August 2023

 “Goodness gracious, but that was quick!!! Thanks, G and RFS team!”“

March 2024

 “For sure a huge pleasure to work with your team. Always hands-on and professional.”“

5 March 2024

 “Dear Marthinuz and Sharika,

If memory serves me correctly, I believe it’s the first time since my involvement with the …. Retirement Fund that all Certificates of Existence were submitted to RFS, achieving the Fund’s aim of zero suspended pensioners.

Please convey our appreciation to J… and R… for their consummate support and dedication in making this possible.

Kind regards…”“

19 January 2024

 “Good Day V

Thank you so much for your excellent service, it is rare that one finds this class service in Namibia. You and your company indeed stick to your promises. May you grow in your career because of the valuable input you give.


3 January 2024

 “Dear C

Thank you so much for your quick and expeditious response. It was a pleasure working with you, as it always is working with A.

Highly appreciated.


21 November 2023

 “Dear M

I wanted to take a moment to express my sincerest appreciation for your incredibly prompt response in providing the tax certificates. Your swift action has been immensely helpful and has allowed me to proceed smoothly with the necessary documentation.

I truly value your efficiency and dedication to assisting with this matter. Your promptness not only reflects your professionalism but also your commitment to exceptional service.

Once again, thank you for your timely support. I look forward to future interactions and commend your team's outstanding efforts.“

11 August 2023

 “Dear E

You were a star for being in a position yesterday to assist me on short notice and almost immediately, when you were the only one in the office, to provide me with an electronic copy of our AFS.

Amazing – staff members geared and hands-on to assist on behalf of their colleagues. 

Much appreciated.


6 October 2023

 “Good morning J

Hope you are well. Thank you for the wonderful service that you have provided and always provide to me and all your customers. That's the reason I am transferring my pension from GIPF to RFS.”

2 August 2023


 You have an excellent Team here ????????????????????????????

 Thank you RFS"

5 June 2023

"Dearest B

You have me in tears.

We have been struggling for more than 14 years now to close our VAT account, and every year has a new issue. This was the last one, and now I feel so blessed to be able to see this. I am now just praying that our bookkeeper is good with this.

Bless you dear B…"

17 April 2023

Dear M,

Trust this mail finds you well.

At this time really M and team, how you take care of us, is first class. Cannot say thank you enough to RFS excellent services always. It’s a relationship that is a keeper.

Thank you so much for last week (and all other times and still to come) TEAM M. You people are just AMAZING!.....

I would think my e-mail transmitted early this morning but it was terrible today, hence my delayed appreciation.

Wish you all the best!”

15 February 2023

"Dear R

It is my pleasure to refer potential clients.  We have had such good service from you over the years.

Kind regards,


3 March 2023

"Thank you very much for the confirmation Ms B. May I also take this opportunity to sincerely thank you and your team for the excellent service rendered to me. I have been a client of RFS (formerly UPA) since about 1990 and never looked back.

With kind regards

JW ”

6 February 2023

"Thank you all for the excellent service. Where do I give you a badge or rate you?”

7 July 2022

"Thank you, my sister. You are always so amazing and smart.!”

11 October 2022

"Dear K… & T…

It was always a pleasure working with you.  We appreciated the knowledge and the experience that you brought to the meetings which made our jobs so much easier.  As management of A… we will always have concerns and challenges but we never had any concerns about our fund administrator.  Thank you for that!!”

11 October 2022


Hi K

Hope you are well.

Congratulations for the name change. I waited for an invitation so that I can celebrate with you and your great team but it seems technology did not do justice on me.

I believe it is only the name change and not culture and work ethics change ???? ???? ????. I am saying this because you do have such a great team. In particular, T_ _ _ C_ _ _. He such a world class asset. He works so well and communicates greatly. I have been working with him on R_ _ _. He is such a joy to work with. He always amazes me with his talent and dedication. He makes everything flow so easy and efficiently. He is such as a superstar who brings a lot of positive energy and coordinates well action items.

Well done to the name change!”

24 August 2022

"We would like to express our profound gratitude and sincere thanks to the Fund Administrator and Fund Accountant in the persons of … and … respectively.

The gentlemen adequately prepared for the audit, being proactive in their delivery of the supporting documentation we would ordinarily need to carry out our audit work. All such schedules and documentation were filed timeously and meticulously.

This further demonstrates the calibre of their personalities and the effort, time and excellence they put into their work. This is what has necessitated us to make special mention of their excellent work.

We are aware that … and … work with a team. At this point, we would like to extend our appreciation to each team member for their contribution, time, talent and effort. Thank you for the excellent filing and documentation of paperwork. All of this has made the audit pleasurable and enabled us to reach the audit deadline.

Thank you for maintaining an open-door policy of open communication. It was very refreshing to work with … and … who not only are knowledgeable in their vocations but were willing and patient to clarify the plethora of queries we had.

To the management, we revere you for setting a conducive work environment that enables employees to live out their purpose with excellence, dedication and passion. This has reflected in the way all employees have carried out their work.”

7 September 2022

"Dear H,

I am an Accountant and I am also involved in managing an administrative environment for about now 22 years.  In my life I have never come across a company such as Retirement Fund Solutions who continuously has the tendency to always surprise me with their ability to deliver results same day.  Never have I experienced this anywhere elsewhere in my career in Namibia.  Retirement Fund Solutions you are simply the best.  Every time I deal with you I get same-day response on old rusted queries.

I thank you so much H and my appreciation to the management and leadership of the Retirement Fund Solutions.  Keep it up guys.

You are worth all my recommendations.”

22 March 2022

"Oh my [I] ???? man…..

Dankie my eie, will send the member to collect.

Your are truly a gem..!!”

9 February 2022

"Thank you for speedily actioning our members’ Certificates of Existence, B…! 

Your meticulous professionalism is much valued!”

7 December 2021

"Hi A

Thanks very much, you are a legend in your own lifetime.

Regards ”

24 January 2022

"Thank you, E... Much appreciated. It is such a pleasure working with friendly, well-trained staff as well as a company that is so well organized. Every time I have a query, you return with an answer within an hour or two – thank you.”

29 October 2021

"Thank you, E... Much appreciated. It is such a pleasure working with friendly, well-trained staff as well as a company that is so well organized. Every time I have a query, you return with an answer within an hour or two – thank you.”

17 November 2021

"Ek wil net vir jou baie baie dankie se vir die goeie diens wat ek van jou af ontvang het. Ek het regtig lanklaas by enige instansie in Namibië sulke spoedige diens gekry en gevoel ek werk met iemand wat my wil help. Ek wens ek was nader aan Windhoek dat ek nou vir jou n boks chocolates kon koop vir jou diens. Baie Dankie! ”

1 November 2021

"Wow! I am impressed R and compliment RFS on the progress. I think this [new reporting] makes so much more sense…”

Dated 31 August 2021

"I would like to say that I absolutely enjoyed working with …, one of the best I ever worked with. He is tops in my opinion. Always going out of his way to assist.”

Dated 18 August 2021

"Thank you soo much…without your assistance, I would have stuck with this process. ITAS called me they said everything is in; order you can go ahead with your process Mrs…  God bless you.  Regards.”

Dated 29 June 2021

"Dear S,
Thank you very much for your prompt and to the point reply. These days it becomes more regular that requests like mine are either ignored or only attended to after various reminders. Therefore I really appreciate people like you who take their customers’ needs serious. Please keep up the great work and service you are and always have provided to my requests. Thank you very much once again."

Dated 29 April 2021

Og J jy bly maar net ‘n Ster, baie dankie vir jou puik diens, waardeer baie.

Dated 5 May 2021

We would like to express our profound gratitude and sincere thanks to the Fund Administrator and Fund Accountant in the persons of Mr … and Mr … respectively.

