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Delivering better outcomes to members

FirstChoice Investments, Personal Super and Pension

We’re making changes to FirstChoice Investments, Personal Super & Pension to improve financial outcomes for our members. From June 2020, we’re reducing investment fees, removing commission payments and changing portfolio rebates.

From June 2020

  • We’re reducing management costs across all investment options by
    • between 0.10% and 1.00% pa for FirstChoice Investments; and
    • between 0.60% and 1.00% pa for FirstChoice Personal Super & Pension.
  • We’ll be changing the interest rates paid on FirstRate Term Deposits and FirstRate Saver options for FirstChoice Personal Super and Pension.
  • Adviser trail payments will cease on member accounts established before 11 June 2013.
  • Any fee rebates which currently reduce the fees your clients pay, will cease.
  • From 15 June 2020, insurance commission payments will cease on FirstChoice Personal Super.
  • From 1 June 2020, we’re changing the thresholds and rates so more members can receive a portfolio rebate. Currently, rebates are only paid when their portfolio of eligible FirstChoice products exceeds $400,000. We’re changing it so that rebates will now be paid if their portfolio exceeds $100,000. Refer to table below.


Portfolio rebate changes from 1 June 2020

Current rebate thresholds New rebate thresholds from 1 June 2020
Value of eligible FirstChoice products and investment options Portfolio rebate (pa) Value of eligible FirstChoice products and investment options Portfolio rebate (pa)
First $400,000 Nil First $100,000 Nil
Next $600,000 0.20% Next $400,000 0.05%
Over $1,000,000 0.40% Next $500,000 0.10%
Over $1,000,000 0.20%

COMMUNICATING TO YOUR CLIENTS

For FirstChoice, we’ll write to your impacted clients from April 2020 to advise them of these changes. We’ll provide you with a copy of the communication before we send it to members.

For more information about these changes, please refer to the member letters and flyers below.

Other products

Disclaimer

Adviser Use Only

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the issuer of FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) and Personal Pension Plan (PPP) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840. CFSIL also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. The investment performance and the repayment of capital of CFSIL products is not guaranteed.

Avanteos Investments Limited ABN 20 096 259 979, AFS Licence 245531 (AIL) is the trustee of the Avanteos Superannuation Trust ABN 38 876 896 681 which includes FirstWrap Plus Super and Pension, and is the operator of The Avanteos Wrap Account Service which includes FirstWrap Plus Investments. The investment performance and the repayment of capital of AIL products is not guaranteed.

This is based on the understanding of current regulatory requirements and laws as at the date of publication. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including CFSIL and AIL, accepts responsibility for any loss suffered by any person arising from reliance on this information. This document contains general information strictly for adviser use only and is not to be handed to any investor. It does not take into account any person’s individual objectives, financial situation, needs or taxation circumstances. The Target Market Determinations (TMD) for our financial products can be found at www.cfs.com.au/tmd and include a description of who a financial product is appropriate for. You should read the relevant Product Disclosure Statement (PDS), Financial Services Guide (FSG) or Investor Directed Portfolio Service Guide (IDPS Guide) before making any recommendations. Investors should read the relevant PDS, FSG or IDPS Guide before making an investment decision and consider talking to a financial adviser. Investors can obtain FirstChoice PDSs and the FSG from www.cfs.com.au or by calling 13 13 36 and FirstWrap PDSs, FSGs and IDPSs from their adviser or firstwrap.com.au.

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