Issued November 2023
    This email address is being protected from spambots. You need JavaScript enabled to view it.   
In this newsletter...
  Benchtest 10.2023 – ethics in governance, tax rulings create legitimate expectations, and more...  
Jump to...
  NAMFISA levies
  • Funds with November 2023 year-ends must submit their 2nd levy returns and payments by 22 December 2023;
  • Funds with May 2024 year-ends must submit their 1st levy returns and payments by 22 December 2023;
  • and funds with November 2022 year-ends must submit their final levy returns and payments by 29 November 2023.
Repo rate unchanged in November

BON announced after its October meeting that the repo rate remains unchanged at 7.75%. The interest rate on funds’ direct loans remains at 11.75%.

Registered service providers

Certain pension fund service providers must register with NAMFISA and report to NAMFISA. Download a list of service providers registered as of June 2023, here...
  Retirement calculator

Use our web-based retirement and risk shortfall calculator for your personal retirement planning. Find it here...

If you need help with your financial planning, get in touch with
  • Annemarie Nel (tel 061-446 073)
  • Christina Linge (061-446 075)
Toolbox for trustees

RFS provides comprehensive support for trustees. Find a list of download documents to assist with governance and management of private funds, registered as of June 2023, here...
In this newsletter, we address the following topics:
In 'Tilman Friedrich's industry forum' we present...
  • Monthly review of portfolio performance – 31 October 2023
  • Navigating the Investment Landscape: A Guide for Residents in the CMA
  • The Crucial Role of Ethics in Good Governance
  • Pension Fund Administration: The Impact of Technology
  • NamRA's AVC rulings and the doctrine of legitimate expectations
In Compliments, read...
  • A compliment from a principal officer
In ‘Benchmark: a note from Günter Pfeifer’, read about…
  • Important circulars and notices issued by the fund
In 'News from RFS', read about...
  • RFS launches The Retirement Compass
  • A night under the African skies
  • Important circulars issued by the fund 
In 'News from NAMFISA', read about...
  • Date for public comment extended
In 'News from RFIN', read about...
  • RFIN’s trustee training calendar
  In News from the market', read about...
  • M&G offers investment training
In 'Legal snippets', read about...
  • Complaint about non-payment of disability benefits
  • Transacting with foreign vendors
  • Revisiting Withholding Tax on services payments to non-residents
In 'Snippets for the pension funds industry,' read about...
  • High interest rates: Are money market investments a good option?
  • Three vital themes for investing over the next decade
In ‘Snippets of general interest', read about...
  • In retirement, you sometimes have to be cruel to be kind
  • Investing is a journey – advice for young investors
And make a point of reading what our clients say about us in the ‘Compliments’ section. It should give you a good appreciation of who and what we are!

As always, your comment is welcome, so open a new mail and drop us a note!

Tilman Friedrich
Monthly Review of Portfolio Performance
to 31 October 2023
  In October 2023, the average prudential balanced portfolio returned -1.5% (September 2023: -2.3%). The top performer is Investment Solutions Balanced Growth Fund, with  -0.9%, while Namibia Coronation Balanced Plus Fund, with -2.4%, takes the bottom spot. For the three months, Allan Gray Namibia Fund takes the top spot, outperforming the 'average' by roughly 2.4%. Namibia Coronation Balanced Plus Fund underperformed the 'average' by 2.1% on the other end of the scale. Note that these returns are before (gross of) asset management fees. (Refer to graphs 3.1.3 to 3.1.5 for a more insightful picture of the relative long-term performances of the portfolios and the asset classes.)

The Monthly Review of Portfolio Performance to 31 October 2023 reviews portfolio performances and provides insightful analyses.  Download it here...
Navigating the Investment Landscape: A Guide for Residents in the SA Rand Common Monetary Area
  Investing in the SA Rand CMA presents both challenges and opportunities. By carefully considering the global context, understanding SA Rand's dynamics, and seeking professional guidance, investors can make informed decisions that maximise their potential returns while managing associated risks.

