Menora Mivtachim Pension Ltd.

Menora Mivtachim Pension Ltd., commonly referred to in English as Menora Mivtachim Pension and Provident Funds Ltd., is an Israeli pension and provident-fund management company. It manages major long-term savings products, including the Menora Mivtachim pension fund, within the Menora Mivtachim financial group and under Israel’s pension and savings regulatory framework.^[1][2]

Overview

Menora Mivtachim Pension and Provident Funds Ltd. is the pension and provident-fund management arm associated with Menora Mivtachim Holdings Ltd., an Israeli insurance and financial-services group. The company is a significant institutional participant in Israel’s long-term savings system, which includes pension funds, provident funds, advanced education funds, life-insurance savings products and other retirement savings vehicles. Menora’s own website describes Menora Mivtachim Pension and Provident as the largest management company in Israel for pension and provident products.^[3]

The entity’s activity sits at the intersection of household retirement saving, employer pension contributions, institutional investment management and regulated financial intermediation. Its managed products accumulate contributions from employees, employers and self-employed savers; invest those assets according to regulated investment tracks; and provide retirement, disability and survivors’ benefits under pension-fund rules. The company’s flagship pension product is Menora Mivtachim Pension, formerly known as New Mivtachim, which the company describes as the largest pension fund in Israel.^[2]

The company should be distinguished from Menora Mivtachim Holdings Ltd., the public holding company, and from Menora Mivtachim Insurance Ltd., the insurance subsidiary. The holding company’s disclosures treat pension funds and provident funds as a long-term savings activity and report assets under management for pension planholders and provident-fund planholders separately from insurance-contract assets.^[4]

Corporate group and legal identity

Menora Mivtachim Pension and Provident Funds Ltd. is part of the Menora Mivtachim group. Menora’s website terms identify the group as including Menora Mivtachim Holdings Ltd. and companies under its control, including Menora Mivtachim Insurance Ltd., Menora Mivtachim Pension and Gemel Ltd. and Menora Mivtachim and the Association of Engineers’ Provident Funds Management Ltd.^[5]

The company’s English name is not always rendered uniformly in English-language sources. Variants include “Menora Mivtachim Pension and Provident Funds Ltd.,” “Menora Mivtachim Pensions and Gemel Ltd.” and “Menora Mivtachim Pension and Gemel Ltd.” The Hebrew term “gemel” refers to provident-fund activity, and the Hebrew corporate name appearing on the company’s own pages is “מנורה מבטחים פנסיה וגמל בע"מ.” The company has a Legal Entity Identifier entry under the name Menora Mivtachim Pensions and Gemel Ltd., with an address in Ramat Gan, Israel.^[6]

The company’s relationship to the wider group matters because pension and provident-fund management companies in Israel are often embedded in larger insurance and financial groups. Such groups may operate insurance companies, pension and provident management companies, investment operations, credit activities and distribution networks. For users of financial statements, the distinction between the management company and the assets it manages is important: pension-fund and provident-fund assets are generally held for planholders and are not equivalent to shareholder assets of the holding company.

Pension products

Menora Mivtachim Pension, formerly New Mivtachim, is the company’s principal pension fund product. The company states that the fund provides lifetime pensions in three main situations: old-age retirement, disability and survivors’ pension on the death of an insured member.^[2] This structure is typical of Israeli new pension funds, which combine retirement savings with insurance elements for disability and survivors, subject to the fund’s rules and the member’s chosen coverage track.

Membership is open to both salaried employees and self-employed savers, according to the company’s public product information.^[2] For salaried employees, pension saving generally operates through regular payroll contributions by the employee and employer. For self-employed savers, deposits are made directly by the saver according to applicable tax and pension rules. The fund’s benefits depend on contributions, investment returns, management fees, actuarial factors and the member’s insurance route.

