חוק הפיקוח על שירותים פיננסיים (קופות גמל) (תיקון מס' 13 והוראת שעה), התשע"ו-2015Law Supervision of Financial Services (Provident Funds) (Amendment No. 13 and temporary provision), 2015 · automatic translation · suggest a correction

Official summary of the law (Knesset)

The Supervision of Financial Services (Pension Funds) Law (Amendment No. 13 and temporary provision), 2015 (hereinafter - the Amendment) was passed in second and third reading on 2 November 2015. The core of the Amendment is the unification of accounts in pension funds in two stages; the first stage took effect on 1 April 2016 as a temporary provision until 31 March 2018, enabling the Commissioner of Capital Markets, Insurance and Savings to receive from all managing companies details of active and inactive members in pension funds in order to cross-reference information that will allow transferring funds held in pension funds where a person is an inactive member to the pension fund where he is an active member. The company will notify him that there is an intention to transfer the money to the fund in which he is an active member, and he will be given a period of time to object to the transfer; if he does not object, the funds will be transferred to the pension fund in which he is an active member. The purpose is to prevent a situation in which the member pays double management fees with respect to funds in an inactive account. The second stage regarding unification of accounts is a permanent provision effective from 1 January 2017, which addresses the case where a person joins a new pension fund, in which case the managing company of the fund he is joining is required to check whether he has inactive accounts in other companies in order to unify them.

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