In this newsletter:
Benchtest 09.2015, where SPVs invest, more on PN5, cheques to be phased out, and more...
Our most fundamental value is that a fund, its members, and trustees, deserve the best possible service and security for financial futures. We do not cut corners or expenses to achieve this.
It depicts the movement of a number of large global stock exchanges. It's a very busy graph despite only covering 6 stock exchanges. But at first sight it may lead one to identify 3 trends. Firstly on the downside, the Nikkei that has not moved anywhere over this period of over 20 years and secondly, on the upside, the JSE Allshare Index that was in a flying mode. But look at the next graph for perhaps a bit more perspective.
Here we have only the Allshare measured against the US S&P 500 that is in the middle of the crowd in the top graph.
RFS executive committee
Hannes van Tonder completed grade 12 at Windhoek High School. After school he enrolled for full-time studies at Unam to obtain a B Comm degree. Freshly equipped with his degree he started his career in the pensions industry at United Pension Administrators (UPA) in 1997. During the time he worked for UPA he continued his studies through Unisa to obtain a B Comm (Honours) degree. This not being enough to quench his thirst for knowledge he also enrolled for the Programme in Advanced Insurance Practice at the Insurance Institute of SA (IISA) to specialise further in the pensions industry and was conferred associate membership of IISA. After a 3 year stint in pension fund administration at Metropolitan, Hannes re-joined his 'old UPA team' now operating as RFS in 2004 and can now look back on 18 years pension fund management experience. Hannes is responsible for the administration of the Benchmark Retirement Fund and also oversees the administration of our largest stand-alone fund that houses all local authorities in Namibia.
Hannes believes our clients should be able to associate with our slogan - Rock solid fund administration that lets you (our clients) sleep in peace. He enjoys working for RFS because of the family notion and because the shareholders are also actively involved in the business together with staff to ensure that our clients are kept happy.
RFS sponsors equipment for Elnatan
Aliza Prinsloo, RFS staff member and mother of Elnatan Private School student Zian recently handed over sophisticated tools to Mr N Lubbe, head of the vocational education department of Elnatan Private School in Stampriet.
Mobipay joins Benchmark
The Benchmark team extends a hearty welcome to Mobipay as new participating employer with effect from 1 November 2015, and to all its employees and looks forward to providing an exceptional experience in client service to this group. We are looking forward to you and us together moving from strength to strength in the years to come!
News from Namfisa
Namfisa scoops top honours
At the occasion of a recent breakfast awards ceremony held by Deloitte in conclusion of its annual Best Employer to Work For survey, Namfisa was awarded top honours as Best Employer to Work For in the medium sized company category. We congratulate Namfisa on this prestigious achievement!
SIH for quarter 3 of 2015 due soon
All funds are reminded that the Excel based SIH (statement of investment holdings) is due for submission to Namfisa by 31 October 2015. Interestingly, the 'request for submission' confirms that this statement is not required to be audited, yet it threatens penalties for incomplete and inaccurate submission that will be applied from 1 November until the date the corrected report is resubmitted. Note that the report format is not a carbon copy of the previous report format but has been amended slightly once again.
Circular on unclaimed moneys
PI/PF/DIR/07/2015 - 'Prohibition against the reversion of unclaimed moneys/benefits to the fund' was issued on 30 September 2015. In short this circular directs as follows:
It is to be noted that the directive in the second bullet is inaccurate. The AE Act directs that an advert is to be placed in the Government Gazette during January of a year in respect of any moneys that remained unclaimed for 5 years at 31 December of the preceding year. If these moneys remain unclaimed after 3 months from date of publication, the moneys are to be deposited in the Guardians Fund. Therefor the moneys cannot be deposited "...within 5 years after the day on which the benefit became payable..."
Read the article by Investec Bank in Cover of 15 October 2015 here...
Read the article by Saurabh Nangia on Linkedin, here...
Read the article by Claire Diaz-Ortiz on LinkedIn here...
Read the article by Jeff Haden on LinkedIn here...
Read the full article by Amid Shah on LinkedIn, here...