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Working with you to

Working with you to

deliver better member outcomes

deliver better member outcomes


As part of our commitment to simplify fees and comply with legislation to remove grandfathered conflicted remuneration, we’re making some important changes to our products over the coming months.

Read this article and the additional information available here carefully as these changes may affect your clients’ investments, the fees they pay, their insurance premiums and any rebates they receive.

Changes to our Managed Investment Funds effective 1 March 2020

On 1 March 2020 we made the following changes to our Managed Investment Funds (the Funds):

  • We ceased paying grandfathered trail commission and other grandfathered payments to licensees.
  • We reduced management costs of the Funds.
  • We ceased member fee rebates.

We will write to members in mid-March 2020 to inform them of these changes.

Changes to FirstChoice Employer Super from May 2020

In May this year we’re simplifying our investment options and fees in FirstChoice Employer Super to make it easier for members to understand what they’re paying for.

From 1 May 2020:

  • Grandfathered trail commissions currently paid to licensees for our closed investment options will cease, along with any Service Fee Rebates paid to members.
  • Insurance commissions will cease, which will result in changes to the Insurance Administration fee and premiums members pay.

From 9 May 2020

  • We’re removing closed investment options and moving member balances to equivalent investment options from our Select investment menu free of transaction costs.
  • Member balances transferred from the closed investment options will have the same or lower investment fees. However, lower Employer Plan Rebates apply to the Select investment menu, which may result in a net fee increase for some members.

Please note:
If there is a net increase to a members’ fees and insurance premiums as a result of these changes, we will make a one-off fee rebate to their account in June 2020. This amount will represent approximately six months of additional fees and/or insurance premiums.

Members’ existing balances in the FirstChoice Lifestage or Select investment options are not affected by these changes. We are currently reviewing the fees for these investment options.

We’ll be writing to members to let them know about all of these changes from 16 March 2020.

Fee reductions and other changes to FirstChoice Personal Super & Pension, FirstChoice Investments, Rollover & Superannuation Fund and Personal Pension Plan from 1 June 2020

On 1 June 2020 we’re making changes to our ‘closed’ investment, super and pension products1 to simplify and reduce fees for members. This includes:

  • Reducing fees across the entire range of investment options in FirstChoice Personal Super & Pension, FirstChoice Investments, Rollover & Superannuation Fund and Personal Pension Plan.
  • Changing our FirstChoice portfolio rebate thresholds and rates.
  • Ceasing grandfathered trail commissions (and related rebates), and passing that benefit back to members.
  • Removing insurance commissions (including for FirstChoice Wholesale Personal Super), which will reduce premiums.
  • Changing the interest rates paid on FirstRate Term Deposits and FirstRate Saver options in FirstChoice Personal Super and Pension. These changes will be available on from 1 June 2020.

Fee reductions and other changes to FirstWrap and FirstWrap Plus from 1 July 2020

On 1 July 2020, we’re also making changes to simplify and reduce the number of fees on FirstWrap and FirstWrap Plus. This includes:

  • Removing transaction fees (FirstWrap only).
  • Removing advice fees on listed security trades.
  • Removing insurance commissions.

Like to know more?

The changes we’re making are designed to create better outcomes for your clients and our members. We encourage you to read the additional information available on our website to understand these changes in more detail.

Our team remains dedicated to supporting you and your business. To discuss any of these changes, please contact your local Business Development team or Adviser Services on 13 18 36 Monday to Friday between 8am and 7pm, Sydney time.

[1] These products are closed to new members.


Adviser Use Only

Colonial First Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) 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. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of FirstChoice products or the repayment of capital for your investment. Colonial First State Custom Solutions is the registered business name of Avanteos Investments Limited ABN 20 096 259 979, AFS Licence 245531 (AIL). 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. AIL is owned ultimately by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of AIL products or the repayment of capital by AIL. This is based on the understanding of current regulatory requirements and laws as at February 2020. 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 Colonial First State or any member of the Commonwealth Bank group of companies, 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. You should read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) before making any recommendations. Investors should read the relevant PDS or IDPS Guide before making an investment decision and consider talking to a financial adviser. Investors can obtain FirstChoice PDSs from or by calling 13 13 36 and FirstWrap PDSs and IDPSs from their adviser or

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