The Benchmark Default Portfolio is a globally diversified portfolio appropriate for the average fund member with a long-term investment horizon. Graph 6.2 shows how well the black line of the Default Portfolio stood up against the yellow line of the average prudential balanced portfolio and the various underlying asset classes since 2010.

Graph 6.2

The Fund’s board of trustees actively manages it in consultation with NMG, our investment consultants. It is aimed at members and employers who are hesitant to make investment decisions.

In the Monthly Review of Portfolio Performance to 30 September 2023, we elaborate on the strategies an investor should follow under the above circumstances. It also reflects the editor’s views on current developments and their impact on investment markets.

Download the Monthly Review of Portfolio Performance to 31 October 2023, here...
The Crucial Role of Ethics in Good Governance
  Ethics lies at the heart of good governance and is pivotal in steering organisations, institutions, and decision-makers toward responsible, just, and transparent actions. In the realm of governance, whether in public administration, corporate management, or boards of trustees for pension funds, the significance of ethical conduct cannot be overstated. It serves as a guiding light in ensuring fair and moral decision-making, especially when significant financial interests are at stake.

Importance of Ethics in Good Governance:

Ethics within governance acts as the cornerstone of integrity, dictating that decisions should be based on moral principles, fairness, and accountability. This responsibility is paramount for boards of trustees managing pension funds. Trustees are entrusted with the financial security and well-being of the fund's beneficiaries, necessitating ethical considerations in every decision.

Consequences of Failing to Apply Good Governance and Ethics:
When ethics in governance falter, the repercussions can be dire. It leads to the erosion of trust, financial mismanagement, and compromised integrity and is equivalent to corruption. A lack of ethical practices could result in skewed decision-making, favouritism, or even exploitation, ultimately undermining the intended objectives of the fund and the trust beneficiaries have in the system.

Ethical Dilemma in the Case of a Service Provider Offering Reduced Costs:

Consider a scenario where a large service provider offers its services to an entity at half the cost of its smaller competitors and well below the cost it charges to other similar entities. This substantial price difference raises ethical red flags. It prompts a moral dilemma for the service provider and the pension fund's trustees.

Is it Ethical for the Service Provider to Offer Services at Such Low Costs?

From an ethical standpoint, such a steep reduction in service costs may indicate predatory pricing, potentially aiming to eliminate competition unfairly or compromise the quality of services provided. It raises questions about the sustainability and motivations behind such a pricing strategy. An ethical service provider should offer services at a fair price, ensuring quality and sustainability without engaging in practices that undermine healthy market competition.

Is it Ethical for Trustees to Accept Such an Offering?

Trustees of pension funds must act in the best interest of beneficiaries, focusing on long-term financial stability and ethical considerations. Accepting a substantially lower-cost service should warrant scrutiny. While reducing costs can benefit the fund and its members, the sustainability and quality of the service at such reduced rates must be thoroughly assessed to prevent any compromise in long-term financial health or service standards. Often, large players pursue the strategy of controlling their market. Once they control the market, they can dictate the price and service offering. Such a scenario removes choice and competition and can ultimately disadvantage the consumer of the service.

Addressing the Ethical Quandary: How Should the Pension Fund Respond?

The pension fund's response to a reduced-cost offering should prioritise the ethical implications. It is essential to comprehensively evaluate the services offered, assessing quality, sustainability, and potential long-term impacts on the fund. Additionally, trustees must ensure that their decision aligns with their fiduciary duty and ethical standards, avoiding shortsighted gains at the expense of long-term stability and choice.

