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On 24 May 2025, we’ll be making some changes to the following products in our Supplementary Product Disclosure Statements (SPDSs).
- FirstChoice Wholesale Super and Pension
- FirstChoice Wholesale Investments
- FirstChoice Investments (closed to new investors)
The SPDSs must be read together with the original Product Disclosure Statement (PDS) dated 16 November 2024. You can find detailed changes in the product updates.
Additionally, we’ll be updating the following FirstChoice Employer Super reference guides:
- FirstChoice Employer Super – Reference Guide for Members
- FirstChoice Investment Options Menu
Fidelity Global Future Leaders
A new specialist share investment option named Fidelity Global Future Leaders will be available on FirstChoice Wholesale Investments, FirstChoice Wholesale Personal Super and FirstChoice Wholesale Pension# from 24 May 2025.
CFS Lifestage 1965-69 for FirstChoice Wholesale Pension
The CFS Lifestage 1965-69 investment option will be available to FirstChoice Wholesale Pension and FirstChoice Pre-retirement Pension members from 24 May 2025.
# Excluding FirstChoice Wholesale Pre-Retirement Pension.
CFS single manager single sector manager changes
Barrow Hanley Concentrated Global Share
Ironbark Brown Advisory Global Share
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Platinum International
Vinva Global Alpha Extension*
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* This investment option is also offered on FirstChoice Wholesale Pre-Retirement Pension.
CFS multi-manager single sector manager changes
Acadian 25%
Acadian 30%
Alphinity 25%
Alphinity 22.5%
Longreach 10%
Martin Currie 25%
WaveStone 22.5%
WaveStone 22.5%
Tyndall 17.5%
Acadian 25%
Acadian 30%
Alphinity 25%
Alphinity 22.5%
Longreach 10%
Martin Currie 25%
WaveStone 22.5%
WaveStone 22.5%
Tyndall 17.5%
Acadian 45%
Acadian 60%
Allspring 30%
Fisher Investments 20%
Fisher Investments 25%
JP Morgan 20%
* This investment option is also offered on FirstChoice Wholesale Pre-Retirement Pension.
The fees and costs for Fidelity Australian Equities have decreased from 1 December 2024.
1.10%
1.05%
0.05%
1.10%
1.05%
0.05%
The fees and costs for Platinum International* will decrease from 1 May 2025 as part of the manager change to Vinva Global Alpha Extension*.
Vinva Global Alpha Extension
1.54%
1.35%
0.19%
Vinva Global Alpha Extension
1.31%
1.19%
0.12%
Vinva Global Alpha Extension
1.50%
1.32%
0.18%
Vinva Global Alpha Extension
1.53%
1.35%
0.18%
The buy/sell spread for Bentham Global Income* has decreased.
Bentham Global Income
0.38%/0.38%
0.20%
0.20%
* This investment option is also offered on FirstChoice Wholesale Pre-Retirement Pension.
Investment option name changes
There will be a name change for MetLife Global Impact Bond to MetLife Global Bond.
Investment strategy, asset allocation and benchmark changes
MetLife Global Bond^
Strategy
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Lazard Select Australian Equity*
Strategy
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CFS Thrive+ Sustainable Growth
Strategic asset allocation and benchmark
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^ This investment option is impacted by a name change.
* This investment option is also offered on FirstChoice Wholesale Pre-Retirement Pension.
Choice to exit certain legacy income streams
From 7 December 2024, there is a five-year window during which you can choose to fully commute (exit) certain otherwise non-commutable legacy income streams, including term allocated pensions.
If you elect to commute a term allocated pension under this measure, you may then be able to use the commuted amount to commence a more flexible income stream such as account-based pension, make a lump sum withdrawal, or retain it in a superannuation accumulation account. It’s important to note that choosing to commute a legacy income stream may have a range of consequences – for example on your tax, transfer balance cap and social security situation.
We recommend you speak to a financial adviser before applying to commute a legacy income stream such as a term allocated pension.
- Updated information for Baillie Gifford Sustainable Growth, CFS Thrive+ Sustainable Growth and MetLife Global Bond^ in the Sustainable Funds Reference Guide.
- Updated information for Vinva Global Alpha Extension in the Complex Funds Reference Guide.
- Enhancements to the FirstChoice Employer Super Plan Summary Flyer, shortening the length of the flyer with an updated summary of current features and improved look.
^ This investment option is impacted by a name change.
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 12 May 2025, detailing the changes in the Supplementary PDS.
- On 24 May 2025, the Supplementary PDS for FirstChoice Wholesale 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 members and investors will receive an update via the 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 19 May 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 adviser from 24 May 2025. Please note, any pre-ordered copies will be fulfilled first.
Transitioning to the new PDS
PDS application forms dated 16 November 2024 will continue to be accepted for three months until 3pm, 25 August 2025, Sydney time. After this date, the application forms in the new PDS dated 24 May 2025 must be used.
PDS application forms dated 16 November 2024 will continue to be accepted for three months until 3pm, 25 August 2025, Sydney time. After this date, the application forms in the new PDS dated 24 May 2025 must be used.
There are no changes to the Insurance booklet or related insurance application forms as part of the 24 May 2025 SPDS. As a result, insurance application forms dated 16 November 2024 are the latest and will continue to be accepted.
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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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.