The gentlemen adequately prepared for the audit, being proactive in their delivery of the supporting documentation we would ordinarily need to carry out our audit work. All such schedules and documentation were filed timeously and meticulously.

This further demonstrates the calibre of their personalities and the effort, time, and excellence they put into their work. This is what has necessitated us to make special mention of their excellent work.

We are aware that Mr … and Mr … work with a team. At this point, we would like to extend our appreciation to each team member for their contribution, time, talent, and effort. Thank you for the excellent filing and documentation of the paperwork. All of this has made the audit pleasurable and enabled us to reach the audit deadline.

Thank you for maintaining an open-door policy of open communication. It was very refreshing to work with Mr … and Mr … who not only are knowledgeable in their vocations but were willing and patient to clarify the plethora of queries we had.

We would also like to appreciate Ms … who kept the working room clean and tidy. Thank you for your efforts.

To the management, we revere you for setting a conducive work environment that enables employees to live out their purpose with excellence, dedication, and passion. This has reflected in the way all employees have carried out their work.”

Dated 25 March 2021

“Og!! Jys n AGTERMEKAAR vrou!! Thank you for your service.”

Dated 7 April 2021

“I just want to say a special THANK YOU for the professional and swift manner in which you are handling our Pension fund. Your hard work and efforts are HIGHLY appreciated.

Below a little statistic that we can be PROUD of.

In October 2020 we introduced the Benefits stream. Period September 20 to November 2020 – It took an average of 61 days for pension to be paid out.

Period December 20 – March 2021 – It took an average of 31 days for Pension to be paid out, from Termination date. 

I am PROUD to be part of this team ????.”


Dated 18 February 2021

“Morning J..,

Kindly please find attached. I’m very pleased to have you on our [..] team, I call myself privileged to work with you, you are just on another level. J.. thank you very much for your service, much appreciated.


Dated 18 December 2020

“...Let me use this opportunity to thank you for the pleasant working relationship with your office and in particular with you.

It was indeed great and enriching working with you, and the skills acquired during the encounters will remain useful in a long time.

A blessed festive season and new year. One of our African proverbs says only mountains don’t meet.”

“To the RFS team

I do agree! This looks very tempting for a hardworking, and by now, an almost exhausted YOU.

More than ever before, YOU deserve a break from the 2020 challenges that came unexpectedly –

sometimes it was fun and comfortable, but then also somewhat depressing and inconvenient.

RFS once again took honors in how you dealt with the entire situation.

Wherever you may be this festive season – take care, relax, and enjoy whatever YOU have planned for you and your family.

A special thank you for assisting with the ERS when usual password attempts failed, and for loading benefit statements for some eager members without delay. Your time and efforts were always appreciated when we needed it most.

Wishing you all a Merry Christmas and a Blessed New Year."

RFS’ purpose for existence is to enable retirement wellness. The following note is testimony to our wealth advisers going out of their way to pursue our purpose:

“...I need to congratulate you a brilliant professional service, it’s a pleasure to work with you.”

“I would like to express my utmost gratitude towards RETIREMENT FUND SOLUTIONS and Ms J for being with me since my husband passed away.  Thank you for your compassion and dedication and tireless effort to process this claim for my son and me. May the Almighty bless you.”

“Môre G en J
Van my kant af net 'n groot dankie vir die jaar se saamwerk, dit was 'n plesier om sulke diens en standaarde te sien.”


As I said, I could poach you to work for us only one thing – your excellent service!!!

Please tell your managers that they are very lucky to have you!!!

Thanks once again!”

“Thank you so much for your quick response T, keep it up. It’s really a pleasure working with you, you never disappoint me.”

“Hi B

That is great news indeed, I would like to thank you and A personally for all the effort put in over all the times I have asked you for assistance and I will recommend your company to all my friends????.

This has lifted a massive burden for me.”

...We would like to thank you and your team for all your assistance last week, it truly helped us in getting our work done and finishing on time.

I have discussed with the team and below is our experience with regards to the 2020 audit.

Upon our arrival, we immediately received all documents and got straight to work. It was highly unlikely that the samples selected were not provided to us as the client ensured we had everything we need. This was of great assistance due to the number of files we had to test. In the event that a certain file was not in our belonging, the client would inform us of this beforehand as the file was with them due to admin reasons. When a new sample was selected, without any delay, we received all relevant supporting documents hence no long waiting period.

The staff was at all time friendly to us and assisted us in every query, no matter how small. This helped us understand the business better and get our work done faster than expected.

The files presented to us for testing were neatly presented with all necessary information.

This resulted in a smooth and well organized audit...”

“...I trust this email finds you well. This email serves to convey my compliments on the way you really answer your business phone. “Highly professional”, your calls never ring more than 3 times. It is being pick up on time. Keep up your excellent telephone etiquette, something one can learn from and emulate...”

“...Also as I am extremely satisfied with your performance and service over the years, ..”

“Dear RFS Team,

Thank you for all your kind assistance during this year – you really made a difference to our Members, and the ... Fund as a whole, with your exceedingly professional service...”

“Dear R

Please find the REVISED returns for October 2019 and November 2019 attached...


E (Fund Accountant from RFS) queried our returns as he could not reconcile to our market linked portfolio return. We compared our workings and it became obvious that the Investec market value as at 31 Oct 2019 differed. The Investec statement we received reflected a market value of … whereas RFS received a statement which showed...

This was taken up with Investec and they confirmed the … [RFS value] to be correct. This caused the October return to be overstated and the November return to be understated…

This situation shows the merits of having independent service providers that keep an eye on each other. Thank you E for highlighting this.

Kind regards”

“Good morning M
Thank you very much for the proof of payment. You always deliver exceptional service, I appreciate it.”

“Dear Directors,
I wish to thank you once again for this token of appreciation. As always, I don’t take anything for granted and am indeed grateful that I am working for such a great Company and with such awesome people. I have never regretted a moment since joining RFS more than 12 years ago. I am extremely thankful and proud to be part of this team!
Kind regards...”

“Hi T...
Thanks for the email. Yes, it worked and we submitted on time. Thanks so much for your input. We really appreciate your valuable contribution towards the Fund. You make the whole process so efficient with your world class input which is timeously and of high and undisputable quality. We have so much joy working with you.”

“Dear madam,
It was indeed an honor to be working with you when I was employed at ... as HR Administrator.
Your love and dedication to your work has left me amazed all the time. Even if there were delays from my side you were always calm and composed when re-requesting the information. Until the very last minute I received my pension from RFLAUN, you have been more than helpful.
Indeed, just because of your dedication, I regret leaving the Local Authority industry. It was really wonderful working with you.”

“Dear K
I have conferred with R who did all the heavy work on this and we both concur that the data was very clean and accurate. So were the management accounts.  Thank you for this.”

“Good day Kai,
Compliments of the new season.
Thank you very much for the swift response as always. We really do appreciate your feedback. We will take your comments into consideration and discuss them further during the industry consultations next month.”

“Caroline was awesome and in agreement with the assistance granted. Thank you so much for prompt and efficient service.

“Dear Kai,
I would like to really thank you and your team for a “Tops” service, our Fund would not achieve much without your excellent service.
Best regards”

YOU HELPED ME in literally a few minutes to build up a spreadsheet that indicates all clients Pensionable salary and all costs etc. We wanted the management of the company to see what &  how the breakdown will look like for each staff member. WOW ONCE AGAIN YOU ARE A BABE! If it works out – This client will be in great hands regarding Pension and I for one can say that they won’t make a mistake! I will always refer RFS to any Company out there because this is where service starts and continues all the way."