In conclusion, the ethical considerations in governance, especially within pension fund management, demand careful and moral decision-making. Trust, integrity, and responsible stewardship of funds are vital for the well-being of beneficiaries. Ensuring fair practices and ethical conduct not only preserves trust but also safeguards the system's long-term financial health and integrity. Such ethical dilemmas must be navigated with careful consideration of all stakeholders' interests, with the primary focus on maintaining ethical standards and the fund's sustainability.
Pension Fund Administration: The Impact of Technology
  In the ever-evolving landscape of financial services, technology has become pivotal, especially in the administration of pension funds. This technological revolution has significantly transformed how service providers, fund members, and regulators interact and manage pension funds, improving efficiency, transparency, and accessibility.

For Service Providers:

Technology has revolutionised the operations of pension fund service providers. Automation and digitisation of processes have streamlined administrative tasks, reducing manual errors and enhancing operational efficiency. Advanced software and integrated systems facilitate faster data processing, record-keeping, and reporting, leading to quicker decision-making and better risk management.

Moreover, artificial intelligence (AI) and machine learning (ML) applications aid in analysing vast amounts of data, providing insights into fund performance, member behaviours, and market trends. These insights allow service providers to offer members more tailored and informed investment strategies and personalised services.

Cybersecurity measures have also become a critical focus for service providers. With sensitive financial data at stake, implementing robust security protocols is essential to safeguarding member information from cyber threats and ensuring data privacy.

For Fund Members:

The technological advancements in pension fund administration have significantly benefited fund members. Access to online portals and mobile applications enables members to conveniently monitor their pension fund accounts, check contributions, track investment performance, and make informed decisions about their retirement savings.
Digital communication tools allow for real-time updates and educational resources, empowering members with the knowledge to make more informed investment choices and retirement planning decisions. Additionally, technology facilitates smoother and more efficient communication between fund members and service providers, reducing response times and improving overall customer service experiences.


Technology is revolutionising pension fund administration, offering a spectrum of benefits, from streamlining operations to providing enhanced accessibility and security. The integration of technology has reshaped the pension landscape.

However, while technology brings immense advantages, it also introduces challenges, such as new skill sets required from service providers' staff and fund members. It requires stringent cybersecurity measures, ethical use of AI and data analytics, and ensuring that all members have equitable access to technology-based services. The transition usually requires a substantial up-front investment by all stakeholders. The consumer will bear these costs and benefits from its advantages in the final analysis.

As technology advances, its role in pension fund administration will continue evolving, promising improvements in efficiency, transparency, and member satisfaction while requiring continued vigilance and adaptability to address emerging challenges. This ongoing evolution will define the future of pension fund administration, shaping the landscape for years to come.
NamRA's AVC rulings and the doctrine of legitimate expectations
  We have come across two NamRA rulings to two different funds this year, wherein NamRA ruled that additional voluntary retirement fund contributions are tax deductible. In one case, its confirmation of a fund's request omitted the critical word 'voluntary' despite the request referring to it. The second request correctly stated the law and concluded that additional voluntary contributions are not tax-deductible. It argued that they should be allowed as a deduction for the country's greater good.
These bring into contention the doctrine of legitimate expectations. Per Black's Law Dictionary, this doctrine means "Expectation arising from the reasonable belief that a private person or public body will adhere to a well-established practice or keep a promise." In a South African Income Tax case, ITC 1682, Judge Davis said that "the expectation must be induced by the decision maker either expressly – by means of a promise or undertaking, or implicitly – by means of settled past conduct or practice …(and) if the public authority conducts itself first to create a legitimate expectation that a certain course will be followed, it would often be unfair if the authority were permitted to follow a different course to the detriment of one who entertained the expectation."

The exposition on the legal principle of legitimate expectations primarily focuses on the concept that a public body, such as a revenue authority, may be bound by the doctrine of legitimate expectations. This doctrine stems from the idea that if a public authority creates a legitimate expectation in an individual or entity through its actions or statements, it would be unfair for the Authority to act contrary to that expectation, particularly if the individual has relied on it.

NamRA issued rulings to two funds that contradict the relevant provisions of the Income Tax Act. The discussion on the doctrine of legitimate expectations suggests that if the Authority (NamRA in these two scenarios) makes a statement or issues a ruling that creates a legitimate expectation in a taxpayer, and the taxpayer acts upon that expectation, the Authority should generally be bound by it.

