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| Issued October 2025 | ||||
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| In this newsletter... | ||||
| Benchtest 09.2025 – FIMA restarted, RFS celebrates Benchmark’s 25 years, new classroom through RFS and more... |
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| IMPORTANT NOTES AND REMINDERS | ||||
NAMFISA levies
The interest rate on direct housing loans declined in October from 9.25% to 9%. The minimum repayment amounts will also be reduced from 1 November. |
Registered service providers Certain pension fund service providers must register with NAMFISA and submit regular reports to the authority. Download a list of service providers registered as of August 2025, here... Retirement calculator Use our web-based retirement and risk shortfall calculator for your retirement planning. Find it here... If you need help with your financial planning, get in touch with
RFS provides comprehensive support for trustees. Find a list of download documents to assist with the governance and management of private funds, registered as of June 2024, here... |
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| IN THIS NEWSLETTER... | ||||
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In this newsletter, we address the following topics:
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In 'Tilman Friedrich's industry forum' we present...
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In 'Legal snippets', read about...
As always, your comment is welcome, so open a new mail and drop us a note! Regards Tilman Friedrich |
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| TILMAN FRIEDRICH'S INDUSTRY FORUM | ||||
| Monthly Review of Portfolio Performance to 30 September 2025 |
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| In September 2025, the average prudential balanced portfolio returned 2.7% (August 2025: 1.1%). The top performer is the NinetyOne Managed Fund, with 3.5%. The Investment Solutions Balanced Growth Fund, with 2.2%, takes the bottom spot. M&G Managed Fund takes the top spot for the three months, outperforming the ‘average’ by roughly 0.9%. The Investment Solutions Balanced Growth Fund underperformed the ‘average’ by 1.1% 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 30 September 2025 reviews portfolio performances and provides insightful portfolio analyses. Download it here... |
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| How Does a US Government Shutdown Impact Markets? | ||||
| Investors are generally advised to view shutdowns as short-term interruptions rather than threats to market stability. Over the 20 shutdowns since 1976, the S&P 500 has averaged a gain of 0.05% during the shutdown period itself. On Wednesday, the US federal government officially entered a shutdown after Congressional Democrats and Republicans failed to agree on a funding package. Government shutdowns occur when Congress does not pass – or the President does not sign – the necessary appropriations bills or continuing resolutions for the new fiscal year, which begins October 1. Unlike a default, a shutdown primarily affects non-essential federal employees, who are either furloughed or work without pay until funding is restored. While politically disruptive and widely reported, shutdowns are generally short-lived and have historically had limited economic impact. The current deadlock, largely centred around disagreements over healthcare subsidies, underscores the persistent challenges in balancing federal budgets while maintaining government operations. Since 1950, the United States has experienced 21 government shutdowns, most of which lasted only a few days. Despite the attention they receive, these events rarely derail financial markets, highlighting the resilience of equities and other asset classes. However, shutdowns are not without consequences; they can affect the labour market, consumer confidence, and the release of key economic data. Understanding both the historical performance of markets during shutdowns and their broader economic implications is critical for investors navigating the current environment. Read paragraph 6 of the Monthly Review of Portfolio Performance to 30 September 2025 for an interesting perspective on global equity sectors. Download it here... |
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| The FIM Act – a new start Contributed by Carmen Diehl, C.A.(Namibia), Senior Manager: Risk Management and Compliance |
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The FIMA (Act 2 of 2021) was promulgated in Government Gazette no. 7645 on 1 October 2021. The Minister of Finance has not yet set an effective date. In the last several newsletters and the next few issues, we have presented and will continue to provide a brief overview of the latest status on standards and regulations.
This summarises the main provisions of draft standards and regulations under the FIM Act and implications for retirement funds. Standards Chapter 5: Retirement Funds RF.R.5.11 Exemption from prohibited investments
Summary:
What to do:
Standards Chapter 10: General
GEN.S.10.2 Fit and proper requirements This standard applies to all persons required to be fit and proper under the Act, including the following:
Summary:
What to do:
GEN.S.10.3 General notification for appointment and termination of auditors
This Standard applies to -
Summary:
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| COMPLIMENT | ||||
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Compliment from a former fund member Dated August 2025 |
“I wanted to sincerely thank you both for your assistance and support throughout the pension claim process. I am happy to inform you that I have received the payment, and I truly appreciate the time, effort, and dedication you put into helping me navigate the matter. Your professionalism and guidance made a significant difference. Thank you once again for your invaluable help.”
