General Pension Fund (Foundation)

The General Pension Fund (Foundation) is a pension-paying provident fund, the sole aim of which is to save for retirement age with no insurance component whatsoever.   The Fund has the right to accept one-time deposits, as well as money originating from other pension-paying provident funds (such as insurance policies and the like).

• ­ A new member can join the Fund immediately with no need for a health declaration.
• ­ It is possible to save on a regular basis or by means of lump-sum deposits or a combination of the two.
• ­ A number of savings sources can be unified into a pension in one fund which, when the time comes, will pay the pensioner a monthly payment suited to his needs.
• ­ A range of possibilities at retirement time, including capitalization and assurance of a minimum pension payment to the spouse.
• ­ The fund will pay an old-age allowance to pensioners all their lives without their having to worry about portfolio management, while maintaining an annual actuarial balance.
• ­ Clear and known-in-advance management fees, similar to the provident fund.
• ­ In the case of an insured person's demise before retirement age, an allowance is paid to the spouse, and in the absence of a spouse - the money is returned to the beneficiaries.

Is the General Pension Fund Suitable for me?
For whom is the General Fund suitable?

• Independent operators:  Young independent operators under age 45, who are obligated to make minimum regular provisions for pension, or independent operators who are interested in making one-time deposits towards the end of the fiscal year.

• Salaried workers:  High salary earners, who have exhausted the monthly deposit ceiling in a new comprehensive pension fund (over 20.5% of double the average wage in the economy).

• Retirees:  Retirees who wish to convert a lump-sum into a monthly allowance.

• Elderly persons, or those who cannot be underwritten in regular pension funds or insurance policies.

General Pensioners' Pension Fund
Old-Age Pension Retirement Programs:
 

• Old-Age Pension and Eligibility for Survivor's Allowance: A monthly old-age pension is paid to the pensioner throughout his lifetime, and thereafter an allowance to his/her spouse. (The amount of the spouse's allowance is determined by the member at the time of his retirement as a proportion of his pension.  This amount can range between 30% and 100% of the member's pension.)

• Old-Age Pension without Eligibility for Survivor's Allowance: A member who, on date of his retirement, has no spouse, may waive his eligibility for survivor's allowance at the time of his demise.  This waiver should significantly increase the amount of his old-age pension payments.

• Old-Age Pension with Assurance of Minimum Payment Period and Eligibility for Survivor's Allowance
  On the date of retirement the member determines the minimum payment period (up to 180 months).  In the event of the pensioner's demise before the assured payment period, an additional monthly survivors' allowance at the rate of the difference between the old-age pension and the survivors' allowance will be paid to his survivors, during the number of months remaining up to the end of the assured period.  If, at the time of death, no survivors remain who are eligible for survivors' allowance, a lump-sum will be paid to the beneficiaries consisting of the balance of the assured pension payments.

• Old-Age Pension with Assurance of Minimum Payment Period without Eligibility for Survivor's Allowance
  On the date of retirement the member determines the minimum payment period (up to 180 months).  In the event of the pensioner's demise before the assured payment period, a lump-sum will be paid to the beneficiaries consisting of the balance of the assured pension payments.