How much do I have, and where is the money? A guide to finding and tracking it
Your pension savings are built over decades, but to make sure they are managed properly you need to know how much has accumulated, where it is managed and what you can expect at retirement. This page introduces the Pension Clearinghouse and periodic reports and explains how to review the accumulated amount, expected pension, management fees, deposits and insurance coverage.
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Most people save for retirement for decades but rarely stop to examine the figures. A simple periodic review is not merely a technical task; it is a powerful tool that can reveal excessive management fees, irrelevant insurance coverage or old accounts that have been forgotten.
How does this work in practice?
Two complementary tools can help you gain full control of your money and see the complete picture:
1. The Pension Clearinghouse: all your savings in one place
The Pension Clearinghouse is a central system that brings all your pension information together in one place. Instead of contacting each insuranceA contract under which an insurance company undertakes to compensate the insured in the event of damage in exchange for a periodic payment. company separately, you receive a complete picture in a single report. The report is easy to read and use, presenting the information visually through comparison tables and explanations.
What can you see in the Clearinghouse report?
- The accumulated amounts in pension funds, managers' insurance policies, provident funds and Keren Hishtalmut (קרן השתלמות)A medium-term savings product (six years) that benefits from a tax exemption on investment gains up to the applicable contribution limit., as well as the pension amounts you are expected to receive at retirement.
- A summary of life insuranceProvides for payment of a sum of money to beneficiaries in the event of the insured person’s death. and loss-of-work-capacity coverage.
- Full details of every product and where it is managed.
The personal pension report: what do you actually receive?
The goal is to obtain an overall picture: are the savings in a reasonable track, or is a more thorough review needed?
- Where is the money managed, what are the management fees, and are any products duplicated or inactive?
- How much money has accumulated in each account, what is the expected pension at retirement age, and what insurance coverageThe list of events and damages for which the insured is entitled to compensation. applies?
How to read the report without becoming overwhelmed
On the first page, focus on just two figures:
- Accumulated amounts
- How much money do you have in total across all accounts?
- Expected pension
- Is the estimated monthly amount at retirement realistic for you?
The second page of the Pension Clearinghouse report summarizes the insurance coverage and related rights in your pension products. You can see the coverage amounts in the event of death, disability or loss of work capacity, as well as additional coverage such as long-term care insurance or mortgage insuranceA combination of life insurance and building insurance required by the bank to secure repayment of the mortgage., if applicable. The report shows the expected monthly benefit in the event of loss of work capacity and the lump-sum and monthly amounts beneficiaries will receive in the event of death.
The rest of the report includes separate pages for each product, with full details of the product and where it is managed. The information appears in tables covering pension information, pension insurance, returns, deposits, policy numbers, management fees and more.
When should you review your pension?
There is no need to check your pension every month. A comprehensive annual review is enough, but some life events require an immediate review:
| Type of change | Why review it? |
|---|---|
| Changing jobs or salary | Make sure management fees have not increased and deposits are correct |
| Marriage, divorce or the birth of a child | Update insurance coverage and beneficiaries |
| Becoming self-employed | Build a new contribution plan and maintain continuity |
2. Periodic reports: the detailed view
Every pension provider sends periodic reports, including quarterly reports and an annual summary. While the Clearinghouse provides the big picture, these reports help verify that ongoing management is correct and provide current information about your savings:
- Savings amount: The balance at the beginning and end of the period, including contributions and returns.
- Expected pension: An estimate of the pension at retirement age based on the current situation.
- Insurance coverage: Disability, survivors' coverage and insured amounts.
- Transactions and contributions: Deposits, profits, insurance costs and management fees.
What is important to check in a periodic report?
Main checks
- Actual deposits: Did the money deducted from your payslip reach the account? Compare the report with your payslip.
- Returns and investment track: How did your money perform in the capital market? Does the track still suit your age?
- Unusual changes: Did management fees suddenly rise? Is there a sharp decline that market conditions do not explain?
Common mistakes the reports can reveal
A simple review can prevent years of accumulating harm:
Compare and choose carefully
Before choosing a pension fundA savings vehicle based on mutual risk sharing that includes insurance coverage in cases of disability or death., it is worth comparing the available funds, their performance, costs and investment tracks.
Summary
Combining the Pension Clearinghouse with periodic reports gives you full control over your financial future. Most pension mistakes do not result from one wrong decision; they accumulate through a lack of monitoring over time. A simple annual review can help ensure that your money works for you instead of being eroded by neglect.
Remember: you do not need to be a financial expert or understand complicated actuarial calculations to take back control. To make sure your savings are on the right track, it is enough to understand the report's four pillars:
- Total accumulated amount
- How much money has accumulated for you to date?
- Expected pension
- How much will you receive each month when you retire?
- Management fees
- How much are you paying to manage the money, and can the cost be reduced?
- Insurance coverage
- Do you have suitable protection in the event of disability or death?
Simple, consistent monitoring can improve your terms, prevent costly mistakes and significantly strengthen the future financial securityA general term for a tradable financial asset (such as a share, bond, or unit in a fund) that represents a right to an asset or to profits. of you and your family.