Pension advice at the bank – how much does it cost and to whom? The savers’ pension portfolio is usually managed by an insurance agent. When pension counseling is conducted at the Bank, the pension portfolio actually goes to the bank.
Thus, the commissions received currently from the insurance broker out of your insurance companies and pension funds are moved to the financial institution, and his awesome income from your for the Hebrew version is founded on this.
It was recently published that this average annual income of the Bank from each pension counseling client is NIS 900, an amount that over time can accumulate to tens of thousands of shekels, and also the numbers increase since the customer’s pension savings are greater.
This is a numerical illustration of the fee that lies behind “free bank advice”: A pension fund member with a fixed monthly premium of NIS 2,000 monthly (according to a monthly salary of NIS ten thousand) is anticipated to pay for the lender from the age of 30 to age of 67 a commission of approx. NIS 95 thousand.
Pension advice at the bank – what else is very important to find out? The Lender cannot establish any connection with the business and manage the pension portfolio for your individual employee, as opposed to the insurance professional. As a result, there is no exploitation of economies of scale for your employer and the employee, as well as the employer actually added another “insurance agent” to himself, who is the bank’s pension advisor.
This addition only burdens operational and complicates the collection report. For this reason the banks currently operate in a relatively small market share, handling almost no managers insurance coverage or some other insurance policies, and a lot of the customers are self-employed.
Therefore, customers who have an interest in objective , professional and low-cost pension counseling should consult an unbiased pension counselor who collects a one-off fee for your consultant himself, and fails to receive any commissions from the investment houses as well as the insurance providers.
Since January 2008, there is a mandatory deposit for many employees, beginning from the end of three months of employment or half a year of employment, based on whether the employee has a pension plan or has reached a business with no pension savings.
In the event the employee has pension savings, then the employer will deposit the very first option retroactively, and if the employee is employed right at the end of the year, then by December 31 of that year, whichever is earlier.
This example leaves the business and employee relatively limited time to act on the matter. I have often heard about many employees who did not report for the employer that they had a pension plan despite 3 months right away from the employment, or knew they had but failed to know who the pension manufacturer was and failed to come to a decision on svejpi identity from the pension producer.
In addition, employees with complex plans who have not even agreed with the insurance agent as well as met with him, but have not decided on the mixture of their pension portfolio, already have reached 90 days through the date of employment, however the employer fails to know where you should deposit.
To be able to address this challenge, default agreements were signed through the employer with one or any other pension manufacturer. Many employers, in particular those with high turnover and turnover, used default agreements to be able to transmit lists of workers who had not even received a choice regarding the identity in the pensionary manufacturer, thereby complying using the provisions from the extension order for compulsory pension.
These agreements, insofar because they were performed with the assistance of an expert entity, were accompanied by a service specification, to be able the employees receive high quality service, in both the accessibility in the marketers and in the professionalism in the pension marketing meetings that occurred in each case after the joining.