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“...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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                        <td align="center" valign="top">&nbsp;
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                                    <td style="line-height: 0px;"><a href="https://www.facebook.com/Benchmarksol/?ref=br_rs"><img alt="facebook" height="35" src="https://rfsol.com.na/images/newletter-imgs/35-2017-logo-facebook.png" style=" height:35px;  width:35px; float:left;" width="35" /></a></td>
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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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                        If you do not want to receive these newsletters {unsubscribe}click here...{/unsubscribe}</span></span></div>
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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>
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            <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>

            <ul>
                <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>
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            <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 />
            <br />
            <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 />
            <br />
            ...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 />
            <br />
            <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 />
            <br />
            <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 />
            <br />
            <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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            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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            <br />
            <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 />
            <br />
            <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 />
            <br />
            <span style="font-size:16px;">A more conservative portfolio for now should let you sleep more peacefully</span><br />
            <br />
            <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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            <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>

            <ul>
                <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>
            </ul>
            <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>

            <ul>
                <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>
            </ul>
            <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 />
            <br />
            <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 />
            <br />
            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 />
            <br />
            <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>

            <ul>
                <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>
            </ul>

            <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>

            <ul>
                <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>
            </ul>

            <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>
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                        <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>
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            &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 />
            <br />
            <span style="font-size:16px;">NAMFISA launches whistleblowing hotline</span><br />
            <br />
            <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 />
            <br />
            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 />
            <br />
            <span style="font-size:16px;">NAMFISA investments exposed</span><br />
            <br />
            <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 />
            <br />
            <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 />
            <br />
            <span style="font-size:16px;">Inside the mind of a balanced fund manager</span><br />
            <br />
            <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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            <span style="font-size:16px;">Safeguarding the elderly from financial abuse</span><br />
            <br />
            <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 />
            <br />
            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 />
            <br />
            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 />
            <br />
            <span style="font-size:16px;">Foreign equity transactions on the JSE</span><br />
            <br />
            <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 />
            <br />
            <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 />
            <br />
            <span style="font-size:16px;">Window-dressing - Why the market rallies at quarter end</span><br />
            <br />
            <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 />
            <br />
            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 />
            <br />
            <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 />
            <br />
            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 />
            <br />
            <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 />
            <br />
            <span style="font-size:24px;">Interesting statistics</span><br />
            <br />
            <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 />
            <br />
            <span style="font-size:24px;"><span style="font-family: georgia,serif;">And finally...</span></span><br />
            <br />
            <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 />
            <br />
            <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 />
            <br />
            <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.
Swakopmund.”

“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
C!”

“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
K.

