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We’re introducing a series of changes to FirstChoice in our new Product Disclosure Statements (PDS). We’ve outlined each change below and provided information about transitioning to the new PDS from 22 November 2025.
- FirstChoice Wholesale Super and Pension
- FirstChoice Wholesale Investments
- FirstChoice Employer Super
- FirstChoice Investments (closed to new investors).
Alpha All Growth
High growth
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Alpha All Income
Defensive
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Ironbark Brown Advisory TTR Global Share1
Global share
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Lazard Listed Private Markets1
Specialist share
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Lonsec Core Plus Growth1
Growth
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Salita G50
Moderate
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Salita G85
High Growth
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Yarra Global Small Companies1
Specialist share
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1. Available on FirstChoice Wholesale Pre-Retirement Pension
We actively source well-credentialled replacement managers, taking into consideration key factors such as the investment manager’s performance track record, research house ratings and quality of investment teams. As part of these changes, we are pleased to announce a reduction in fees for some of the manager replacement activities.
Below is the list of manager replacements effective 22 November 2025 and their new objective, strategy and asset allocation where changed:
Antares Ex-20 Australian Equities1,3
Yarra Ex-20 Australian Equities
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Bennelong Ex-20 Australian Equities1,2,3
Eley Griffiths Group Mid Cap
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Brandywine Global Income Optimiser1
Daintree High Income
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Evidentia Long Term1
Lonsec Core Plus High Growth
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Evidentia Medium Term1,2,3
Lonsec Core Plus Balanced
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State Street Australian Equity1,2,3
Vinva Australian Equity
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Stewart Investors Worldwide Leaders Sustainability3,4
Alphinity Global Sustainable Equity
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- Available on FirstChoice Wholesale Pre-Retirement Pension.
- This investment option had an investment category change, refer to the Investment category section for more information.
- This investment option will also have a fee decrease effective 1 November 2025, refer to Fee Decreases section for more information.
- This manager change also applies to the Managed Investment Fund (MIF) product.
ClearBridge RARE Infrastructure Value1,2
ClearBridge Infrastructure Value - Hedged
Martin Currie Real Income2
ClearBridge Real Income
Martin Currie Australia Equity Income1,2
ClearBridge Australian Equity Income
- Available on FirstChoice Wholesale Pre-Retirement Pension
- This only a name change, there will be no change to how these options are managed.
We will make some minor changes to the asset allocation ranges, benchmarks, strategy wording, or objectives for a number of investment options from 22 November 2025. The changes are indicated in the table below.
Alphinity Sustainable Share
Change of strategy
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Baillie Gifford Sustainable
Growth Change of strategy
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CFS ETF Exposure Series: US Shares
Change of strategy, objective and benchmark
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CFS Geared Index Australian Share
Change of strategy, objective and benchmark
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CFS Index Global Property Securities
Change of strategy, objective and benchmark
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CFS Index Property Securities
Change of strategy, objective and benchmark
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CFS Lifestage 1945-49
Change in asset allocation
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CFS Lifestage 1950-55
Change in asset allocation
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CFS Lifestage 1955-59
Change in asset allocation
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CFS Lifestage 1960-64
Change in asset allocation
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CFS Lifestage 1965-69
Change in asset allocation
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CFS Lifestage 1970-741
Change in asset allocation
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CFS Lifestage 1975-79
Change in asset allocation
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CFS Lifestage 1980-841
Change in asset allocation
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CFS Lifestage 1985-89
Change in asset allocation
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CFS Lifestage 1990-94
Change in asset allocation
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CFS Lifestage 1995-99
Change in asset allocation
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CFS Lifestage 2000-04
Change in asset allocation
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CFS Lifestage 2005-09
Change in asset allocation
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Cohen & Steers Global Listed Infrastructure
Change of strategy
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Magellan Global Share
Change of strategy and asset allocation
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Magellan Global Share - Hedged
Change of strategy and asset allocation
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Magellan Infrastructure
Change of objective and asset allocation
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Mutual Income
Change of strategy
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Pendal Sustainable Australian Fixed Interest
Change of strategy
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Pendal Sustainable Australian Share
Change of strategy
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PIMCO Diversified Fixed Interest
Change of objective
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PM Capital Enhanced Yield
Change of strategy, objective and asset allocation
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Royal London Core Global Share
Change of objective
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RQI Australian Small Cap Value
Change of strategy
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RQI Australian Value
Change of strategy
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RQI Emerging Markets Value
Change of strategy
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RQI Global Value
Change of strategy
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RQI Global Value - Hedged
Change of strategy
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Solaris Core Australian Equity
Change of strategy
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Vinva Global Alpha Extension
Change of strategy
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- From 31 December 2025, there will also be asset allocation range changes. Refer to the ‘Investment Options Menu’ for more information.
