The Early Bird fund performance indicators for January 2026 have been released. To get an early feel for what to expect of the month in terms of returns on your pension investment, the market gained 3.64% (Allshare Index ex div), ranging between 12.68% Basic Materials) and -9.82% (Technology). The Rand strengthened by 1.86% to the US$. Typical prudential managed pension portfolios returned between 3.454% (Lebela Balanced Fund) and -1.533% (Ninety One Opportunity Fund) after fees.

In December 2025, the average prudential balanced portfolio returned 1.7% (November 2025: 0.6%). The top performer is the Momentum Namibia Growth Fund, with 2.7%. The Allan Gray Namibia Balanced Fund, with 0.9%, takes the bottom spot. Momentum Namibia Growth Fund takes the top spot for the three months, outperforming the ‘average’ by roughly 1.8%. The NAM Coronation Balanced Plus Fund underperformed the ‘average’ by 2.5% on the other end of the scale. Note that these returns are before (gross of) asset management fees.

The Monthly Review of Portfolio Performance to 31 December 2025 reviews portfolio performances and provides insightful portfolio analyses. Download it

From Hegemony to Multipolar Risk? What Could its Implications be?

Western political commentary has focused heavily on President Trump's tone, conduct, and utterances, often presenting him as an aberration from accepted diplomatic norms. For long-term investors and fiduciaries, however, this focus risks obscuring a more important reality: U.S. geopolitical objectives have shown remarkable continuity across administrations, irrespective of diplomatic style.

From a trustee and investment-governance perspective, it is therefore imprudent to assume that a change in leadership or rhetoric in Washington would fundamentally alter the global economic or geopolitical backdrop. The strategic objective of maintaining Western primacy, political, financial, and military, has remained broadly unchanged since the end of World War II...

Read paragraph 6 of the Monthly Review of Portfolio Performance to 31 December 2025 for our views on investment markets and global political developments. It also reviews portfolio performances and provides insightful analyses.

The strength of any retirement fund lies not only in how it manages assets, but in how it stewards trust. At Benchmark, that stewardship has been built on sound governance, principled leadership, and the ability to evolve with clarity and care.

It is within this context that we are pleased to share recent changes to the Board of Trustees of the Benchmark Retirement Fund, effective 1 January 2026. These changes reflect our ongoing commitment to strategic renewal and are aligned with principles of transformation, continuity, and regulatory compliance. In particular, the anticipated implementation of the Financial Institutions and Markets Act (FIMA) continues to inform how we shape governance decisions to secure the long-term interests of our members.

As part of this transformation journey, we bid farewell to two deeply respected Trustees, Mr Tilman Friedrich and Mr Marthinuz Fabianus, whose service over many years has been integral to shaping the values and integrity of the Fund. We are grateful for the leadership they brought to the Board and the steady guidance they offered during times of growth and change. We are also pleased to confirm that Mr Fabianus will continue to attend Board and strategic meetings in a non-voting advisory capacity, in full compliance with Fund policies. This arrangement ensures valuable institutional knowledge is retained and transferred responsibly during this period of transition for the Board to benefit from.

We further welcome three new appointments to the Board.

	Mrs Carmen Diehl has been appointed as a Sponsor Trustee. She is a qualified Chartered Accountant and currently serves as Senior Manager: Projects and Compliance at RFS Fund Administrators. Mrs Diehl brings eight years’ of experience in internal audit, compliance, risk management, and fund accounting within the retirement fund sector. She also serves as a co-opted member of the Benchmark Retirement Fund FIMA Committee.
	Mr Vincent Shimutwikeni joins the Board as a Sponsor Trustee for a three-year term. Mr Shimutwikeni is Manager: Legal Services at RFS Fund Administrators and holds a B.Juris, LLB (Honours), and a professional certification in Governance, Risk, and Compliance. He also serves as a Director at the Retirement Funds Institute of Namibia (RFIN) and previously served as Head of Legal at the University of Namibia and as a Trustee of the Universities Retirement Fund (UNIREF).
	Mr Henning Tiemann, a longstanding member and now a pensioner of the Fund, has been appointed to represent the pensioner constituency. Mr Tiemann holds a B.Comm (Industrial Psychology) and completed the Executive Management Program at the University of Cape Town. He retired in July 2025 as Executive Manager at Agra Limited after nearly 20 years with the organisation. He previously served as Chairman of the Agra Retirement Fund Management Committee and as an Employer-appointed Trustee of the Agra Retirement Fund.

With these additions, the Board now comprises the following seven Trustees: Ms Afra Schimming-Chase (Chairperson), Ms Sabrina Jacobs, Ms Malverene Theron, Mr Hermann Hentschel, Mr Henning Tiemann, Mr Vincent Shimutwikeni, and Mrs Carmen Diehl.

Transitions of this nature are a healthy part of institutional growth. Our leadership changes form part of a planned evolution that upholds the stability of the Fund while preparing it for the future. We remain assured that the Board we have now holds the collective experience and judgement to guide Benchmark with consistency, transparency, and vision, with each appointment reflecting the Fund’s commitment to being Efficient, Trusted, and Namibian.

Sophia Amoo-Chimunda
Principal Officer
Benchmark Retirement Fund

The Early Bird fund performance indicators for May 2025 have been released. To get an early feel for what to expect of the month in terms of returns on your pension investment, the market gained 3.00% (Allshare Index ex div), ranging between 5.86% (Technology) and –2.79% (Oil & Gas). The Rand strengthened by 3.62% to the US$. Typical prudential managed pension portfolios returned between 4.620% (NAM Coronation Balanced Plus Fund) and 0.961% (Lebela Balanced Fund) after fees.