M
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
thanks

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...
Thank you for a great job done, especially now during (our) difficult time.
Oh, thanks a lot for your patience and professionalism..... you are indeed a gem for Namibia corporate business. They can learn a lot from you. Keep it up.
Thank you for your frequent communications/information. Your company definitely adds value to our fund.
Ek is baie suinig met komplimente – gee dit net aan mense wat dit verdien, veral in hierdie tyd waar goeie en veral vriendelike diens so skaars soos hoendertande is. En jy is een van die uitsonderings!
From my side, thank you for all your efforts in helping me to get this important matter sorted out in good time, your excellent service is really appreciated.
I would like to thank you for your assistance and hard work that you and your team have done so far on the fund.
I would also like to bring it under your attention that in the meeting it came to the surface that S.M. got a special mention for the sterling service he has provided over the year in review. I look forward to doing business with you for the next financial year.
I would like to take the opportunity to thank you for the excellent service rendered to me by your company.
We always receive the best service from RFS.
The story of your growth and success over these 10 years is such a phenomenal one, but I think it’s absolutely clear why you have grown and prospered. You simply provide an outstanding service.
Thank you very much for your dedication and please keep up the good work!
I am very glad for such a caring attitude by following me up. I will have big trouble if I don't make make use of this opportunity..
Thank you very much for all the help and assistance during the year 2009. It is indeed a comforting thought that YOU are always willing and available to help with any problems or queries. You indeed walk the extra mile.
This is the most detailed and prompt response I have received in a while, thanks I really appreciate it.
Baie dankie vir jou onbaatsugtige diens. Ons waardeer al jou moeites.
I wish other organisations were as efficient as you are!
Thanks for the document and more so for the pace at which you completed the exercise. This is much appreciated.
Thanks B. for your usual efficient service. Much appreciated!
My sincere thanks to S. for well written minutes. You are a gifted recorder of proceedings, S. Thank you for letting us share in your abilities!
Dankie vir hierdie nuusbriewe van jou. Dit bied regtig waardevolle insigte!
Allow me to take this opportunity to thank you for the valuable time, the advice and learning I could take part in. It is highly appreciated and I certainly value the contribution RFS is making not only to the DHPS Retirement Fund, but to the industry as a whole.
Let me once again assure you that we are delighted to be associated with such a professional and successful team.
Thank you for your care and diligence. I appreciate it.
I compliment RFS for the pro-active actions taken to try to make the administration of your funds under administration more efficient.
I must say that I really enjoyed working with you and your team. I really must compliment you on the way you manage your people and the strength and calibre of your team.
Thank you for your excellent service.
Dit is ‘n absolute plesier om “besigheid” te doen met RFS juis omdat die dienslewering 101% is.
Hoe sê mens dankie vir ‘n Ina Joone wat alles so presies hanteer en wat altyd vriendelik is? Dankie is ‘n klein woordjie, maar ek sê dit met groot ontsag en dit kom uit my hart – dankie vir alles, Ina! Ek waardeer dit opreg.
Thanks so much for quick and good service. I never received such a quick and good service. I really appreciate it. It is the second time that I received that type of service from you. I really appreciate it. Keep up the good work.
I am very pleased to work with your staff. They are service driven and surely they do make a big difference in the administration of our Fund. It is very rare to get customer service as provided by the two ladies. Really very satisfied.
Ich wollte Dir, bzw A, ein Lob aussprechen. A ist wirklich ‘auf Zack’. Unsere Fragen werden von ihr immer super schnell beantwortet und manchmal sogar bevor wir sie überhaupt gestellt haben – wir haben die Informationen [in diesem Fall] noch gar nicht angefragt, doch schon bekommen.
Hi S,
I must say this is the fastest that I have ever had pension benefits paid out to a client! Thank you very much for your prompt, friendly and sufficient service. Can you kindly forward this email to your supervisor, because I think you deserve recognition.
…Your entire team… offers us through your monthly letters, etc. etc. so much. You are literally feeding us with everything we need to know. If we read it, we will at least know what is going on in the industry. Your input is so valuable because by the time I think of giving feedback to my trustees, you have already put it all in writing for distribution to all your clients.
I have been very happy with RFS throughout my involvement with the Fund (from its early days) and with the service provided. For these reasons I have strongly promoted and advertised RFS by word of mouth, and am delighted to see how it has grown over the years. From my experience this growth is richly deserved.
I also want to take this opportunity to thank all at RFS for your excellent customer service throughout the year, and it is especially the working relationship with you S. and H., that I value more than words can convey.
Ek wil my dank uitspreek vir die wyse waarop jy die Fonds en alles wat daarmee gepaard gaan, hanteer het. Die spoedige afhandeling van eise (bedankings en aftredes) asook alle kwotasies vir huislenings en ander navrae. Party kere het dit maar woes gegaan, maar jy het dit baie goed hanteer. Dit is vir my ‘n riem onder die hart en ek wil die vertroue uitspreek dat ons in 2013 net so lekker sal saamwerk.
I read the whole article, very inspiring for any young Namibian with an entrepreneurial spirit. We look up to you guys. All the best for the future and wishing you and your colleagues all the success. To which we say, "A very big, thank you!"
Baie dankie, sulke terugvoering / inligting word baie waardeer.
Thank you very much for all your effort to contact the pensioners to return their COE – well done with this job. This makes it easier…
Many thanks … we can always rely on top service from Retirement Fund Solutions… no matter what. Please know that this is truly appreciated.
Nogmaals baie baie dankie vir jou wonderlike diens en hulpvaardigheid met ons saak...
Dankie vir jou hulp met hierdie saak. Jy is 'n regte staatmaker...
..., you are truly a super star. Keep up the good work brother...
Hi...
Oh you can’t see it but I`m doing a mini finger moonwalk on my desk!!!!!!
Thank you very much!
I will tell Tate S that he no longer needs to euthanize Molly the sheep.
Kind Regards
A little side comment: You are the first organisation in my working life that has ever issued the annual PAYE5 certificate by the end of February. Congratulations!!!
Dear I
Why are you working so late? Your work is highly appreciated, especially the effort that you putting into your work by going the extra mile for your clients. You will rarely find services after 5. Thanks or your excellent service, keep it up. It give me enormous pleasure working with all of you at RFS.
As my term as Principal Officer has come to an end, I would like to extend my sincere thanks to the whole team of RFS for their friendly and professional service. A special, big thank you to the portfolio managers, R... and I... who served me with excellence and dedication each day when I needed them. It was a great pleasure to work with RFS - from the receptionist right up to the management. All the best for the future and keep this reputation as you are the best service provider I have worked with.
Benchmark Retirement Fund is a fantastic institution. I never tire of telling people what good service we get, how satisfied I am and what a professional group of people run it. If I have one quibble it is this tiresome business of having to get a Certificate of Existence certified once per year. If you could find some way of making this process absolutely painless I would not be able to think of a single quibble! I hope that you can focus the intellectual capacity of Benchmark to reflect on how this could be done...
Ek wil hiermee net baie dankie sê aan Leande se vlinke deurvoering van my versoek na ‘n Persoon wat my kon assisteer met ‘n versoek wat ek gehad het vandag. Bianca het my baie kort na ek gebel het, terug gebel en gevra waarmee sy my kan help. My versoek is vriendelik en duidelik aan my beantwoord en verduidelik en sy het my absolute vrede gegee met die hele proses wat gaan gebeur aangaande my uitbetaling. Baie dankie.
Dankie, T.
Dis nou goeie diens om so deur jou diensverskaffers "gebombardeer" te word met materiaal!
We survived 2014 and thank you for your amazing hard work, creativity and dedication. I am personally grateful to you for your tremendous efforts. I wish you a rewarding joyous new year. I look forward to us working together in 2015.