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| BENCHMARK: A NOTE FROM GÜNTER PFEIFER | ||||
| Benchmark Retirement Fund Celebrates 25 Years of Trust.
In last month’s newsletter, we reported on RFS, as fund sponsor and founder, celebrating the fund’s 25th anniversary. A new t-shirt was handed out to its staff at a recent in-house social gathering, in recognition of this memorable occasion. Trustees and other officials  From left to right: Sabrina Jacobs (trustee); Sophia Amoo-Chimunda (principal officer),
Afra Schimming-Chase chairperson), Vincent Shimutwikeni (RFS), and Malverene Theron (trustee). RFS Staff  Circulars issued by the Fund |
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The Benchmark Retirement Fund issued no new circular after:
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| NEWS FROM RFS | ||||
| Long Service Awards | ||||
| RFS places a high value on its employees and recognises the importance of their contributions to the company’s success. In addition to recognising employees’ contributions, long service awards can be a powerful retention tool, demonstrating that the company values and appreciates its employees’ dedication and hard work. These awards foster a positive and motivating work environment, where employees feel supported and encouraged to grow and develop within the company. In November, RFS recognises the following anniversary:
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| RFS Financial Advisers’ Stars Sparkle | ||||
| We are honoured to announce that RFS Financial Advisors has received the Platinum Award for Top Brokerage and the Top Broker Silver Award at the prestigious Metropolitan Galaxy Awards 2025 evening. Congratulations to Dennis Fabianus (M H Fabianus) for this outstanding achievement in earning the Top Broker Silver Award.  From left to right: Dennis Fabianus, Annemarie Nel (senior manager RFSFA), Reneva Diergaart, and
Christina Linge |
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 Dennis Fabianus with Annemarie Nel These achievements reflect our continued commitment to excellence in financial advisory services and our dedication to setting the industry standard. This achievement is a testament to our team's dedication, the exceptional results we deliver, and our clients' trust in us every day.
Thank you to Metropolitan for this recognition and our valued clients' continued trust and support.
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Building Futures – RFS Sponsors New Classroom The Ondeipanda Primary School, located in Onaidjimba village near the Kasamane – Angola border post in Okalongo constituency, provides education from grades zero to seven. It serves a population of 425 learners, with 60 Grade 4 students being accommodated in a single classroom. The community recently celebrated the arrival of building materials for a much-needed additional Grade 4 classroom. The materials, valued at N$35,000, were donated by RFS Fund Administrators as part of the company’s ongoing commitment to community upliftment.
 The building material has arrived.
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| RFS believes in empowering its staff to give back to their communities and make a tangible difference in their lives, living by the saying, ‘a tree grows best in its home soil.’ Over the years, RFS has proudly supported initiatives in education, sport, culture, and social development. The school’s principal, Mr Onno Hamulungu, thanked RFS for the generous sponsorship, noting that overcrowding had become a major challenge, with 60 learners sharing a single Grade 4 classroom. RFS’s community investments extend well beyond this initiative. Through Projekt Lilie and its long-standing partnerships with NAMCOL, RFS has promoted education for many years. Through the Okanti Foundation, RFS supports health initiatives. In addition, its long-standing support of the annual SKW youth football tournament has undoubtedly contributed to the development of many young sporting talents.  |
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| In the picture above, from the left: 3rd is Mr Onno Hamulungu (principal), 4th is Ms Shipepe (Principal of Primary Schools Circuit in Okalongo), 5th is Mr Marthinuz Fabianus (RFS MD), 6th is Ms Othilie Mungobe (former school board member). |
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| Elevate your fund experience with EPIC |
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Members of funds administered by RFS can now access EPIC, its member communication platform, if the trustees agree to make the platform available to members.
