For those wishing to save for the medium to long-term, investment house Altshuler Shaham’s provident funds are an excellent solution that enables them to benefit from over 25 years of professional investment management experience.
What is a provident fund? A provident fund is a long-term savings instrument that allows you to save money for retirement through monthly or annual contributions and enjoy tax benefits. The money accrued in the fund is managed by the investment house’s professional, seasoned investment managers, allowing your money to collect returns over the years and substantially increase your savings. The funds can be invested in a variety of investment tracks, with varying risk levels, depending on your inclinations and needs.
There are several types of provident funds:
- Provident funds for benefits and severance pay - in which your employer can deposit savings and severance pay contributions on your behalf.
- Central provident funds for severance pay - in which employers deposit contributions in respect of severance pay in the event of termination or retirement (these funds no longer receive deposits).
- Investment provident fund - a provident fund that allows customers to save money for the short, medium and long term, and from which a lump sum may be withdrawn at any time.