 2 main parts:

  1. Pension products: pension fund/provident fund/managers/training fund

When we examine the feasibility of a pension product with the agent, we must raise a number of questions before the agent:

  • Service
    • Which party are you facing when receiving the service? Is it directly in front of the pension fund center? In front of the handling agent?
    • Is an annual conversation/meeting held in front of you, for the purpose of examining changes in my life and adapting the required coverages?
    • Will the same agent continue to accompany you the next time you change jobs?

The issue of service is one of the important issues, since usually most of the agents, who take care of you at the workplace, are the settlement agents of the employer, that is, they take care of you as long as you work for the employer only.

pay attention! As of 2008, the law allows each employee to choose a pension agent, according to his personal choice and regardless of the employer, the employer is obliged to deal with any agent he chooses.


  • Returns – You can never predict the future, and no management body can guarantee them the future returns, but it is important to raise a number of questions to the agent on this subject:
    • Where is the fund recommended by the agent in the return table in recent years?
    • What is the reason he recommends such a foundation?
    • Are there other alternatives?
    • What is the level of exposure to shares in the investment route? Is it suitable for my age and the nature of my savings?
    • Assuming that I will remain in this fund for all my days as a debtor, what is the expected pension?

For the purpose of comparing returns and preparing for the meeting, we recommend that you use only the websites of the Ministry of Finance:

Pension Nethttps://pensyanet.cma.gov.il/

Gemel Nethttps://gemelnet.cma.gov.il/views/dafmakdim.aspx

Net Insurancehttps://bituachnet.cma.gov.il/bituachTsuotUI/Tsuot/UI/dafmakdim.aspx

  • Management Fee- This is the most common pair of words when we discuss a pension product, since over the years we have been taught that the management fee is the most important thing in choosing a pension product and there is no other. However, from checking and reading around the web, you will find that there are products with higher management fees, which are better in the long run years, so there is no black and white on this issue either:
    • Check at the meeting if there is an alternative with lower management fees? If so, what are its disadvantages?
    • Ask what is the guarantee period of the management fees? And for how many years is the discount given?
    • Negotiate management fees and try to lower them. If it was and you didn’t succeed, try asking what might lower the management fee? Is it possible they will drop in the future when I become a bigger customer?

Ultimately, management fees are the commission we pay to the managing body. You will always find organizations that will offer lower management fees, try to make a decision during the meeting, which will perfect the above 3 sections, and bring you to the most ultimate choice.

  1. insurance

The worlds of insurance are an integral part of the above, so it is advisable to come prepared for the meeting, and among other things, we advise you to enter the “Insurance Mountain” website and view the list of existing insurances, free of charge: https://harb.cma.gov.il/

When we examine an insurance portfolio with the pension agent, we must examine 3 key aspects:

  • Service – as with the pension products, you must verify with the pension agent.
    • Which party are you facing when receiving the service? Is it directly in front of the insurance centers? In front of the handling agent?
    • God forbid, in the event of an insurance claim, who is the party that helps you settle the claim? Is the factor you are facing an objective factor with no interests vis-à-vis the insurance company?
  • Adapting the coverage to personal needs – insurance is an individual product and before we discuss the advantages and disadvantages of insurance products, we must make sure that the proposed / existing insurance coverage fits our personal needs:
    • Is the coverage chosen while adapting it to the existing situation?
    • Have old covers that are not relevant today been cancelled?
    • Has insurance coverage been adjusted while looking at all the coverages of the family unit?
  • Checking double insurance – there are many insureds who take out multiple insurances out of fear of an insurance event, it is necessary to check and make sure that there are no double insurances in the insurance portfolio:
    • Are there double coverages in the insurance portfolio that can be cancelled?
    • How can you save on the monthly coverage cost? Are there coverages that are not mandatory and can be waived?
  • Price – The price of the product is an important factor in choosing the insurance product. Make sure and check that you received a price that matches the insurance coverage.
  • There are many covers that have a low price, but do not meet your needs. In this case, although you saved on the monthly insurance cost, when you demand to claim the insurance, you will discover in real time that the coverage you purchased is not suitable for you, so check:
    • Are there similar products at a cheaper price? If so, what are their shortcomings compared to the offered product?
    • For what period of time is the discount on the insurance coverage given?

Despite our great reluctance to get involved in the field of insurance and finance, we must make a meeting with a financial planner once a year, a meeting in which we will go over all the components of our personal portfolio with the professional, ask questions and, if necessary, make changes and adjustments.

20% of the income of an average family unit is directed to these channels, don’t wait to reach the age of 60 and realize that you could have saved much more.

Our office specializes in accompanying private clients in the fields of finance and insurance over the years using advanced financial strategies and a wide range of technological tools.