The pension fund also offers different insurance and investment tracks. Investment tracks allow members to choose how their accumulated savings are invested, subject to the fund’s available options and regulation. Insurance tracks determine the mix between old-age savings and insurance coverage for disability and survivors. Menora’s product page notes that members without survivors, such as a spouse or children under age 21, may waive survivors’ coverage in certain routes, which can affect the allocation of contributions toward retirement savings.^[2]

In addition to the comprehensive pension fund, the group’s disclosures list a supplementary new pension fund. In Menora Mivtachim Holdings’ 2025 annual-report data, the company reported assets under management of NIS 298.882 billion in comprehensive new pension funds and NIS 10.394 billion in supplementary new pension funds at year-end 2025.^[4]

Provident funds and advanced education funds

Beyond pension funds, Menora Mivtachim Pension and Provident Funds manages provident-fund and advanced education fund products. In Israel, provident funds are long-term savings vehicles used for retirement benefits, severance pay and other savings purposes, while advanced education funds, known as keren hishtalmut, are tax-advantaged medium-term savings vehicles available to many employees and self-employed savers. Menora’s public “about” page groups pension funds, provident funds and advanced education funds under its pension-and-gemel company.^[3]

The holding company’s 2025 annual-report table reported, for the pension-and-provident activity, NIS 23.710 billion in assets under management in provident funds for retirement benefits and severance pay, NIS 24.191 billion in advanced education funds and NIS 6.062 billion in other products at year-end 2025.^[4] These figures are separate from the company’s comprehensive and supplementary pension-fund assets and show that its business includes more than the flagship pension fund.

The same table reported total assets under management of NIS 363.239 billion across comprehensive pension, supplementary pension, provident funds, advanced education funds and other products at year-end 2025, compared with NIS 308.649 billion at year-end 2024.^[4] This total is a measure of planholder and saver assets managed through the pension-and-provident platform, not a measure of the management company’s equity.

Scale and market position

Menora Mivtachim is one of the largest participants in Israel’s new pension-fund market. Menora Mivtachim Holdings reported that, as of September 30, 2025, the group’s market share in Israel’s pension-funds subsegment was about 27.2% of assets, compared with about 28.4% a year earlier.^[4] The same disclosure stated that the group’s market share in the broader long-term savings segment was about 14.7% of total assets in Israel, with separate market shares of about 7.1% in life insurance, 27.2% in pension funds and 5.1% in provident funds.^[4]

The company’s scale gives it a notable role as an institutional investor. Pension and provident-fund managers invest planholder assets across financial markets, including Israeli and foreign securities, government and corporate bonds, equities, investment funds, deposits and other permitted assets depending on each investment track. Large pension funds can therefore be important holders of securities listed on the Tel Aviv Stock Exchange and in international markets. U.S. securities filings for Menora Mivtachim Holdings note that some economic interests in reported securities are held for the benefit of policyholders or members of provident and pension funds, rather than solely for shareholders.^[7]

The pension market is competitive despite high concentration among the largest managers. Menora’s 2025 annual-report text identifies major competitors in the pension-funds subsegment, including funds controlled by Migdal, Clal, Harel and Phoenix, as well as investment houses such as Altshuler Shaham and Meitav Dash.^[4] The report also notes that default pension funds selected by the regulator can affect future market shares because new members joining those funds may shift assets and contributions away from incumbent funds.^[4]

Regulation and supervision

Menora Mivtachim Pension and Provident Funds operates in a regulated sector overseen by the Capital Market, Insurance and Savings Authority, the Israeli authority responsible for insurance, pension and provident-fund markets. The authority states that it oversees financial services in these markets, works to ensure stability and competitiveness, protects the stability of supervised institutions, and regulates, audits and monitors supervised entities and their relationships with customers.^[8]

The legal framework for provident funds and pension-fund management companies includes Israel’s Financial Services Supervision legislation. The Knesset’s national legislation database lists the Financial Services Supervision Law concerning provident funds, enacted in 2005, as a law whose subject matter includes banking and finance, pension, insurance and capital markets, with the Ministry of Finance as the responsible ministry.^[9]

Regulation affects licensing, minimum equity, reporting, investment rules, member disclosure, management-fee limits, transfers between funds and governance. It also affects the competitive environment through mechanisms such as selected default pension funds. For Menora, regulation is central because the company does not merely sell a discretionary investment product; it administers mandatory or quasi-mandatory retirement savings arrangements for a large population of employees, retirees, self-employed savers and beneficiaries.

