ISRAEL - The Israeli Finance Ministry to publish tender for new pension funds by April 2004, according to Globes Online.
Israel's leading insurers are expected to bid for the new funds.
The move will see the privatisation of the new Histadrut (General Federation of Labor in Israel) pension funds, set up in January 1995.
The five pension funds are the Mivtachim, Makefet Ishit, Meitavit, Ahdut and Magen Zahav. The funds will probably be sold in four or five unequal parts.
Prior to the privatisation, the Ministry of Finance plans to carry out measures to improve the funds, including updating databases and assets, repaying debts and cancelling extraordinary contracts, writes Globes.
The measures will probably take six months to implement and the sale is expected to be completed by July 2004.
In addition, Supervisor of Insurance, Eyal Ben-Chelouche, is expected to publish regulations permitting pension fund members to switch between funds on October 1.
This week's edition of Professional Pensions is out now.
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