“Voorspoedinge nuwe jaar en mag dit ‘n geseende jaar wees. Ek wil net vir jou baie dankie se vir al die moeite met my ma se geldjies, ek weet nie wat sy sou gedoen het sonder jou hulp nie, ons was al raad op met die bank wat geen antwoorde gehad het nie en net sommer nie terug gekom het na haar toe nie, na 3 maande se gesukkel het jy ons ongelooflik vining gehelp en ons waardeer dit bitterlik baie. Baie dankie weereens en geniet jou daggie.”

 I received monies in the bank today... Thanks so much! That was excellent service, only expected end Feb 2018 as hereunder. Well done!”

“...On a personal note, I just want to say that I was very happy when I was informed that the NQA employees are part of the Benchmark Retirement Fund, I therefore knew that my pension is in good hands.”

“From when I joined BenchmarkRF/RFS in 2001 with much personal assistance and guidance from Tilman Friedrich I have never felt let down. Throughout the years he and his continual growing staff members (those I came in contact with) have been prepared to guide and assist. RFS have throughout the years done much effort to keep their clientele informed through their monthly newsletters, reviews of portfolio performance, their AGM’s. They come across as an organisation in which integrity appears to be one of their top aims. I have expressed similar lines of praise in the past towards management, staff, etc. – this is the first time however it is in writing.”

“Morning Agnes,
Thank you very much both of you for your time and effort, much appreciated, you really do as your slogan states and let us sleep peacefully.”

“Dear K
Thank you again for the opportunity to work with you on this project. First of all I would like to commend Retirement Fund Solutions on the quality of the data that was provided. In my 15 years in Asset Management I have never come across a data set that is in such good standing, it really is a testament to your business.”

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                        <p style="text-align: center;"><span style="font-size:18px;"><span style="font-family: georgia,serif;"><img alt="RFS Sun" src="http://www.rfsol.com.na/images/newletter-images/2015-rfs-sun.jpg" /></span></span><br />
                        <a href="http://www.rfsol.com.na" target="_blank"><strong><font color="#000040" face="Georgia" size="2"><strong>Retirement Fund Solutions</strong></font></strong></a></p>
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                        <div style="text-align: center;"><img alt="Benchmark sun" src="http://www.rfsol.com.na/images/newletter-images/2015-benchmark-sun.jpg" /><br />
                        <a href="http://www.rfsol.com.na/?tabno=3&amp;atclid=78"><strong><font color="#000040" face="Georgia" size="2"><strong>Benchmark Retirement Fund</strong></font></strong></a></div>
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                        <div align="left"><span style="font-family: georgia,serif;"><span style="font-size: 12px;">If you can&#39;t see the pictures or want to verify that this e-mail comes from RFS, view it online, <a href="http://www.rfsol.com.na" target="_blank">here...</a><br />
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                        <p align="left"><font face="Georgia" size="2"><span style="font-family: georgia,serif;"><span style="font-size: 12px;"><strong>Is your retirement investment portfolio adequate?</strong><br />
                        Find the Benchmark pension fund calculator, <a href="http://www.rfsol.com.na">here... </a></span></span></font></p>
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                        <p><span style="font-family: georgia,serif;"><span style="font-size: 10px;">Whilst we have taken all reasonable measures to ensure that the results reflected herein are correct, Benchmark Retirement Fund and Retirement Fund Solutions Namibia (Pty) Ltd do not accept any liability for the accuracy of the information and no decision should be taken on the basis of the information contained herein before confirming the detail with the relevant portfolio manager. </span></span></p>
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                        <p><span style="font-family: georgia,serif;"><span style="font-size: 10px;">The content of this e-mail may not be copied or reproduced and disseminated to other persons without the express written consent of the author thereof. Whilst we have taken all reasonable measures to ensure that the information reflected herein is correct, Benchmark Retirement Fund and Retirement Fund Solutions Namibia (Pty) Ltd do not accept any liability for the accuracy of the information and no reliance should be placed on, or decision taken upon the basis of, the information contained herein before having confirmed the relevant detail with the author or another appropriately qualified person.</span></span></p>
            <td cellpadding="4" cellspacing="2" colspan="6" style="line-height: 0px; text-align: right;" valign="top"><a href="https://www.rfsol.com.na/images/trustees/trustee-2016-07-ethics.pdf"><img alt="" height="57" src="https://www.rfsol.com.na/images/newletter-imgs/2016-03a-trustee-ethics.jpg" style=" height:57px;  width:420px; " width="420" /></a></td>
            <td align="left" bgcolor="#0071bb" cellpadding="4" cellspacing="2" colspan="6" valign="top" width="440"><span style="color:#FFFFFF;"><span style="font-size: 18px;"><span style="font-family: georgia,serif;">In this newsletter:</span></span><br />
            <span style="font-size:14px;"><span style="font-family: georgia,serif;">Benchtest 07.2018, message from Managing Director, pension or provident fund, risks of dismissal, conferences and more...</span></span></span></td>
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            <p><span style="font-family:georgia,serif;"><span style="font-size: 12px;"><span style="font-size: 24px;">Important notes and reminders</span></span><br />
            <br />
            <span style="font-size:16px;">RFS client function to be held on 5 September</span><br />
            <br />
            <span style="font-size:12px;">RFS will once again host a client function of 5 September at &lsquo;De Kayak&rsquo; next to Olympia municipal swimming pool on 5 September starting at 17h15.<br />
            <br />
            The keynote address will be delivered by Brett St Clair. Brett has more than 20 years of experience in the global digital landscape. He mastered the secrets of Silicon Valley over 10 years, as he worked to build African successes at Admob (the world&rsquo;s largest Mobile Advertising Network), Android, YouTube, Google and Google&rsquo;s Cloud Computing across Africa.<br />
            <br />
            Brett will speak on &lsquo;Digital Transformation - The Path To Innovation&rsquo;. Understanding where digital&nbsp; disruption is coming from and key technology trends causing exponential disruption holds the key to understanding the ways of working in future.</span><br />
            <br />
            <span style="font-size:16px;">Benchmark Retirement Fund annual member meeting to be held on 6 September</span><br />
            <br />
            <span style="font-size:12px;">Members of the Benchmark Retirement Fund will be updated on latest developments within the fund, it financial position and investment returns at the annual member meeting to be held at NIPAM, Paul Nash Street Olympia, on 6 September 2018, starting at 17h00. The keynote address will be delivered by Brett St Clair. Brett has more than 20 years of experience in the global digital landscape. He mastered the secrets of Silicon Valley over 10 years, as he worked to build African successes at Admob (the world&rsquo;s largest Mobile Advertising Network), Android, YouTube, Google and Google&rsquo;s Cloud Computing across Africa.<br />
            <br />
            Brett will speak on &lsquo;The Era of Digitalism&rsquo;. The world used to be the domain of Silicon Valley but over 50 billion devices will be connected by 2010. What impact will this have on life for us all? Please confirm your attendance by writing to This email address is being protected from spambots. You need JavaScript enabled to view it. or call Andrea on 061 446 6069 by 31 August<br />
            <br />
            If you are interested in any of these topics, your presence at the meeting is a foregone conclusion!</span><br />
            <br />
            <span style="font-size:16px;">Quarter 3 of 2018 SIH returns &ndash; for warning</span><br />
            <br />
            <span style="font-size:12px;">The SIH return at <strong>30 September 2018</strong> is due to be submitted by 15 November (note that the 45 days period remains in place). The return for quarter 2 was due to have been submitted by 15 August.</span><br />
            <br />
            <span style="font-size:16px;">NAMFISA levies</span></span></p>