The doctrine of legitimate expectations is rooted in fairness. It suggests that if these two funds rely on a clear and precise statement or ruling from NamRA and act upon it, NamRA should generally be held accountable if it subsequently decides to act contrary to the earlier statement, causing detriment to the taxpayer.

As I pointed out, the first ruling omitted the keyword 'voluntary'. Following the above discussion, NamRA's ruling cannot be interpreted but must be applied to the letter. It means that additional contributions, if allowed by the fund's rules, are tax-deductible but not additional voluntary contributions.

Under both rulings, there is one question that begs an answer. The rulings were requested on behalf of an employer and a fund, respectively. The employee benefits from the two rulings, not the employer or the fund. Can the benefitting employee argue that he decided to make additional voluntary contributions under a ruling issued to his employer or fund? Should the rulings not instead have been requested on behalf of the employees?

In both cases, I caution the employers from proceeding, assuming that additional voluntary contributions are tax-deductible. Even if NamRA felt morally compelled to allow such contributions, it can reverse its decision at any time for the reasons I gave above. The doctrine of legitimate expectations might make the back-dating of the review a bit more difficult. However, NamRA could still argue that any rational person should have concluded that the rulings were defective
Compliment from a Principal Officer
Dated 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.

Read more comments from our clients, here...
Important circulars issued by the Fund
  The Benchmark Retirement Fund issued no new circulars since announcement no. 8 – appointment of trustee.

Clients are welcome to contact us if they require a copy of any circular.
RFS launches The Retirement Compass
  This quarterly newsletter is part of our social responsibility and initiatives to support the retirement fund industry. It aims to provide members of funds managed by RFS Fund Administrators and other stakeholders with industry news and insights presented in plain language.
We congratulate Sebastian Frank-Schultz on launching this first newsletter under his pen and look forward to future issues.
Comments, contributions and suggestions for future content are welcome. Send these directly to This email address is being protected from spambots. You need JavaScript enabled to view it..

Download the newsletter, here...
A night under the African skies
RFS celebrated its year-end function under this motto at the SKW courtyard on 3 November. Here are a few visual impressions from this most enjoyable and relaxing occasion to mix and mingle with colleagues and friends.
The 2023 Social Committee
We say goodbye to the 2023 social committee, l.t.r., Janolene, Timothy, Venessa, Aliza and Sebastian, and thank you for all your dedication and hard work to light up our lifes in 2023!
  The 2024 Social Committee
We welcome our 2024 social committee, l.t.r., Wilbard, Richardene, Florencia, Hermine, Cherryl, Cizelle and Elray and look forward to your creativity in shaping our social events 2024!
Important circulars issued by RFS
  RFS issued the following circulars in July:
  • RFS Circular 2023.11-08 – Introduction of The Retirement Compass newsletter
Clients are welcome to contact us if they require a copy of any circular.
Date for public comment extended
NAMFISA informed the public that the due date for submission of comments on subordinate legislation recently published in government gazette 8237 of 18 October 2023 was extended to 24 November 2023.
Comments must be submitted in the prescribed format. Download the public notice here…

The subordinate legislation comprises standards for Collective Investment Schemes, CIS.S.4.8 and 4.22. Gazette number 8237. Download it here… 
Notice on inactive foreign funds
In a notice to pension fund service providers of November 2023, NAMFISA advises that it will cancel the registration of a fund on proof that it has does not exist anymore. It requests the service providers to revert if they have relationships or hold any assets in the name of the funds reflected on an attached list to provide the contact details on their record to NAMFISA by no later than 30 days from the date of the publication.
Download the notice and attached list here…
News from RFIN
RFIN’s trustee training calendar
  The RFIN website is a valuable resource for pension fund trustees and other industry stakeholders. It would be worth your while rummaging around on it here…
If you missed the RFIN’s training calendar, you can find it under Education and Training here…
News from the Market
M&G offering investment training
  M&G offers free investment training to trustees and interested service providers. The session duration is about 5 hours, presented either face-to-face or virtually. It is concluded with a test and successful participants receive a certificate.
Download a flyer here...
Complaint about non-payment of disability benefits
  The complaint involved the non-payment of a disability benefit by the Edupen Umbrella Pension Fund to P. Kitzler, a member of the fund and an employee of Mondeor High School. The member's employment was terminated due to ill health, leading to the dispute.