The Benchmark financial highlights for 2024 have been released and can be downloaded here.

A number of members of employer groups have unclaimed benefits in the Benchmark Retirement Fund. They were employees of African Business Investments, Brandberg Construction, Cymot, DHPS, Gondwana Group, Lady Pohamba Private Hospital, Medfam,Ongava Game Reserve, Plastic Packaging and Wilderness Group. Members should please contact RFS Fund Administrators’ offices on tel. 061 - 446 000 and present a valid Identification Document or valid Drivers License. If you know a person on this list, please inform her or him.

If you couldn't attend but still want the updates and insights, or want to refresh your knowledge, watch the videos of the 2023 Annual Member Meeting here...

The Board of Trustees announced the appointment of Mr. Hermann Hentschel as independent trustee to the Benchmark Retirement Fund effective 1 November 2023.

Mr. Hentschel brings a wealth of experience to the Benchmark Board, having served as Chairperson of the FirstRand Namibia Board, Vice Chairperson of the FirstRand Namibia Pension Fund, and Trustee on the O&L Pension Fund.

Mr. Hentschel holds a Master of Science in Leadership and Change Management and a B-Com (Hons) in Management Accounting. He is an associate member of the Chartered Institute of Management Accountants (CIMA).

The Board welcomes Mr. Hentschel to the Board and looks forward to the value he will add to the Benchmark Retirement Fund.

The Board of Trustees resolved to appoint Mrs. Sophia Amoo-Chimunda as Principal Officer of the Benchmark Retirement from 1 July 2022.

Mrs. Amoo-Chimunda will take over from Mr. Günter Pfeifer, who has been serving as Principal Officer in the interim while the Fund was recruiting an independent Principal Officer, as required by the Financial Institutions and Markets Act.

Mrs. Amoo-Chimunda is a legal practitioner with some 16 years’ experience in pension, labour, contract and financial services laws. She has been serving as an Independent Principal Officer of the Protektor Namibia Preservation Funds and is still serving as Independent Principal Officer of the Roads Authority Employee Retirement Fund as well as the Old Mutual Namibia Retirement Fund. She serves as an Independent Trustee of the Napotel Pension Fund.

From 2007 to 2010, Mrs. Amoo-Chimunda was employed at NAMFISA, initially as legal advisor and eventually as Manager Pensions and Friendly Societies.

On behalf of the Board, I want to welcome Mrs. Amoo-Chimunda – we look forward to the wealth of experience and industry-related knowledge she brings along, which will equip the Fund to continue serving its members and stakeholders, as well as transitioning to the new legislative environment.

H-H Müseler
Chairman: Board of Trustees

The Board of Trustees of the Benchmark Retirement Fund appointed Ms. Sabrina Jacobs as a Trustee of the Fund effective 1 May 2021. More...

Benchmark Retirement Fund is changing its trustees. In terms of the Financial Institutions and Markets Bill, service providers to a fund can no longer serve as trustees to the Fund once the new Act is effective. Over time, trustees of the Benchmark Retirement Fund who are closely associated with the founder Retirement Fund Solutions (RFS), either as shareholders or employees will not serve on the board. More...

Trustees mostly understand that it is a risk to engage a single manager to manage their fund’s assets within a single investment mandate. But do they understand what risk or risks they face and which one will be reduced through the appointment of more than one manager and what is the correct number of managers to use?

Read more...

We wish to draw the attention of employers who participate in the Benchmark Retirement Fund, to the fact that it is a requirement that all new employees joining the employer after the date the employer joined the fund, must be enrolled as members of the fund. This is not optional and employers affording new employees the choice whether or not to become a member are transgressing the rules, the agreement with the fund and the requirements of the Income Tax Act.

Employers who engage in such practice firstly may find that the Receiver of Revenue cancels the tax approval of the employer’s pension fund. In terms of the Income Tax Act, membership of a fund must be obligatory in order for employee contributions being allowed as a deduction against the employee’s taxable income. Cancellation of tax approval will mean that the contributions that employees have made to the fund will be disallowed. In other words the employees that participate will be punished for the transgression by those the employer afforded the choice to join and who chose not to join.

From the fund’s and the insurer’s perspective it is also important that membership is a condition of employment. This serves to ensure that the employees cannot apply anti-selection. In other words healthy employees are more likely not to join while those who know to have a health impediment are more likely to join. As the result the fund may end up with the poor risks undermining the principles of group underwriting. To protect the fund against such practices, the trustees have the powers to terminate membership of an employer.

Seven habits of financially healthy retirees

Sanlam has provided a guide to the seven good habits of financially healthy retirees. How do you measure up? Click here for the bigger picture...

Why preserve your retirement capital?

How you manage your pension fund when you resign will decide your wealth. You may withdraw it, but is that the best choice for your future?

Benchmark retirement capital preservation

When you change jobs, stop working or are retrenched and have to withdraw from the retirement fund you have been contributing to, you can preserve your fund credit in the Benchmark Retirement Fund.

By transferring your fund credit to the Benchmark Retirement Fund you will preserve it for retirement and will be able to grow it with investment returns.

Preserving your fund credit is imperative to ensure that you reach your retirement objectives and is a tax efficient way to exit your current retirement fund.

Benchmark living annuities

When reaching retirement age (depending on the rules of your current retirement fund), you can invest your fund credit in an investment linked living annuity in the Benchmark Retirement Fund to receive your monthly pension.

You can join Benchmark Retirement Fund on retirement. You do not already have to be a member of the Fund at that stage.

The monthly pension can be chosen by you, taking the requirements of the Income Tax Act into account. The monthly pension will be a function of the amount of capital available, the investment returns earned and the period for which you require a monthly pension.