                <li><span style="font-size:12px;"><span style="font-family:georgia,serif;">Funds with <strong>year-end of July 2018</strong> need to have submitted their 2nd levy return and payments by 25 August 2018; <strong>August 2018 year-ends</strong> by 25 September 2018.</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family:georgia,serif;">Funds with <strong>year-end of January 2018</strong> need to have submitted their 1st levy return and payments by 25 August; <strong>February 2018 year-ends</strong> by 25 September 2018.</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family:georgia,serif;">Funds with <strong>year-end of January 2018</strong> need to submit their final levy return and payment by 31 January 2019; <strong>December 2017 year-ends</strong> need to submit their final levy return and payment by 31 December 2018.</span></span></li>

            <p><span style="font-family:georgia,serif;"><span style="font-size:12px;"><span style="font-size: 24px;">Newsletter</span></span></span><br />
            <br />
            <span style="font-size:16px;"><span style="font-family: georgia,serif;">Dear reader</span></span><br />
            <br />
            <span style="font-family:georgia,serif;"><span style="font-size: 12px;">In this newsletter we present a message by managing director Marthinuz Fabianus to our clients; we review the dilemma of pension fund or provident fund, lump sums or pensions; we review the potential risk of dismissal for an employer; we question the value of conferences, seminars and workshops; we analyse the requirements of RF.S.R.5.17, and in our investment commentary we suggest that under current market conditions, a prudential balanced portfolio is the best choice for an investment horizon of 3 years and longer. Under &lsquo;legal snippets&rsquo;, we review an interesting judgment by SA Appeal Board of the FSB dealing with the adjudicator&rsquo;s powers to refuse to register rules.</span></span><br />
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            <span style="font-family:georgia,serif;"><span style="font-size: 12px;">The topical articles from various media should not be overlooked &ndash; they are carefully selected for the value they add to the management of pension funds and the financial well-being of individuals...<br />
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            ...and make a point of reading what our clients say about us in the &lsquo;<a href="https://rfsol.com.na/testimonials" target="_blank">Compliments</a>&rsquo; section. It should give you a good appreciation of who and what we are!</span></span><br />
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            <span style="font-family:georgia,serif;"><span style="font-size: 12px;">As always, your comment is welcome, so open a new mail and drop us a note!</span><br />
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            <span style="font-size:12px;">Regards<br />
            <br />
            Tilman Friedrich</span><br />
            <br />
            <span style="font-size:24px;">Message from our Managing Director</span><br />
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            <span style="font-size:12px;">I owe the diverse RFS clientele, various business leaders, peers in the industry, even former school mates I have not heard from in many years and not to forget friends and family a big thank you for the overwhelming congratulatory messages regarding my appointment as RFS Managing Director.<br />
            <br />
            Most of the messages served not just to congratulate and wish me well, but to also offer support and importantly give me a heads-up on the challenges lying ahead. I have had to state at times repeatedly in recent conversations that my career story is not even a bit as remarkable as the story of RFS, the business that was started from absolutely zero less than 20 years ago. I have been extremely fortunate to have been part of RFS from its early days and I credit the keen interest in my role at RFS to the exceptional business reputation RFS has earned in the market to date. It sounds exaggerated to state the fact that RFS is today the largest wholly Namibian owned pension fund administrator, managed locally, by local Namibians!<br />
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            We are extremely fortunate to have Tilman who is still energetic, of good spirit and most importantly willing to remain involved to offer his technical advice, motivation and mentorship on the operational side of the business. I could not have hoped for anything better. The greatest achievement of RFS and Tilman is the quality and strength of the management team and staff that conceals some of the finest individuals that form part of in my view the best pension fund management team ever put together in our industry.<br />
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            With the imminent complete overhaul of the pension fund laws and the changes in the regulatory environment, the pension fund industry but more specifically pension fund administrators, boards of trustees of pension funds and pension funds asset managers face extremely challenging times ahead. Yet, further reasons for concerns are created with the uncertainties and secrecy around the envisaged National Pension Fund law being pursued by the Social Security Commission. Probably more than ever before, our industry needs a vibrant body to earnestly represent the interests and concerns of the industry.<br />
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            Tilman was recently reconfirmed to serve on the legal and regulatory committee of the Retirement Funds Institute of Namibia (RFIN). This is a direct benefit our clients and the industry at large are gaining from Tilman&rsquo;s wealth of experience and expertise. I have myself also recently joined the board of RFIN once again, which I previously served as President 12 years ago. RFIN however has not received the required support it needs from especially pension fund boards. It is not enough to pay membership fees to an industry body like RFIN and then leave it to a handful of trustees and mostly representatives of service providers to fight the challenges the industry face with regulators. I can make the point on another day, but on my maiden contribution to the newsletter in my new role, my plea to pension fund trustees is to get involved in the activities and the running of RFIN if RFIN is to be taken seriously and be meaningful in our industry.<br />
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            I look forward to serving firstly our clients, but also the industry at large as I have done for the past 17 years I have been with RFS.</span></span></p>

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                        <td><span style="font-family:georgia,serif;"><span style="font-size:12px;"><img alt="Marthinuz Fabianus" src="https://rfsol.com.na/images/newletter-images/2017-01-b-marthinus.jpg" style="float: left; margin-left: 4px; margin-right: 4px; height: 110px; width: 88px;" /><span style="font-size:14px;"><span style="color: rgb(255, 255, 255);"><span style="font-family: georgia,serif;">Marthinuz Fabianus graduated from Namibian University of Science &amp; Technology with a Diploma in Commerce and Bachelors in Business Management. He completed a senior management development programme at University of Stellenbosch and various short courses including a macro-economic policy course which he completed at the International Training Centre of the ILO in Turin, Italy. Marthinuz also serves as trustee on the board of the Benchmark Retirement Fund and is a member of the board of the Retirement Funds Institute of Namibia.</span></span></span></span></span></td>
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            <span style="font-family:georgia,serif;"><span style="font-size: 24px;"><span style="font-family: georgia,serif;">Tilman Friedrich&#39;s Industry Forum</span></span><br />
            <br />
            <span style="font-size:20px;"><span style="font-family: georgia,serif;">Monthly Review of Portfolio Performance<br />
            to 30 June 2018</span></span></span><br />
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            <span style="font-family:georgia,serif;"><span style="font-size:12px;">In June 2018 the average prudential balanced portfolio returned 2.45% (May 2018: -1.61%). Top performer is Allan Gray (3.92%); while EMH Prescient (1.13%) takes the bottom spot. For the 3 month period, Allan Gray takes top spot, outperforming the &lsquo;average&rsquo; by roughly 1.92%. On the other end of the scale Investment Solutions underperformed the &lsquo;average&rsquo; by 1.09%.</span><br />
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            <span style="font-size:16px;">A more conservative portfolio for now should let you sleep more peacefully</span><br />
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            <span style="font-size:12px;">The relevance of a normalised interest rate environment is that returns of all other asset classes should start normalizing in other words, returning to inflation beating returns of all asset classes but perhaps cash, up to inflation plus 6% to 8% on equities. Until we reach normality we will see lots of volatility particularly in the more volatile asset classes and we will see similar returns on the various asset classes. This is also what we showed in last month&rsquo;s column where we looked at the period 1 July 2014 to 31 May 2018. In such scenario, a more conservative portfolio structure should offer more peace of mind as it will avoid the painful draw-downs of the more aggressive portfolios.<br />
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            This is exactly what the trustees of the Benchmark Retirement Fund did with its Default Portfolio when they decided to pair the Prudential Inflation Plus portfolio with the Sanlam Inflation Linked portfolio on a 50: 50 basis to 50% of the portfolio in October last year. This appears to have worked out quite well for the portfolio since October 2017, given that it is a very short period. Over this 9 month period the Default Portfolio returned 6.2% compared to the return of the average manager&rsquo;s 5.3%. Graphs 1.1 to 1.6 above cover this period and mirror the positive outcome of the reduction of risk affected in the Default Portfolio.<br />
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            The US Repo rate is currently 2%, while US CPI was 2.9% at the end of June. This relationship should be the inverse of what it is meaning that based on current CPI, a US Repo rate of around 4% would indicate a normalised interest rate environment.<br />
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            Read part 6 of the Monthly Review of Portfolio Performance to 30 June 2018 to find out what our investment views are. Download it <a href="https://rfsol.com.na/?tab=brf&amp;atclid=949" target="_blank">here...</a></span><br />
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            <span style="font-size:24px;">Pension or provident fund, lump sums or pensions &ndash; where to from here?</span><br />
            <br />
            <span style="font-size:12px;">Making adequate provision to retire with dignity is not so easy to achieve in the first instance, and there are a number of pitfalls that will prevent you from achieving this ideal - early withdrawal, poor investment returns, high management costs, too low basis for setting a contribution rate, too low contribution rates. Of course government doesn&rsquo;t want end up bearing the responsibility for persons that have made inadequate provision for their retirement.<br />
            <br />
            The proposed National Pension Fund is one policy measure government is considering in order to ascertain that all citizens will eventually have provided adequately to retire with dignity. Clearly there is serious and justified consideration how to go about this national objective. And it does not take much grey matter to appreciate that the approach must be two-pronged, one being to ascertain that everyone contributes adequately, the second one being to plug the holes in the system that cause leakages as we will deal with further on.</span></span>