Pendal Global Select will be closed to new investors from 22 November 2025 in following options in FirstChoice Wholesale Investments, FirstChoice Wholesale Personal Super and FirstChoice Wholesale Pension. The option will also transition to a new investment strategy, Pendal Sustainable International Share, on or around 15 December 2025. Members who are invested in this option will be communicated to about the change from 10 November 2025.
The First Sentier Geared Global Property Securities option was terminated in FirstChoice Wholesale Investments and FirstChoice Investments at 3pm on 7 October 2025.
The First Sentier Geared Global Property Securities option was closed in FirstChoice Wholesale Personal Super and Pension on 4 November 2025. Proceeds of the closure were switched to the CFS Index Global Property Securities option.
The following investment options will have their investment category change due to the change in manager as outlined in the Manager Changes section.
Bennelong Ex-20 Australian Equities to Eley Griffiths Midcap
Australian share
Australian Share - Small Companies
Evidentia Medium Term to Lonsec Core Plus Balanced1
Moderate
Growth
State Street Australian Equity to Vinva Australian Equity
Lower volatility share
Australian Share
- The standard risk measure will also change from 5 to 6.
The CFS Global Share investment option had underlying manager changes effective 1 August 2025.
Alphinity
17.5%
Alphinity
17.5%
Arrowstreet
30.0%
Arrowstreet
25.0%
Fisher
17.5%
Fisher
17.5%
Sanders
22.5%
Sanders
22.5%
WCM
12.5%
JP Morgan
17.5%
Fee decreases
The fees and costs have decreased for the following investment options, effective 1 November 2025:
Alphinity Global Sustainable Equity replaced Stewart Investors Worldwide Leaders Sustainability
1.12%
1.01%
0.11%
Lonsec Core Plus Balanced replaced Evidentia Medium Term
0.91%
0.82%
0.09%
Vinva Australian Equity replaced State Street Australian Equity
1.03%
0.92%
0.11%
Alphinity Global Sustainable Equity replaced Stewart Investors Worldwide Leaders Sustainability
1.20%
1.09%
0.11%
Lonsec Core Plus Balanced replaced Evidentia Medium Term
0.91%
0.88%
0.03%
Vinva Australian Equity replaced State Street Australian Equity
1.06%
0.95%
0.11%
Alphinity Global Sustainable Equity replaced Stewart Investors Worldwide Leaders Sustainability
1.15%
1.04%
0.11%
Lonsec Core Plus Balanced replaced Evidentia Medium Term
0.91%
0.87%
0.04%
Vinva Australian Equity replaced State Street Australian Equity
1.06%
0.95%
0.11%
Lonsec Core Plus Balanced TTR replaced Evidentia Medium Term TTR
0.90%
0.87%
0.03%
Eley Griffiths Group MidCap and Yarra ex-20 Australian Equities due to the manager changes also had their performance fee removed effective 1 November 2025.
The Eiger Australian Small Companies investment option also had its performance fee removed effective 1 July 2025.
The investment fees and costs and transaction costs have been reviewed and updated to reflect the fees and costs applicable for the year ended 30 June 2024 for our FirstChoice products. Performance fees where applicable have also been updated to reflect the latest estimates.
For more information, view the new PDS from 22 November 2025.
