This document discusses yields earned on retirement savings in Israel from 2007 to 2013. It shows that yields fluctuated yearly for different insurance companies, with some earning up to 40% in a given year and others seeing yields drop to -30%. Data is based on insurance policies from 2004 and pension funds allocate some assets to bonds and others to money markets. The document also includes a biography of Maurice Brandman, owner of Brandman Actuarial Consulting Services, which provides employee benefits and actuarial advice in Israel with over 35 years of experience in the field.

1. IsraelIsraelIsraelIsrael
Presented by: Maurice I. R. Brandman
This document is the
intellectual property of
Brandman ACS and the
contents of which are
proprietary. This
document is intended for
information purposes
only and does not
supplant expert advice.
E&OE
Yields earned on retirement savings 2007 to 2013

2. Retirement Benefit Plans 2014 2
-30%
-20%
-10%
0%
10%
20%
30%
40%
2007 2008 2009 2010 2011 2012 2013
Migdal Ins Group Clal Ins Group Phoenix Israel Harel Ins.
Menora Ayalon Eliahu Hachsharat HaIshuv
Post 1995 pension funds CPI
Yields on retirement savingsYields on retirement savingsYields on retirement savingsYields on retirement savings 2007200720072007
totototo 2013201320132013
• Source: Government Treasury Office web site
• Annual investment returns are shown net of management charges
• Data based on policies issued from 2004 held in general investment funds
• Insurance policies comprise 100% of assets allocated to the money market
• Pension funds comprise 30% of assets allocated to non-tradable index-linked government bonds
and the balance invested in the money market

3. Retirement Benefit Plans 2014 3
Brandman Actuarial Consulting Services Ltd.Brandman Actuarial Consulting Services Ltd.Brandman Actuarial Consulting Services Ltd.Brandman Actuarial Consulting Services Ltd.
57 Yigal Allon Street
Tel Aviv 6789116
Israel
+972-(0)3-689 8100 voice
+972-(0)3-689 8101 fax
+972-(0)54-441 0110 mobile
MauriceB@bacs.co.il
Maurice I. R. Brandman F.IL.A.A., A.I.A.

4. Retirement Benefit Plans 2014 4
Actuary, benefits consultant, and owner, Brandman ACS – Brandman Actuarial Consultancy Services Limited
Brandman ACS has provided employee benefit and actuarial advice to many local and multinational employers including, BSH, Google,
Orbond, Merrill Lynch, Novartis, Geodis, CA, Lockheed Martin and Rothschild Bank. Mr. Brandman has a long standing working relationship
with several major international consulting companies.
Mr. Brandman advises clients with regard to employee benefit issues in Israel. He has more than 35 years’ experience in employee benefit
and actuarial consultation including more than 30 years in Israel. Projects have included participation in international benefit audits,
establishment of new retirement benefit plans, implementing supplementary medical insurance, M&A related due diligence, valuation of
termination liabilities for regulatory reporting and implementation of changes to existing plans.
Mr. Brandman has also been involved with advising government committees on pension issues and the development of study courses for
actuarial students in Israel.
Prior to the establishment of Brandman ACS in 1987, he was Principal Actuary to the Central Pension Fund in Israel servicing over 80,000
contributing members. Previously he worked in the UK with Harris Graham & Partners (now part of the TowersWatson group) and Sedgwick
Noble Lowndes (now part of Mercer consulting group).
Mr. Brandman is a Fellow of the Israel Association of Actuaries (1982), a member of the International Association of Consulting Actuaries, an
Associate of the (UK) Institute of Actuaries (1981) and a member of the Society for Human Resources Management (SHRM). He graduated
from The University of Sussex, UK, in 1974 with a B.Sc. (Hons) in Mathematics, Statistics and Economics.
BiographyBiographyBiographyBiography ---- Maurice I. R. BrandmanMaurice I. R. BrandmanMaurice I. R. BrandmanMaurice I. R. Brandman

5. Retirement Benefit Plans 2014 5
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