Arguments by the Member (Complainant):
  • Kitzler was dissatisfied with the non-payment of a monthly disability income, claiming that the employer stopped payments after terminating his employment due to permanent disability.
  • He cited the employer's failure to follow the proper process and the existence of a policy covering disability benefits, supporting his claim with a benefit statement indicating a payable monthly disability income.
Arguments by the Fund (Edupen Umbrella Pension Fund):
  • The fund stated that contributions were halted after being informed by the employer about the member's temporary absence, following Rule 8 of the fund, which suspends contributions during an approved absence for up to 24 months.
  • They asserted that upon completing the 24 months in October 2021, Kitzler could claim ill-health retirement benefits and was required to submit a duly completed claim form for payment.
Adjudicator's Determination:
  1. Jurisdiction: The Adjudicator clarified that the Income Disability policy did not fall within the purview of the Pension Funds Act but under the Long-Term Insurance Act, suggesting referral to the Ombudsman for Long-Term Insurance.
  2. Merits:
    • The Adjudicator acknowledged the fund's position regarding Rule 8, specifying the 24 months for approved absence.
    • Determined that Kitzler should be assessed for an ill-health early retirement benefit based on Rule 5.4.
    • Stated the lack of jurisdiction to investigate the disability policy but noted that the claim might have lapsed due to ceased contributions.
  3. Order: The Adjudicator directed the fund to assess Kitzler's eligibility for an early ill-health retirement benefit within four weeks. If eligible, the fund was ordered to pay the benefit (minus deductions permitted by law) within two weeks after assessment. If deemed ineligible, the fund was directed to pay Kitzler's fund credit within two weeks after assessment and provide a payment breakdown.
In summary, the Adjudicator ruled in favour of the member, ordering the fund to assess Kitzler for an ill-health retirement benefit and pay accordingly within specified timeframes. The aspect related to the Income Disability policy was referred to the Long-Term Insurance Ombudsman due to jurisdictional limitations.

Read the determination by the SA Pension Funds Adjudicator here…
Transacting with foreign vendors
  Funds often acquire services and products from foreign vendors, such as software, consulting services, training, etc. Such transactions may have VAT and Withholding Tax implications. For an answer, one must study the Income Tax Act and the provisions of any double taxation agreement in force between Namibia and the other tax jurisdictions. Failure to comply with the VAT Act and the Income Tax Act concerning Withholding Tax, will expose the fund to penalties and late payment interest.

As fund administrators, we do not purport to be tax experts. Such expertise can typically be sourced from Namibian audit firms. In instances where invoices are presented to us for payment in respect of goods or services acquired from a foreign vendor, we presume that the fund has considered the potential implication of VAT (import or normal VAT) and of Withholding Tax the fund may be liable for, as well as any relief granted by the double taxation agreement between the two countries concerned.