AB Managed Volatility Equities
0.10%
0.20%
0.10%
Acadian Geared Global Equity
0.05% - 0.15%
0.10% - 0.25%
0.05% - 0.10%
Acadian Global Equity
0.05%
0.10%
0.05%
Acadian Global Equity Long Short
0.05%
0.10%
0.05%
Airlie Australian Share
0.10%
0.15%
0.05%
Alphinity Global Sustainable Equity
0.10%
0.25%
0.15%
Alphinity Sustainable Share
0.10%
0.15%
0.05%
Antipodes Global
0.10%
0.15%
0.05%
Ausbil Active Sustainable Equity
0.10%
0.15%
0.05%
Ausbil Australian Emerging Leaders
0.15%
0.20%
0.05%
Baillie Gifford Sustainable Growth
0.10%
0.15%
0.05%
Barrow Hanley Global Share
0.10%
0.15%
0.05%
CFS - Wellington Global Health & Biotechnology
0.05%
0.10%
0.05%
CFS - Wellington Global Small Companies
0.10%
0.15%
0.05%
CFS - Wellington Global Technology & Communications
0.05%
0.10%
0.05%
CFS Fixed Interest
0.20%
0.15%
-0.05%
CFS Geared Growth Plus
0.10% - 0.30%
0.10% - 0.35%
0.00% - 0.05%
CFS Global Infrastructure Securities
0.10%
0.15%
0.05%
CFS Global Property Securities
0.10%
0.15%
0.05%
CFS Global Share
0.10%
0.15%
0.05%
CFS Global Share - Hedged
0.10%
0.15%
0.05%
Cohen & Steers Global Listed Infrastructure
0.05%
0.10%
0.05%
Daintree Core Income
0.15%
0.10%
-0.05%
Eiger Australian Small Companies
0.20%
0.25%
0.05%
Epoch Global Equity Shareholder Yield
0.05%
0.10%
0.05%
Fidelity Asia
0.15%
0.20%
0.05%
First Sentier Concentrated Australian Share
0.10%
0.20%
0.10%
First Sentier Global Property Securities
0.10%
0.15%
0.05%
Fortlake Real Income
0.10%
0.05%
-0.05%
Generation Global Share
0.05%
0.10%
0.05%
Generation Global Share - Hedged
0.05%
0.10%
0.05%
Ironbark Property Securities
0.05%
0.15%
0.10%
Janus Henderson Global Natural Resources
0.10%
0.15%
0.05%
Lazard Select Australian Equity
0.10%
0.15%
0.05%
Lonsec Core Plus Balanced
0.10%
0.15%
0.05%
Lonsec Core Plus High Growth
0.10%
0.15%
0.05%
Martin Currie Australia Equity Income
0.05%
0.15%
0.10%
Merlon Australian Share Income
0.15%
0.20%
0.05%
OC Premium Small Companies
0.20%
0.25%
0.05%
Pendal Global Emerging Market Opportunities
0.15%
0.20%
0.05%
Pendal Property Investment
0.15%
0.20%
0.05%
Platinum Asia
0.15%
0.20%
0.05%
Resolution Capital Global Property Securities
0.10%
0.15%
0.05%
RQI Australian Small Cap Value
0.05%
0.10%
0.05%
RQI Australian Value
0.05%
0.10%
0.05%
RQI Emerging Markets Value
0.10%
0.20%
0.10%
RQI Global Value
0.10%
0.15%
0.05%
RQI Global Value - Hedged
0.10%
0.15%
0.05%
Sage Capital Equity Plus
0.10%
0.15%
0.05%
Schroder Absolute Return Income
0.20%
0.15%
-0.05%
Schroder Real Return
0.15%
0.10%
-0.05%
Solaris Core Australian Equity
0.15%
0.20%
0.05%
T. Rowe Price Global Equity
0.05%
0.10%
0.05%
T. Rowe Price Global Equity - Hedged
0.05%
0.10%
0.05%
Vinva Australian Equity
0.05%
0.20%
0.15%
WaveStone Australian Share
0.15%
0.20%
0.05%
Western Asset Australian Bond
0.10%
0.05%
-0.05%
We’ve simplified our PDSs to make it easier for members to find important information and to provide transparency about fees and costs.
The PDSs for FirstChoice Wholesale Investments, FirstChoice Wholesale Personal Super and Pension and FirstChoice Employer will have two parts from 22 November 2025:
- Part 1 contains information about how FirstChoice products work, their key features, and the benefits and risks of investing.