Members can access their benefits and investment values online from anywhere at any time. Members of the Benchmark Retirement Fund take note that they have similar functionality through Benefit Counsellor. We encourage our fund members to make the best use of these facilities. |
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The RETIREMENT COMPASS |
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RFS Fund Administrators sponsor this newsletter as part of their social responsibility and initiatives to support the retirement fund industry. It aims to provide members of funds managed by RFS Fund Administrators and other parties in their network with retirement funding and planning-related news and insights, presented understandably.
The latest issue covers the following insightful articles:
Don’t miss out on the latest Retirement Compass (vol 2, no 2) here...
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| Important circulars issued by RFS | ||||
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RFS issued no new circular after:
Clients are welcome to contact us if they require a copy of any circular.
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| NEWS FROM NAMFISA | ||||
| NAMFISA’s New Complaints Management System Contributed by Sharika Skoppelitus, director: client services |
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In last month’s newsletter, we reported on the NAMFISA circular regarding the introduction of a complaints management system.
RFS staff attended the session online, presented by Proto and NAMFISA. The presentation can be accessed, here... Key Highlights
The timeline for responding to complaints is seven (7) working days.
Onboarding duration for options 2 & 3: One to two weeks, while option 1 will take longer, as integration must be done between the two systems.
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Subject Matter Expert Engagement NAMFISA invites all Trustees, Principal Officers, pension fund officers, and service providers of registered pension fund organisations in Namibia to attend the Pension Funds Subject Matter Expert Engagement. The engagement will be held on 13 November 2025 at 08:30 at the AVANI Windhoek Hotel & Casino. Theme: Cybersecurity Risk Governance The purpose of this engagement is to highlight the critical role that trustees play in managing cybersecurity risks, in line with their fiduciary duties under the Pension Funds Act, 1956 (Act No. 24 of 1956), as well as sound corporate governance and effective risk management practices. |
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| LEGAL SNIPPETS | ||||
| Failing to Pay Contributions: Fund Officers Are Personally Liable Contributed by Vincent Shimutwikeni, B. Juris, LLB (honours), CGRC-BP™, Manager: Legal Support |
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The recent judgment of Municipal Workers’ Retirement Fund v Mafube Local Municipality and Others highlights the severe consequences of failing to meet statutory obligations under the Pension Funds Act 24 of 1956 (“the PFA”). Delivered by Opperman J, the judgment emphasises the importance of compliance with section 13A of the Act.
The case addresses the Mafube Local Municipality’s prolonged non-payment of retirement fund contributions deducted from its employees. Despite several court orders dating back to 2011, the municipality continued to default on its obligations, leaving the Municipal Workers’ Retirement Fund (“the Fund”) no choice but to seek judicial intervention once again. The quantum of the debt, amounting to a staggering R14,723,639.52 (including prescribed interest), was undisputed, covering arrears from May 2021 to January 2024. Some of the key findings of the court were: 1. Personal Liability of Municipal Officers: One of the most significant aspects was the imposition of personal liability on the Municipal Manager, Chief Financial Officer, Executive Mayor, and Administrator under section 13A(8) and (9) of the PFA. The court emphasised that these individuals, as part of the municipality’s governing body, have a heightened obligation to ensure compliance with the rule of law and the Constitution. Their failure to do so rendered them personally liable for the arrears and associated interest.
2. Rejection of Defences: The court dismissed various defences raised by the Respondents, including arguments about defective joinder and their limited tenure in office. Opperman J clarified that liability under the PFA is continuous and cannot be evaded by claiming to be acting or holding temporary appointments. Furthermore, the municipality’s financial constraints did not absolve the officers from their statutory obligations. 3. Civil and criminal Implications: The non-payment of deducted retirement contributions was held to attract both civil and criminal liability under the PFA. The court directed the Registrar to forward the judgment to the Director of Public Prosecutions: Free State, Bloemfontein, signalling potential criminal proceedings against the Respondents. This judgment reinforces the need for municipalities and their officers to prioritise compliance with the provisions of the Pension Funds Act. Proactive monitoring and accountability are essential to safeguard employees’ rights and uphold the rule of law. The court’s firm stance in this case sends a clear message that public officials will be held accountable for non-compliance. A summary by Mzakwhe Phoza in the Adams and Adams house journal of 30 January 2025. Twins Conceived via Artificial Insemination are not Dependants Case Overview In BA Pheto on behalf of two minors vs Old Mutual Wealth Retirement Annuity Fund (PFA Annual Report 2024/25), the Pension Funds Adjudicator (PFA) dismissed a complaint by a woman seeking to have her twin children—conceived through artificial insemination using the deceased member’s sperm—recognised as dependants for purposes of a retirement annuity fund death benefit. Background The deceased fund member passed away in January 2021, leaving two customary spouses, three sons, a sister, a niece, and a nephew. A gross death benefit of R787 524 was allocated 80% to one adult son and 20% to one spouse. The complainant, the mother of the twins, argued that her children were also dependants, as the deceased had financed part of her pregnancy and had expressed interest in co-parenting. Fund’s Position The fund rejected the claim on the basis that:
Adjudicator’s Findings
The PFA upheld the fund’s decision, ruling that:
The complaint was therefore dismissed, and the fund’s distribution of benefits remained unchanged.
