Since 2004, the retirement age for means-tested individuals has been progressively raised to 67 for men and 62 for women), to 70 for both men and women without means testing. The amount of the state pension is reduced if income from work exceeds between 57% and 76% of the national average wage. In order to qualify you must have paid for at least five years of insurance coverage in the last 10 years, or a total of 12 years of insurance coverage. Insured women who are widowed, divorced, married to an uninsured husband or unmarried and aged 55 or older at the time of immigration are exempt from this qualifying period, as are women who received a disability pension for the 12 months before turning 60.
The seniority increment: this increment is paid for years of insurance coverage in excess of ten. A housewife is not entitled to this.
The special old-age benefit (social assistance): this is a government-financed pension for new immigrants not insured because of their age at the time of immigration and insured persons who emigrated from Israel then returned and do not satisfy the qualifying period condition at pensionable age.
Update 4/07/2008
Keep more of your money when transferring funds overseas!
If you want to move money abroad, from Israel or to Israel for example, Fexco provides efficient and secure global bank to bank transfers and bespoke payment solutions for both business and personal clients.
Why Fexco
Fexco provides a secure international money transfer service online or by telephone with bank beating fx rates and low fees. Specialises in high-value transfers.
Main characteristics
Fexco will help you to keep your overseas money transfer costs to a minimum.
| Margin | 0.6% |
|---|---|
| Regulator | FCA |
| Fee | £10 < £5K or Free > £5k |
| Mini | £1K |
| Ccy | All (130 currencies, incl ‘exotics’) |
| Services | Repatriation of funds, Property, Regular payments, High Value payments, spot, online, telephone. |
Get an online quote today
When you are ready to make your transfer, John and his team will be available to help you with better rates and an unrivalled service to make sure your funds are delivered securely and speedily.