These festive wishes were received with sincere appreciation by all at RFS.
As stated in your newsletter: We have nearly come to the end of the year again.

The ... Retirement Fund 2014 sleigh became almost overloaded with additional work because of the NAMFISA inspections. Every year I am thankful for your continuous support to keep us going and for sharing your industry wisdom and knowledge with us.

In the retirement environment "RFS's newsletters weigh more than gold" - your time and efforts to compile these newsletters cannot be weighed.

While you are still attending to the very last tasks of 2014, I do hope that a peace-filled sleigh will take you away to a wonderful and well-deserved holiday.

These festive wishes were received with sincere appreciation by all at RFS.
I have no doubt in my mind that you are indeed the best. In your newsletters you do offer much, much more than any trustee can absorb when attending meetings and training sessions or reading newspapers. You are feeding us with a golden spoon! Hence why I do encourage my trustees to read your newsletters, circulars, etc. because they will not get this concise and well thought-out information from any other source or company.
Mr. F
Your above letter: What a breath of fresh air of honesty in the current tornado of  fraud / bribery / corruption on a daily basis. Indeed gives one much needed hope that small pockets of integrity still exist in our Country.
Dear T,
I am a regular reader of your newsletter as I find it useful to understand what is happening in the market. I assume other readers also enjoy it for the same reasons as mine...
Dear A,
Thank you very much for the excellent service that we have received from you. Your work was always of the highest standard and it was a pleasure to work with you. All the best with your future. I am looking forward to again work with E. RFS is lucky to have such dedicated and excellent staff members.
Dear J
Thank you for the good service that I’m always receiving from you, honestly it is a privilege to work with you!
Guten Morgen Frau B
Vielen Dank fuer die schnelle Antwort. Dann ist ja alles Super, war nur etwas “geworried” das was falsch lief. Freu mich das es noch Firmen gibt wo man einen Service kriegt. Vielen Dank.!”

Translated: Thank you very much for your prompt answer. Then everything seems fine, was just worried that something had gone wrong. Glad that there are still firms where one is getting service. Thank you!
“Dear Mr. F,
I also wish to thank you, S, and H for all the advice, patience and assistance provided to me - I really appreciate it!
R, thank you very, very much for all your assistance in this regard in getting the SIH information ready for submission in such a short period of time! Again just affirmation of the fact that RFS can always be counted on in delivering service to their clients.
Retirement Fund Solutions

Managed by Namibians. Trusted by Namibians.

Benchmark Retirement Fund

Efficient. Trusted. Namibian.

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