Legal Significance This case affirms that biological parenthood through artificial insemination does not create a dependency relationship under pension law unless legal parental rights are established or financial dependency is proven. It reinforces that the Children’s Act governs parental status in cases of artificial conception. At the same time, pension fund boards must base dependency assessments on actual financial support or a legal obligation—not on biology or moral considerations. Learning Points for Pension Practitioners
Read the full article by Liezl Peyper in Moneyweb of 6 October 2025 here...
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| SNIPPETS FOR THE PENSION FUND INDUSTRY | ||||
| Is All that Glitters Gold? | ||||
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Gold is enjoying a renewed shine as both a store of value and an investment asset. Although South Africa’s dominance in gold production has faded from 70% of global output in 1970 to just 3% today, it remains the world’s 12th-largest producer — and a key beneficiary of the metal’s recent price surge.
Over the decade to June 2025, the Rand gold price climbed 320%, outperforming both the MSCI World Index (308%) and the FTSE/JSE All Share Index (161%). Reflecting this trend, gold equities have grown from 1.4% to 15% of the JSE All Share Index over the past decade. Kagee attributes gold’s resurgence partly to waning global confidence in the US dollar. Since Russia’s foreign reserves were frozen in 2022, the dollar’s status as a politically neutral reserve asset has been questioned. Growing concerns over US debt, fiscal deficits, and protectionist policies have further pushed central banks — especially within emerging blocs like BRICS — to increase gold holdings as a borderless, interference-free reserve. For investors, Kagee suggests exposure through physical gold or listed gold miners, either locally or offshore, often via multi-asset funds. Within Allan Gray’s portfolio, AngloGold Ashanti is cited as a standout performer. Under CEO Alberto Calderon’s leadership, the company has streamlined its operations, resulting in a 168% year-to-date share price rally, while still offering a 11% free cash flow yield and a 5.5% dividend yield. The takeaway: gold’s role as a hedge and reserve asset is strengthening. A balanced allocation across physical gold and gold mining equities can enhance diversification and preserve value in uncertain monetary times. Read the full article by Umar-Farooq Kagee of Allan Gray in Cover of 23 September 2025 here... |
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| Property in Retirement: Asset or Liability? | ||||
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For generations, South Africans have viewed property as a cornerstone of wealth and a default “retirement plan.” Yet, as the article warns, the reliability of property in retirement is often overstated. Beneath its familiar appeal lie hidden risks — liquidity, costs, maintenance, vacancies, and timing — that can erode returns when retirees can least afford it.
Recent metrics show why the perception persists. In 2024, the MSCI/Absa SA Investment Property Index delivered a total return of 11.5%, with income returns of 8.4% and capital growth of 3.0%. Average rental yields stood at 10.55% nationally, with full-title homes yielding around 7% and sectional titles around 10.6%. These figures, however, are gross — and after deducting rates, maintenance, vacancies, insurance, management fees, and taxes, the effective return may fall to just 3–4%. Property’s lack of liquidity compounds the risk: selling can take months, and urgent sales may fetch prices below market value. Market downturns can further trap capital when retirees need cash flow. Meanwhile, tenant default, property upkeep, and estate complications add to the strain. Still, property can serve a valuable supporting role — but only as part of a diversified plan. Experts recommend:
Emotional attachment and overconfidence often lead to overweighting property in retirement portfolios. Independent financial advice helps counter these biases by modelling net returns, testing liquidity, and integrating property within a broader income and estate plan.