The regulator’s role should not be confused with that of the Bank of Israel, which is Israel’s central bank and banking supervisor, or the Israel Securities Authority, which supervises securities markets and public-company disclosure. Pension and provident-fund supervision is primarily associated with the Capital Market, Insurance and Savings Authority, while the Ministry of Finance also has a broader role in fiscal and financial-market policy through the Ministry of Finance.

Fees, contributions and member economics

Pension and provident-fund management companies earn management fees, generally from assets under management and, in some products, from contributions. Menora Mivtachim Holdings reported, for 2025, management-fee rates of 0.15% on assets and 1.73% on contributions for comprehensive new pension funds; 0.26% on assets and 1.05% on contributions for supplementary pension funds; and higher asset-based rates for some provident and advanced education fund categories.^[4]

For members, the economics of a pension fund depend on contributions, investment returns, management fees, insurance costs, actuarial balance and retirement conversion factors. Pension funds also differ from ordinary mutual funds because they provide insurance elements and lifetime pension payments. A member’s final pension is not simply the cumulative value of deposits; it is also affected by the fund’s rules, demographic assumptions and the investment track selected.

Menora’s product information emphasizes that the pension fund provides old-age, disability and survivors’ pensions.^[2] Disability and survivors’ coverage means that part of a member’s contribution may finance risk coverage rather than accumulation for retirement, depending on the selected route and personal status. Members who have no eligible survivors may be able to waive survivors’ insurance in relevant routes, as Menora’s public information describes, but the suitability and effect of such a choice depend on individual circumstances and the applicable fund rules.^[2]

Reporting and public disclosure

Menora Mivtachim Pension and Provident Funds publishes financial reports, direct-expense reports, related-party reports, asset and fee information, investment-track returns and other documents on its website. The company’s reports-and-publications page lists quarterly financial reports, annual periodic reports and immediate reports for Menora Mivtachim Pension and Gemel, as well as direct-expense and related-party reports for the Menora Mivtachim pension fund.^[1]

The public availability of these documents reflects the regulated character of the business. Pension savers, employers, regulators and market participants use reports to evaluate financial condition, investment expenses, asset allocation, returns, governance and related-party transactions. Menora’s “about” page also links to information on directors and senior management, ownership structure, service charter, fees, asset lists and returns.^[3]

For consolidated group analysis, Menora Mivtachim Holdings’ annual reports provide additional context on long-term savings assets, market share, competition and group strategy. The 2025 annual-report data reported assets under management for pension-fund planholders of NIS 309.276 billion and for provident-fund planholders of NIS 53.963 billion, as part of total group assets under management for policyholders and planholders of NIS 417.785 billion at year-end 2025.^[4]

Significance in Israel’s financial system

Menora Mivtachim Pension and Provident Funds is significant because it administers a large share of Israel’s retirement savings. The growth of mandatory and workplace pension saving has made pension funds central to household financial security and to capital-market development. Large funds collect regular contributions, invest them over long horizons and pay benefits to retirees, disabled members and survivors.

The company’s position also illustrates the structure of Israel’s non-bank financial sector. Alongside banks such as Bank Leumi, Bank Hapoalim and Mizrahi-Tefahot Bank, institutional investors such as pension funds, insurance companies and provident funds allocate long-term capital and influence corporate financing conditions. Pension-fund assets can be invested in government bonds, corporate credit, listed equities, private assets and overseas markets, making large pension managers important intermediaries between household savings and the real economy.

At the same time, the company’s importance creates supervisory and governance considerations. Because pension assets belong economically to members and beneficiaries, regulation emphasizes proper management, fairness, disclosure, investment governance and the ability of supervised institutions to meet obligations. Menora Mivtachim Pension and Provident Funds therefore functions not only as a financial-services company but also as a regulated steward of retirement assets for a large population of Israeli savers.