                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Currently, there is no legal requirement to preserve one&rsquo;s capital upon resignation. The Income Tax Act encourages preservation by allowing retirement capital to be transferred to another approved fund, tax free but at the same time it allows you to withdraw a portion or all your capital within the first three years of resignation. This is only one leakage. The National Pension Fund envisages compulsory preservation but it is not in force.&middot;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A much more serious leakage is the provision for provident funds in the Income Tax Act. These funds cannot pay pensions but only lump sums and oblige the employee to accept cash as the default arrangement. Obviously most employees are unlikely to reinvest the cash once in their possession. We question the existence of provident funds and believe SA has taken the right decision to enforce annuitisation at retirement meaning that fund members will be obliged to convert a portion of their retirement capital to an annuity. Under the FIM Bill, RF.S.5.18 also envisages compulsory preservation of a minimum of 75% of a member&rsquo;s &lsquo;minimum individual reserve&rsquo;, often also referred to as member&rsquo;s fund credit or share.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Often pension funds require the retiree to purchase a pension from another fund or insurer. Such transactions not only often expose the retiree to unscrupulous operators, but the retiree has to incur substantial costs. Trustees are also often overwhelmed by consultants talking them into unnecessarily complex structures that might serve the needs of a very small minority but come at a cost. Trustees often do not grasp the complexity of such complex structures nor do they appreciate the risks. The consultants often introduce such arrangements with their own agenda, such as selling house products and services and making themselves indispensable for the fund.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">There are other less serious leakages which we will not cover now. The most serious leakages can and should be addressed by government through policy measures. The thought has been raised for the Income Tax Act to do away with provident funds. With regard to the National Pension Fund, it is still being contemplated whether or not any exemption will be granted to existing funds. It would appear likely that if any exemption were to be granted, it would be on the basis that the employee and employer contribution rate towards the fund is at least equal to that of the National Pension Fund (12%-14% of payroll?) and that benefits will primarily take the form of income rather than lump sum benefits.</span></span></li>
            <span style="font-family:georgia,serif;"><span style="font-size:12px;">Employers and trustees of course are free to pre-empt legislative measures to plug these leakages that are likely to be plugged through government policy measure sooner or later. In this light here is sound advice to employers until such time as the future of the National Pension Fund and of the Income Tax Act with regard to retirement provision has been cleared:</span></span>

                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Rather offer a pension fund than a provident fund.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">The pension fund should offer income benefits rather than lump sums in the event of death, disablement and, as a matter of course, in the event of retirement.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Be wary of converting your fund from pension fund to provident fund and to do away with income benefits.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Be wary of outsourcing pensioners if your fund is large enough to carry the liability for in service spouse&rsquo;s and children&rsquo;s pensions and post retirement pensioners.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Be wary of dissolving your investment reserve which is particularly useful for funds maintaining a pensioner pool.</span></span></li>
                <li><span style="font-family:georgia,serif;"><span style="font-size:12px;">Be wary of unnecessarily complex and expensive fund structures that may serve a small group of members only.</span></span></li>
            <span style="font-family:georgia,serif;"><span style="font-size:12px;">Once abandoned, it will be extremely difficult for any fund to reintroduce the previous arrangements.</span><br />
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            <span style="font-size:24px;">Conferences, seminars, workshops &ndash; are they worth our while?</span><br />
            <br />
            <span style="font-size:12px;">Most professional bodies nowadays require their members to obtain an annual score for continuing professional education. Many entrepreneurs have pounced on this business opportunity by offering conferences, seminars and workshops. I am sure not to be the only one totally irritated by the unsolicited calls one receives virtually daily and the flood of invites filling up one&rsquo;s Inboxes. Worst of all is the fact that one receives numerous calls from different sales people for the same conference, who all drive a hard sale to boost their commission income.<br />
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            The cost of these events is in many instances exorbitant, considering that one would typically pay as much for about 10 days&rsquo; conferencing as one would pay for a whole year university tuition, or more! Some organisers even have the audacity to cost their conference in one or other foreign currency! The programmes typically comprise of an array of speakers, wisely picked between a few experts and a string of people whose only purpose is to present themselves in all their glory and eloquence. Often these events are poorly organised, studded with sub-optimal speakers and poor attendance, and at times one may even get trapped by a fly-by-night who offers great early-bird discounts just never to be seen or heard again (speaking of experience)! But to be honest, what can you learn by listening to six or eight 45 minute talks throughout the course of a day, depending on how long the tea and lunch breaks are drawn out, even if it were the best possible speakers? It can only be but an appetizer here and there for topics one may want to delve into more deeply in a more dedicated manner.<br />
            <br />
            Isn&rsquo;t it time for this industry to become regulated? We love regulators so here is another opportunity for controlling an awful waste of resources.</span></span><br />
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            <span style="font-size:24px;">New regulations and standards: comment on RF.S.5.17</span><br />
            <br />
            <span style="font-size:12px;"><span style="font-family: georgia, serif;">In the second half of last year NAMFISA issued a number of new regulations and standards for comment. Although some comments were submitted these mostly did not address the substance of these but rather their form. Having considered these comments NAMFISA made some changes that we would consider superficial and not addressing the real concerns. Trustees are urged to pro-actively consider the possible implications of these regulations and standards and how to deal with these.&nbsp; Funds are encouraged to liaise with RFS where these may impact the administration of the fund.</span></span>

            <p><span style="font-size:12px;"><span style="font-family: georgia, serif;">The following regulations and standards were issued and covered in the process:</span></span></p>

            <p><u><span style="font-size:14px;"><span style="font-family: georgia, serif;">Regulations:</span></span></u></p>

                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.R.5.3&nbsp; Terms &amp; conditions on which a board may distribute some or all of an actuarial surplus</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.R.5.7&nbsp;&nbsp; The rate of interest payable on the value of a benefit or a right to a benefit&nbsp; not transferred before the expiration of the applicable period pursuant to section 262(9)(c</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.R.5.8&nbsp;&nbsp; The protection of unpaid contributions of an employer and the rate of interest payable on contributions not transmitted or received pursuant to section 262 (9)(a) and (b).</span></span></li>

            <p><span style="font-size:12px;"><span style="font-family: georgia, serif;">The above regulations were covered in the <a href="/testimonials?amp;view=article&amp;id=911&amp;catid=33&amp;Itemid=101">Benchtest 2018-02 newsletter</a> issued in February.</span></span></p>