- Part 2 of the PDS sets out the fees and other costs that apply to investment options and members accounts.
The investment options list in the application forms as well as the Investment Options Menu and fee tables have also been updated. The investment options are now ordered alphabetical by investment category.
- Updates on Aadmin fee tax rebate
- Updates and enhancements to the FirstChoice Managed Accounts Service Reference Guide
Frequently asked questions
No, CFS issues managed investment schemes and appoints investment managers under a 'mandate' investment management agreement. When a change is made, CFS will appoint a replacement investment manager with a comparable investment approach to take over the management responsibilities of the scheme.
CFS avoid transaction costs of selling and buying of securities which are common in the previous and new portfolios. CFS may use a professional transition manager to support the buying and selling of remaining securities to the new managers preferred portfolio so that the trading is undertaken with minimal market price impacts.
When CFS changes an investment manager, the new manager is appointed under a 'mandate' investment management agreement. This mandate aligns with the manager's rated strategy, investment parameters, resources, and trade equivalency.
There will be no buying or selling of units and the change will not affect the number of units investors hold. However, the name of the investment option, its objective, strategy, and potentially the benchmark, will change.
- We will provide a Product Update on the CFS website around 10 November 2025, detailing the changes in the November PDS.
- On 22 November 2025, the PDS for FirstChoice Wholesale, FirstChoice Investments and FirstChoice Employer Super will be issued, and the FirstChoice Wholesale application forms, CFS website, and FirstNet will be updated to reflect the new investment options names.
- FirstChoice super and pension members will receive an update via the Key Changes Flyer sent in mid-November. Investors will receive a Key Changes Flyer with Annual Statements sent in late July/early August.
You may want to review your clients' investment allocations due to the changes and adjust as needed based on their financial plan. However, CFS's ability to change investment managers is a feature of the FirstChoice mandate structure. These changes are typically 'like-for-like' in asset class and often result in the same or lower management fees, aligning with current financial advice and CFS's strategy to enhance investor performance.
Pre-order your new PDSs
You can pre-order printed copies of the new FirstChoice PDSs from 14 November 2025 from FirstNet Adviser. Simply log on and go to: Product support > Order documents and PDSs.
Digital copies will be available to download from FirstNet from 22 November 2025. Please note, any pre-ordered copies will be fulfilled first.
Transitioning to the new PDS
PDS application forms dated 22 May 2025 will continue to be accepted for three months until 3pm, 22 February 2026, Sydney time. After this date, the application forms in the new PDS dated 22 November 2025 must be used.
FirstChoice Employer Super application forms (including spouse applications) dated 21 March 2025 will continue to be accepted for three months until 3pm, 22 February 2026, Sydney time. After this date, the application forms in the new PDS dated 22 November 2025 must be used.
Where an insurance application from the 15 February 2025 PDS/insurance booklet is signed and dated prior to the new 22 November 2025 PDS, we will accept applications until 3pm, Sydney time, 27 December 2025.
We're here to help
If you have any questions, please speak with your local Business Development team or call Adviser Services on 13 18 36, Monday to Friday, 8:30am – 6pm, Sydney time.
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Get in touch
For adviser services contact us 8:30am - 6pm (Sydney time) Monday to Friday.
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Adviser use only
Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 (AIL) is the trustee of the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557 and issuer of FirstChoice range of super and pension products. Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the responsible entity and issuer of products made available under FirstChoice Investments and FirstChoice Wholesale Investments. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA) is the issuer, and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the administrator, of the FirstRate Saver and FirstRate Term Deposits products. The investment performance and the repayment of capital of CFSIL products are not guaranteed.
This webpage is based on current requirements and laws as at October 2024. While all care has been taken in preparing the information contained on this webpage (using reliable and accurate sources), to the extent permitted by law, no one including AIL and CFSIL, nor any related parties, their employees or directors, accept responsibility for loss suffered by anyone from reliance on this information. This webpage provides general information for the adviser only and is not to be handed to any investor. It doesn‘t take into account anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) before making any recommendations to a client. The PDS and FSG can be obtained from www.cfs.com.au or by calling us on 13 18 36.