In essence, property can enhance retirement stability — but without diversification and clear safeguards, it can turn from an asset to a liability. The right question isn’t whether to include property, but how much, what kind, and under what conditions. Read the full article by Wouter Fourie in Moneyweb of 8 October 2025 here...
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| SNIPPETS OF GENERAL INTEREST | ||||
| From Will to Winding up: Understanding Estate Administration | ||||
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Administering a deceased estate can be time-consuming and emotionally taxing. Yet much of the difficulty can be avoided through proactive planning and well-organised affairs.
Reporting and Appointment In Namibia, a death must be reported to the Master of the High Court within 14 days, usually by the surviving spouse or the person in possession of the will. The nominated executor must apply to the Master for Letters of Executorship before taking control of the estate. If no executor is named, or if family members cannot agree, the Master will appoint a competent person or professional fiduciary. Executors who are family members may be required to provide security for the proper performance of their duties. How Long Does It Take Simple estates typically take 6 to 12 months to finalise, while complex estates can take years. Missing records, unclear wills, and family disputes often cause delays. Keeping your documents up to date and properly filed can save considerable time and cost. Executor and Fees Under Namibia’s Administration of Estates Act (Act 66 of 1965), executors may charge up to 3.5 % (plus VAT) of the gross value of the estate and 6 % of any post-death income. While a spouse or family member may serve as executor, professional fiduciaries are often better equipped to handle the administrative and legal requirements. Cashflow and Access to Funds Bank accounts are frozen once death is reported. Some banks permit limited withdrawals for urgent expenses such as funeral costs, but it is best to ensure loved ones have separate access to funds. Assets Outside the Estate Certain assets bypass the deceased estate, including:
Final Thought
A clear, up-to-date will and well-organised records can spare loved ones unnecessary stress. Ensuring liquidity for fees, taxes, and debts—and considering a professional executor—can make estate administration far smoother. Thoughtful estate planning remains a final act of care and foresight. The first steps to take when a family member passes away:
Read the full article by Eric Jordaan in Moneyweb of 13 October 2025 here...
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| The Hidden Cost of Biased Performance Ratings | ||||
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Performance appraisal systems are meant to reward diligence, accountability, and measurable output, yet in many workplaces, personal bias still undermines fairness. Employees often find their ratings influenced less by results and more by interpersonal conflicts or favouritism. The article argues that this not only demoralises staff but also damages organisational culture.
When employees are rated poorly for reasons unrelated to their work, trust in the performance system erodes. Instead of serving as a tool for growth and development, ratings become instruments of punishment. The result is frustration, disengagement, and even the loss of talented employees, all of which weaken productivity and morale. The root cause often lies in appraisal systems that rely too heavily on supervisor discretion, without transparent, objective criteria. In some cases, ratings are finalised even before performance discussions take place, defeating the purpose of dialogue and feedback. For employees, the article encourages resilience and professionalism. Maintain detailed records of achievements, seek constructive feedback, and utilise formal grievance channels as needed. Importantly, one biased rating does not define a career. Staying committed to excellence and integrity remains the best long-term strategy. Ultimately, fair and transparent appraisal systems benefit everyone. Leaders must ensure that evaluations are based on performance, not personality. A fair system motivates; an unfair one corrodes trust. For employees feeling overlooked, the key reminder is this: a single unjust rating cannot erase genuine dedication — and resilience in the face of bias often becomes the foundation for future success. |
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| AND FINALLY... | ||||
| Wise words from wise men | ||||
| "Genuine tragedies in the world are not conflicts between right and wrong. There are conflicts between two rights." ~ Georg Friedrich Hegel (1770 - 1831) | ||||
| Unsubscribe If you do not want to receive these newsletters {unsubscribe}click here...{/unsubscribe} Disclaimer Whilst we have taken all reasonable measures to ensure that the results reflected herein are correct, Benchmark Retirement Fund and RFS Fund Administrators (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. |
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