Migdal Makefet is one of the major driving forces behind expansion of the pension savings sector in Israel, and it is the centre in of influence in the market. Migdal Makefet managed Makefet - Ishit fund - a new comrehensive pension fund , and the Makefet Mashlima fund - a new general pension fund. Also, Migdal manages various provident funds and advanced study funds. Since Migdal Makefet Pension Funds and Provident Funds Ltd. was established in 1995 it has earned a reputation as being a large, stable, secure, innovative, reliable and leading company.
In September 2004, Migdal Makefet was taken over by Migdal Insurance Company Ltd. - the largest life and pensions insurer in Israel.
The acquisition of Migdal Makefet by Migdal Insurance created an optimal synergy of skill and expertise in managing pension, provident and advances study funds with the backing of the largest insurance company in Israel.
At the beginning of 2006, all of the pension funds of the Migdal Group were amalgamated into a single fund. Makefet Personal, Teuzah, Yozma New and Tenufa were all amalgamated into a huge central fund with a diverse and high quality member base - Migdal Makefet Personal.
In 2011 the provident and advanced study fund management companies - Migdal Provident Fund Management Ltd., New Makefet Provident Fund Management Ltd. and Migdal Platinum Provident Fund Ltd, were amalgamated into Migdal Makefet Pension Funds and Provident Funds Ltd. Following the amalgamation, Migdal Makefet became the management entity of all pension funds and provident funds in the Migdal Group.
In January 2014 the provident funds and advanced study funds detailed in the following link were amalgamated.
Following these amalgamations Migdal Makefet has a single advanced study fund: Migdal Advanced Study (compromised of 11 investment funds), a severance pay provident fund: Migdal Severance Pay Provident (comprised of 8 investment funds), a provident fund for sick pay: Makefet Sick Pay, a Central Budgetary Pension Fund: Migdal Budgetary, and a central provident fund for severance pay: Migdal Central Severance Pay.
Migdal Makefet offers a diverse range of products: a new comprehensive pension fund, a new general pension fund, a non-annuity paying provident fund, an advanced study funds, a central sick pay fund, a central budgetary fund and a central severance pay fund; thereby enabling us to provide our customers with optimal solutions tailored to their individual needs and preferences.
Migdal Makefet Personal - The second largest pension fund in Israel
Migdal Makefet Personal is the second largest pension fund in Israel, providing unsurpassed stability, security and strength. The fund manages assets of approx. NIS 43.5 billion (approx. US$ 10 billion) for some 800,000 members (as of 31.12.2014). Contributions into the fund in 2014 reached NIS 5.2 billion.
The security and strength of each pension fund, which by definition involves long-term savings, depends not only on the number of members but also on the profile of the members. The competitive advantage of Migdal Makefet has made it the preferred choice for a wide range of corporations, public entities and enterprises in various sectors, and over the years Migdal Makefet has built up a diverse and high quality customer base from some of the top companies in Israel.
Migdal Advanced Study is the largest fund of its type in Israel and manages assets of approx. NIS 13.5 billion (as of 31.12.2014).