In our understanding, the purchase of software from a foreign vendor represents a VATable import and VAT should be paid at the same time payment is affected. In our understanding, the cost of attending training or seminars outside Namibia does not represent a VATable import and VAT, if applicable in the foreign country, should be raised by the foreign vendor. Trustee and trainer fees payable to a foreign resident attract Withholding Tax unless the double taxation agreement provides relief.
Revisiting Withholding Tax on services payments to non-residents
  In practice, Namibians, including Namibian pension funds, mostly have dealings with South Africans, and in general, the services provided by South African service providers would be subject to Namibia's double taxation agreement with South Africa. This agreement prohibits the taxation by Namibia of any of the following income –
  • Income of a Namibian resident from immovable property, including agriculture or forestry situated in SA;
  • Business profits of an SA resident unless they were derived through a permanent establishment in Namibia;
  • Profits derived by an SA resident from the operation or rental of ships, aircraft, or road transport vehicles and the rental of containers and related equipment in international traffic, unless the place of effective management of the business is situated in Namibia;
  • Participation by an SA resident in management, control, or capital of a Namibian-associated enterprise to the extent that they were earned on an 'arms-length' basis;
  • Capital gains of an SA resident from the alienation of immovable property unless the property was situated in Namibia;
  • Independent personal services derived by an SA resident individual unless that individual has a fixed base regularly available to him in Namibia;
  • Dependent personal services by an SA resident (salaries, wages, and other similar remuneration), unless the employment is exercised in Namibia;
  • Remuneration derived by a servant of the SA government in the discharge of governmental functions exercised in Namibia;
  • Teachers on a temporary visit of not more than two years to Namibia to teach at a Namibian education institution;
  • Payments received by an SA student, trainee, or apprentice for his training or education in Namibia;
  • Income not dealt with under any of the bullets above or below that did not arise in Namibia.
The income of a South African taxpayer that may specifically be taxed in Namibia is the following:
  • Dividends paid by a Namibian company;
  • Interest arising from Namibia;
  • Royalties arising from Namibia;
  • Directors' fees in the capacity as director of a Namibian company;
  • Income derived by entertainers or sportspersons derived from activities in Namibia;
  • Any pension or annuity derived from a Namibian source by an individual where such income is taxed only in part in South Africa, to the extent that it is not taxed in South Africa;
Income is not dealt with in any of the above bullets if it arose in Namibia.
High interest rates: Are money market investments a good option?
  In uncertain and volatile markets, investors seek safety for their accumulated capital. Money market investments offer a safe haven and a sense of comfort in the short term. However, money market investments are unsuitable for long-term investors because they do not provide inflation-beating returns. South African equities and global equities have outperformed inflation over five years. Long-term investors with a somewhat aggressive risk profile should consider investing in South African or international equities. Consulting with a financial advisor can help you make the best investment decisions for your needs.
Read the article by Aidan James Freswick of Brenthurst Wealth in Moneyweb of 8 September 2023 here...
Three vital themes for investing over the next decade
  The Fabiana Fideli argues that long-term investors should focus on three essential themes: the environment, infrastructure, and innovation.

The environment is the greatest threat we face in the next decade, and the author lists several companies helping to solve this problem.

Infrastructure is another area of opportunity, with a global infrastructure gap of US$15 trillion. She recommends two companies that are making a difference in this sector.

Innovation is her third theme, and she highlights two companies at the forefront of this area.