            <p><u><span style="font-size:14px;"><span style="font-family: georgia, serif;">Standards:</span></span></u></p>

                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.11&nbsp; Alternative forms for the&nbsp; payment of pensions for the purposes of defined contributions funds</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.12&nbsp; The conditions pursuant to which a fund may be exempted from Chapter 5 or from any provisions of Chapter 5</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.13&nbsp; Requirements for a communication strategy</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.14&nbsp; Requirements for the annual report of the fund to its members</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.15&nbsp; Requirements for the annual report of a fund to NAMFISA</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.17&nbsp; Categories of persons having an interest in the compliance of a retirement fund with the provisions of section 262&nbsp; and the requirements for reports that must be submitted to such persons</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.18 Matters to be included in investment policy statement</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.19&nbsp; Matters to be communicated to members and contributing employers and minimum standards for such communication</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.20 Matters to be included in a code of conduct</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.22 Transfer of any business from a fund to another fund or from any other person to a fund</span></span></li>
                <li><span style="font-size:12px;"><span style="font-family: georgia, serif;">RF.S.5.23 Fees that may be charged for copies of certain docs</span></span></li>

            <p><span style="font-size:12px;"><span style="font-family:georgia,serif;">In the <a href="/testimonials?amp;view=article&amp;id=915&amp;catid=33&amp;Itemid=101">Benchtest 2018-03</a> newsletter we addressed RF.S.5.11.<br />
            In the <a href="https://www.rfsol.com.na/content/library-newsletter-archive/2018-04#lib" target="_blank">Benchtest 2018-04</a> newsletter we addressed RF.S.5.12 and RF.S.5.13.<br />
            In the <a href="https://www.rfsol.com.na/content/library-newsletter-archive/2018-05#lib">Benchtest 2018-05</a> newsletter we addressed RF.S.5.14 and RF.S.5.15.<br />
            In the <a href="https://www.rfsol.com.na/content/library-newsletter-archive/2018-06#lib" target="_blank">Benchtest 2018-06</a> newsletter we addressed RF.S.5.18 and RF.S.5.19<br />
            In the <a href="https://www.rfsol.com.na/content/library-newsletter-archive/2018-07#lib" target="_blank">Benchtest 2018-07</a> newsletter we addressed RF.S.5.20, RF.S.5.22 and RF.S.5.23</span></span><br />
            <br />
            <span style="font-size:14px;"><span style="font-family:georgia,serif;"><span style="text-decoration: underline;">RF.S.5.17</span><br />
            <span style="text-decoration: underline;">Categories of persons having an interest in the compliance of a retirement fund with the provisions of section 262&nbsp; and the requirements for reports that must be submitted to such persons</span></span></span></p>

            <p><span style="font-family:georgia,serif;"><span style="font-size:12px;">This standard requires every pension fund to now report on a quarterly basis to members, pensioners, employers, labour unions, fund bankers, fund investment managers, fund actuary, fund auditor, NAMFISA, the Financial Intelligence Centre and &ldquo;&hellip;any other party who may have a similar interest&hellip;&rdquo; [to these parties]. This report is to be in a standard tabular form setting out extensive detail on contributions due and paid.</span></span></p>

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                        <td><img alt="Tilman Friedrich" src="https://rfsol.com.na/images/newletter-images/2015-friedricht.jpg" style="float: left; margin-left: 4px; margin-right: 4px; height: 110px; width: 88px;" /><span style="font-size:14px;"><span style="color: rgb(255, 255, 255);"><span style="font-family: georgia,serif;">Tilman Friedrich is a qualified chartered accountant and a Namibian Certified Financial Planner &reg; practitioner, specialising in the pensions field. Tilman is co-founder, shareholder and Chairman of the RFS Board, and retired chairperson, and now trustee, of the Benchmark Retirement Fund.</span></span></span></td>

