What is the basic difference?
A קרן פנסיה is a pension savings product that usually includes retirement savings and coverage for disability and survivors. It is based on a mutual mechanism between peers.
ביטוח מנהלים is a personal contract with an insurance company. It can also include savings and insurance coverage, but its terms are determined by the policy.
Why is it forbidden to compare only yield?
Return is important, but in pension savings there are other variables: management fees, the cost of insurance coverage, marital status, age, health, salary and existing conditions.
When switching from an old product to a new product, conditions or rights may be waived. That's why a pension check should refer to the contract and coverage, not just a performance table.
How to choose more correctly
The first step is to understand what you already have: in which product you are saving, what are the management fees, what coverages exist and what is the amount of the savings.
The second step is customization. A single person without children and a family with children do not necessarily need the same insurance structure. Here personal pension advice can prevent an expensive decision.