She concludes that investing in the next ten years will differ significantly from investing over the past ten years. Investment firms must be prepared for exponential change and the challenges that will come with it.
Here are some key quotes from the article:
  • The greatest threat we face in the next decade is the environment.
  • Globally, the infrastructure gap is US$15 trillion.
  • We've labelled our third theme "innovation" as it reflects our search for companies whose primary drive is to innovate in their areas of expertise.
  • Investing in the next ten years won't be anything like investing over the past ten years.
  • Investment firms worldwide will constantly face exponential, unparalleled change and will have to rise to the challenges that will ensue. 
Read the article by Fabiana Fideli of M&G Investments (UK) of 30 August 2023 here…
In retirement, you sometimes have to be cruel, to be kind
  TThis article offers sound advice focused on three crucial areas:
  1. Retirees and their relationships with their children and grandchildren:
    • It advises retired parents to be cautious about excessively providing financial support to adult children and emphasises the importance of planning for their own financial security.
    • It warns against unequal distributions among children and the potential consequences of 'living inheritances' and the emotional toll it can take on the family.
  2. Children and their retired parents:
    • It encourages children to perceive inheritance as a privilege, not an entitlement, and to avoid manipulating or guilt-tripping their retired parents for financial support.
    • It urges children to understand their parents' financial needs and offer guidance in making responsible financial decisions.
  3. Married retirees:
    • It encourages open discussions between spouses regarding future care, transitions, and potential moves to retirement homes or communities with care facilities.
    • It advises seeking professional advice to navigate tough decisions regarding lifestyle transitions.
The article emphasises the importance of open communication and responsible financial planning within families during retirement, highlighting potential pitfalls and offering guidance for making challenging but necessary decisions.
Read The full article by Marius Fenwick in Monweyweb of 18 August 2023 here…
Investing is a journey – advice for young investors
Here are 15 steps young investors should follow to achieve investment success. Fund members who may choose different investment portfolios are also encouraged to heed the advice.
  1. Educate yourself: Take the time to understand the fundamentals of investing, different asset classes, risk management, and the impact of economic factors on markets. Continuous learning is crucial for making informed decisions.
  2. Set clear goals: Define your investment goals and time horizon. Are you investing for retirement, a major purchase, or other financial objectives? Your goals will influence your investment strategy.
  3. Start early: The power of compounding is your greatest ally as a young investor. The earlier you start investing, the more time your money has to grow.
  4. Diversify: Spread your investments across different asset classes (stocks, bonds, real estate, etc.) to reduce risk. Diversification helps mitigate losses in case one investment underperforms.
  5. Risk tolerance: Understand your risk tolerance and invest accordingly. Young investors often have more time to recover from market downturns, but still, choose investments that align with your comfort level.
  6. Long-term perspective: Investing is not a get-rich-quick scheme. Stay focused on the long-term and avoid making impulsive decisions based on short-term market fluctuations.
  7. Avoid timing the market: Trying to predict market movements is challenging even for seasoned professionals. Instead of timing the market, focus on time in the market.
  8. Keep emotions in check: Emotional decisions can lead to poor investment choices. Avoid making decisions based on fear or greed and stick to your investment plan.
  9. Emergency fund: Before investing, establish an emergency fund with enough savings to cover unexpected expenses. This ensures you won't need to liquidate investments during downturns.
  10. Review and adjust: Regularly review your investment portfolio and adjust it as needed. Life circumstances change, and your investments should reflect your evolving goals.
  11. Fees and costs: Be mindful of fees and expenses associated with investments. High fees can eat into your returns over time.
  12. Avoid herd mentality: Just because everyone is investing in a particular asset doesn't mean it's the right choice for you. Do your research and make decisions based on your own analysis.
  13. Stay patient: Investing requires patience. Markets can be volatile, but maintaining a disciplined approach will lead to better outcomes over time.
  14. Seek Professional Advice: If you're unsure about your investment decisions, consider seeking advice from a financial advisor. A professional can help align your investments with your goals and risk tolerance.
  15. Learn from mistakes: You will likely make investment mistakes along the way. View these as learning experiences and adjust your strategy accordingly.Remember that investing is a journey, and it's important to build a foundation of knowledge and sound decision-making practices. With time, patience, and the right approach, young investors can set themselves up for a successful financial future.
Wisdom from great philosophers
  "The ultimate economic goal is not to maximise wealth but to create a society of self-sufficient citizens who are not dependent on others." ~ Aristotle

This timeless wisdom from an ancient thinker underscores the importance of balancing economic growth with social equity, ethical practices, and a focus on long-term sustainability. By heeding these principles, societies can foster prosperous and resilient economies that benefit all members of the community.
If you do not want to receive these newsletters {unsubscribe}click here...{/unsubscribe}

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.
How much will you need when you retire and are you investing enough?
Subscribe now to receive our monthly newsletter.
We use cookies to make this site simpler. By using this site, you permit the use of cookies.
More information Ok