            <table border="0" cellpadding="5" cellspacing="1" style="width: 430px;">
                        <td align="left" style="background-color: #7acaff; width: 420px;" valign="top"><span style="font-size:16px;"><span style="font-family: georgia, serif;">Compliment from an SA Data Analyst</span></span><br />
                        <br />
                        <span style="font-size:14px;"><span style="font-family: georgia,serif;">&ldquo;Dear K<br />
                        Thank you again for the opportunity to work with you on this project. First of all I would like to commend Retirement Fund Solutions on the quality of the data that was provided. In my 15 years in Asset Management I have never come across a data set that is in such good standing, it really is a testament to your business.&rdquo;</span></span><br />
                        <br />
                        <span style="font-size:14px;"><span style="font-family: georgia,serif;">Read more comments from our clients, <a href="https://rfsol.com.na/testimonials">here...</a></span></span></td>
            &nbsp;<br />
            <span style="font-family:georgia,serif;"><span style="font-size:24px;">News from RFS</span></span><br />
            <br />
            <span style="font-family:georgia,serif;"><span style="font-size:18px;">Former managing director hands over the baton</span><br />
            <br />
            <span style="font-size: 12px;">Here are a few photos from our internal handover function:</span><br />
            <br />
            <span style="font-size:18px;">Staff movements</span><br />
            <br />
            <span style="font-size: 12px;">We are pleased to announce that <strong>Valerie Mudisie</strong> has joined our permanent staff establishment as from 1 August 2018. Valerie joined us in February 2018 from Alexander Forbes Financial Services where she last held the position of team leader. Valerie is a born Namibian from Okahandja. She is married and the mother of three kids (1 girl and 2 boys). She matriculated at Jan M&ouml;hr Secondary school in 2003. She started her career in 2004 with FNB as an admin clerk. After 5 years in the banking industry she joined Alexander Forbes as a Senior Fund Administrator. She was promoted to the position of team leader in 2014. Valerie gained valuable experience in our industry during the 8 years she worked for Alexander Forbes. She is a member of the Benchmark team serving a portfolio of participating employers as a Fund Administrator. Her 8 years&rsquo; fund administration experience no doubt stands her in good stead to promote our slogan &lsquo;rock solid fund administration that lets you sleep in peace&rsquo; amongst her clients! We extend a hearty welcome to Valerie and look forward to her being a key &lsquo;player&rsquo; for many years to come!</span><br />
            <br />
            <span style="font-size:18px;">RFS and the Benchmark Retirement Fund welcome Namib Lead and Zinc</span><br />
            <br />
            <span style="font-size: 12px;">We are excited to advise that Namib Lead and Zinc just informed us it will be joining the Benchmark Retirement Fund as a participating employer. We sincerely appreciate this gesture of confidence and trust in RFS, as fund administrator, and the Benchmark Retirement Fund and extend a hearty welcome to the company and its employees to the fold of the Benchmark Retirement Fund. Our business model is not to dominate the market through a low-cost proposition. We focus on transparency, exceptional reporting and superior service. This should support and promote sound industrial relations and the employer&rsquo;s employment philosophy and policy of attracting and retaining the best staff. If these are objectives important to your company and close to your heart, we should be your ideal partner in the provision of retirement benefits to your staff.<br />
            <br />
            This appointment takes editor down memory lane to the 1970&rsquo;s when he used to audit the books of Namib Lead and Zinc&#39;s predecessor mine!</span></span><br />
            <br />
            <span style="font-family:georgia,serif;"><span style="font-size:24px;">News from NAMFISA</span><br />
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            <span style="font-size:16px;">NAMFISA launches whistleblowing hotline</span><br />
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            <span style="font-size:12px;">As reported in The Sun The Namibia Financial Institutions Supervisory Authority (Namfisa) board chairperson Gerson Katjimune has officially launched the Namfisa whistleblowing hotline.<br />
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            RFS and the Benchmark Retirement Fund support this initiative whole-heartedly and encourage any stakeholder of the industry in general, but of RFS and the Benchmark Retirement Fund specifically, to make use of this new hotline to report any fraud, bribery, corruption and suspicious transaction without delay.</span><br />
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            <span style="font-size:16px;">NAMFISA investments exposed</span><br />
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            <span style="font-size:12px;">The Namibia Financial Institutions Supervisory Authority has investments of N$527.9 million outside the country, according to its 2017 fourth quarter statistics bulletin. The report released last week shows that this is as decrease from N$552.6 million recorded during the third quarter of 2017. However, the amount was lower than the N$928.1 million invested within the country. Meanwhile, the company&rsquo;s total investments during the period under review stood at N$1.46 billion in the third quarter of 2017. According to the bulletin, cash outside Namibia stood at N$41.5 million, compared to equities and shares outside Namibia standing at N$155.2 million. &ndash; The Namibian.</span></span><br />
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            <span style="font-family:georgia,serif;"><span style="font-size:24px;">Media snippets</span><br />
            <span style="font-size:16px;">(for stakeholders of the retirement funds industry)</span><br />
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            <span style="font-size:16px;">Inside the mind of a balanced fund manager</span><br />
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            <span style="font-size:12px;">&ldquo;For quite a few years, analysts and market commentators have warned that investors should expect returns to be lower going forward. But the lack of investment returns over the past three years has been worse than many have anticipated and has caused alarm among local investors. Over the past three years the median return of a local multi-asset high equity fund &ndash; the typical unit trust investors use to save for retirement &ndash; was a mere 4.8%. Many of these funds have not kept up with inflation. During the period, the local equity market has largely moved sideways and after the rand weakened significantly at the end of 2015, the local currency has strengthened again. This meant that many funds could not fully benefit from the international stock rally...&rdquo;<br />
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            What is the general expectation of balanced fund managers of equities, as typically the largest asset class holding in a balanced portfolio, going forward?<br />
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            Download this cross-section of investment manager views by Ing&eacute; Lamprecht in Moneyweb of 24 July 2018, <a href="https://www.moneyweb.co.za/investing/unit-trusts/inside-the-mind-of-the-balanced-fund-manager/" target="_blank">here...</a></span><br />
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            <span style="font-size:16px;">Safeguarding the elderly from financial abuse</span><br />
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            <span style="font-size:12px;">&ldquo;Dissect some of South Africa&rsquo;s most controversial investment schemes and you will come across groups of pensioners who invested after they were lured with empty promises of great returns. In light of the country&rsquo;s poor savings culture and socio-economic challenges, only about one in ten people are in a position to maintain their standard of living in retirement. Desperate to supplement a meager savings pot, it is not difficult to see why many retirees become victims of too-good-to-be-true money-making schemes. But financial abuse is not limited to having your money pilfered. It can also involve fraud or pressure to part with money or other assets, or having these misused by a loved one or acquaintance&hellip;&rdquo;<br />
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            As pensioners grow older, health is likely to fail and often they will no longer be in a position of evaluating the financial advice they receive from a financial adviser and to take a rational decision. So how do you protect the pensioners&rsquo; life savings?<br />
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            Read the article by Ing&eacute; Lamprecht in the Moneyweb Investor of 24 July 2018, <a href="http://moneyweb-2.instantmagazine.com/investor/the-moneyweb-investor-issue-47/safeguarding-the-elderly-from-financial-abuse/" target="_blank">here...</a></span><br />
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            <span style="font-size:16px;">Foreign equity transactions on the JSE</span><br />
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            <span style="font-size:12px;">As equity investor one is competing with other equity investors for the best buys available. Often the buys everyone is piling into becomes expensive, being chased by high demand, with concomitant poor future growth prospects. Foreign investors represent a pool of investors on the JSE and their investment calls may assist you in deciding where to buy and where to sell.<br />
            <br />
            SBG Securities produced an interesting analysis of what equities foreigners bought and sold on the JSE during June 2018. Download it <a href="https://www.rfsol.com.na/images/blogdocs/0265blogdoc-foreignequity.pdf" target="_blank">here...</a></span><br />
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            <span style="font-size:24px;">Media snippets</span><br />
            <span style="font-size:16px;">(for investors and business)</span></span><br />
            <br />
            <span style="font-family:georgia,serif;"><span style="font-size:16px;">A huge storm may be looming for investors</span><br />
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            <span style="font-size:16px;">Window-dressing - Why the market rallies at quarter end</span><br />
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            <span style="font-size:12px;">&ldquo;We are officially halfway through 2018 and it&rsquo;s a good time to reflect and look at what&rsquo;s happened so far this year. We compared the performance of the 100 largest shares on the JSE over different time periods and summarised the worst and best performers in the two tables below. Immediately we can note the 3.5% jump the Top40 Index experienced on 29 June, which accounted for all of the month&rsquo;s 3.6% return. It was also the last trading day of the second quarter and the rampant one-day rally improved the picture substantially for those three months, returning 6.2% instead of 2.7%. The improvement was felt across the board with most shares posting a strong final day of the quarter. It may seem like an odd coincidence that the last day of the quarter sees this anomaly, but those in the asset management industry are well aware of this occurrence near quarter end. The phenomenon is called &rsquo;Window Dressing&rsquo; where fund managers change their positions and &rsquo;dress&rsquo; their funds to look more attractive at the end of a quarter (usually the period for reporting to clients). They may also try to increase the value of their funds in order to gain the maximum possible management fee (in cases where monthly or quarterly values are used to calculate the fee). The result is substantial buying support in the market which pushes up share prices&hellip;&rdquo;<br />
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            Read the full article by Joani van Wyk in Sharenet of 3 July 2018, <a href="http://www.sharenet.co.za/views/WindowDressing--Why-the-Market-Rallies-at-Quarter-End-/e9d9a8ad3b0b035278bf9a868c08dbe8" target="_blank">here...</a></span><br />
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            <span style="font-size:16px;">Where to invest - Comparing US and SA market valuations</span><br />
            <br />
            <span style="font-size:12px;">If you are contemplating to invest in shares, should you invest in SA rather than the US or vise-versa? Analysing these markets on the basis of the CAPE (Cyclically Adjusted Price Earnings) Ratio tells an interesting story that may give you pointers where to look for opportunities. The next article (&lsquo;Mobius says there&rsquo;s a 30% correction coming for US stocks&rsquo;) dwells on the same topic and should also be referred to.<br />
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            Download the full article by Ruan Koch of Laurium Capital in Moneymarketing of&nbsp; June 2018, <a href="https://www.rfsol.com.na/images/blogdocs/0264blogdoc-mm.pdf" target="_blank">here...</a></span><br />
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            <span style="font-size:16px;">Mobius says there&rsquo;s a 30% correction coming for US stocks</span><br />
            <br />
            <span style="font-size:12px;">Mark Mobius, the 81-year-old investment guru, believes the U.S. stock market is set for a 30% correction that would essentially wipe out the gains of the last two years. The renowned fund manager&hellip;said &ldquo;all the indicators&rdquo; point to a large fall in the S&amp;P 500&hellip; The market looks to me to be waiting for a trigger that will cause it to tumble. You can&rsquo;t predict what that event might be &mdash; perhaps a natural disaster or war with North Korea&hellip;&rdquo;<br />
            <br />
            Read the full article in Marketwatch of 21 April 2018, <a href="https://www.marketwatch.com/story/mark-mobius-says-theres-a-30-correction-coming-for-us-stocks-2018-04-17" target="_blank">here...</a></span><br />
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            <span style="font-size:24px;">Interesting statistics</span><br />
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            <span style="font-size:12px;"><img alt="" height="300" src="https://www.rfsol.com.na/images/newletter-imgs/2018-07-statista.jpg" style=" height:300px;  width:421px; " width="421" /><br />
            <em>From Capricorn Asset Management Daily Brief of 25 July 2018.</em></span></span><br />
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            <span style="font-size:24px;"><span style="font-family: georgia,serif;">And finally...</span></span><br />
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            <span style="font-family:georgia,serif;"><span style="font-size:16px;">Blackboard wisdom at a filling station</span><br />
            <br />
            <span style="font-size: 12px;">A&nbsp; filling station has become quite a landmark in Gauteng, South Africa, with its daily #PetrolPumpWisdom, which are uplifting quotes written on a chalkboard. Some motorists say they deliberately travel this road just to read the quote which brightens their day. Here&#39;s one:<br />
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            <img alt="" height="236" src="https://www.rfsol.com.na/images/newletter-imgs/2018-07-garage.jpg" style=" height:236px;  width:419px; " width="419" /></span></span><br />
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“Baie dankie Mevrou Nel, waardeur die hulp. Wens daar was meer soos u, regtig.. ten alle tye was u behulpsaam en beskikbaar. Die Here seen u in u werk, by u huis, in die veld en in die stad. Ek sal u en u company promote met elke geleentheid.”

“After our Board meeting this morning [the chairman] came to my office and had this to say about you, I quote “the service delivered by RFS is exceptional, even when Mr. Friedrich & Mr. Fabianus are not present at the meetings. R is on top of her game,  she is aware of what is happening in the fund and when questions are posted she is able to answers”  RFS is truly an exemplary institution that provides an excellent service to the Fund. We are pleased to be associated with such remarkable organisation, keep up the good work.”

“Good day, All
Thank you very much for your kind and friendly assistance.
This is really appreciated.
You are an awesome team and it is with great pleasure to work with you.”

“Thanks for your intervention on behalf of our Fund. I appreciate the level of service delivery we get from RFS.”

“RFS always goes the extra mile for its clients, all these efforts are noted and highly appreciated. This is what makes RFS the leading administration company in Namibia.”

“A, would just like to thank you for these notes as they are extremely helpful when I compare them with mine afterwards!
It has happened that I have been busy with either a discussion, presentation or responding to comments made by the Trustees and have missed something which is then duly captured in your notes!
Great to be part of the “team” with you, whose only interest is that of the client!
Much appreciated!”

“Good morning __ ,

Yes, you and I have travelled a long, long road together and I must say it was always a pleasure dealing with your positive and very professional attitude.

I would also like to thank you for all of the innovative ideas and suggestions you shared with us over the years which not only kept us on our toes but contributed to the success of Com_Pen.”

“Hi T
...many, many thanks for your trouble, it is sincerely appreciated. Nowadays you do not get such service anymore. Owe you a big beer.” (translated from German)

“Beste A
Baie dankie vir jou skrywe. Jou advies is vir my heeltemal gerustellend en baie dankie hiervoor. Ek is dankbaar dat ek destyds met goeie advies uit die kerkkantoor in Windhoek, die keuse uitgeoefen het om my pensioen belange by Benchmark in bewaring te plaas. Ek het groot waardering vir die wyse waarop julle alles bestuur en die vriendelike diens wat ek tot op hede by julle geniet. Groete en ‘n geseënde kerstyd vir die hele personeel by Benchmark!
Ds. CS”

“Goeiedag Mnr. Pfeifer,
Me. Annemarie Nel het my vandag besoek sodat ons kon gesels oor my pensioen wat deur jul groep bestuur word. Dit was 'n wonderlike geleentheid en gerusstellend om na die bekwame Me. Nel te luister. Ek het nuwe dinge by haar geleer en sy het my goeie raad gegee m.b.t. my pensioen en beplanning daarvan vir die toekoms. Die tyd en onkostes wat u aangegaan het om 'n verteenwoordiger van Benchmark na die kus te stuur, word opreg waardeer. Ek glo dit beteken vir ons almal baie dat ons belange ook vir julle belangrik is.
Baie dankie en Beste wense !
T d W.

“Hi B
Please find attached as discussed telephonically yesterday. Thank you indeed for your proper feedback and help all the time. I wish that there could be more of your kind. Let me know if everything is in order.
Keep well!”

"Thanks I.. for the great service always. It is highly appreciated that the service we get from RFS is excellent not to mention the turnaround times. It really means a lot to us as a client. Please keep up the good work."

“Dear B
Thank you so much for all your assistance. This is amazing client service!!!!
You are all making me miss Namibia a bit more :-). Thanks again.
All the best.
Kind regards

“I call myself lucky to work with such an experienced and customer service oriented team. I really appreciate your service!”

“The Fund’s and my experience with I… is impeccable, friendly, timely service and the most cordial relationship that has given us an enormous amount of comfort in Fund matters and interface with RFS. And all this is reflective of RFS and its excellent work ethic and culture. Thank you to I… and her Team as well as to RFS!”

Hi J,
Do you know how lucky I am, also an old pensioner, to know somebody LIKE YOU, where I can only ask something, and tjop-tjop, there’s your reply.
And answered in full.  Thanks a million my dear NEW friend, wish I could meet you in person just to say thank-you…
Thanks J en nice day

Thank you for your excellent summary.  It saves me a lot of effort…
A few quick responses...
Thank you very much for clearing the Namfisa levies. RFS is as efficient as ever.

Thank you so much for all your assistance. This is amazing client service!!!!
You are all making me miss Namibia a bit more. Thanks again.

I knew that you guys were very, very good (I would not have stuck my personal neck out all those years ago if I felt differently!) but have just been shown the degree of expertise and professionalism which your team has at its disposal.

Your speed is amazing - I appreciate it.

Thanks for your dedicated service.
It is with great pleasure that we noticed your company is growing from strength to strength. We wish both you and Mr. Fabianus all the best for the future. We are glad to have administrators of your caliber looking after our Retirement Fund.
I have done checks on the data and must say first off that I was very impressed with the data.
I have thoroughly enjoyed working on this account this year. Thank you for all your assistance and getting back to me so quickly on queries, it has been a pleasure working with you.
Thank you very much for inviting me to RFS's 5th birthday celebration. What was particularly pleasing was that all the people I spoke to only had positive things to say about RFS. Well done!
You are a star!!! This is services like never rendered to me before.
Also just to comment on your benchmark newsletter. I think the analysis of the various positions is very detailed and therefore very useful. Thank you for the good detailed work.
First of all, I would like to let you know that I haven’t worked with such accurate data before!! Thank you for making my job so much easier.

Baie dankie vir die info. Ek het ook al die aktiewe lede se Fund Credits ge-"check " en stem 100% saam met julle waardes. Ek moet julle hierop komplimenteer, aangesien dit in my ondervinding baie min gebeur dat ons en die administrateur se waardes dadelik so goed ooreenstem.

u r a superstar,
indeed, u r.
I hope everyone was like you in their work. the best customer service that i am satisfied with, tell them to give you a hell of a bonus, your feedback, and service delivery is of high standard. keep it up

Congratulations with the 5th birthday of Retirement Fund Solutions. Thank you for keeping your promise of "Rock Solid Fund Administration that lets you sleep in peace!" I am definitely sleeping more peacefully since you took over the administration of our Fund. I wish you many more successful years to come.
Thanks for your commitment towards our fund.
I must thank Retirement Fund Solutions as they are always the first to respond!
Thank you for all your hard work and I appreciate the diligence you apply to your tasks.
Most of the stand alone pension funds that I am actuary to in Namibia use Retirement Fund Solutions as their administrator (this is my only connection with Retirement Fund Solutions). In my experience their administration is excellent and compares favourably in terms of accuracy and turnaround times to anything that I have seen in South Africa.

This is indeed good news … your commitment to our Fund is really appreciated.

Hereby I would like to inform you about the most friendly and assisting member of your staff...
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