Coming in the second half of 2026
What is the Pension Bonus?
The Pension Bonus is a lump sum benefit for eligible clients as they transition from FirstChoice super to pension.
When your client moves from an eligible FirstChoice super (including FirstChoice Employer and FirstChoice Wholesale Personal Super) to a FirstChoice Wholesale Pension, they may be eligible for a Pension Bonus: a one‑off amount added to the opening balance of their new pension. Your client may also receive a Pension Bonus when transitioning from a FirstChoice Pre-retirement Pension to an account-based pension.
There are no extra steps to be completed. The Pension Bonus is assessed and applied automatically at pension commencement, if eligible.
Key features at a glance
- One-off payment – applied once per client, per lifetime
- Automatically assessed and applied at pension commencement, no separate application
- Single published rate, applied uniformly to all eligible balances
- 90 calendar day tenure requirement
- Included in the Pension Purchase Amount and (following transfer) invested in line with the client's chosen investment options
Eligibility criteria
To be eligible for the Pension Bonus, all of the following conditions must be met:
Transfer to a like-for-like pension
Your client transfers to a FirstChoice Wholesale Pension on a like-for-like basis* from FirstChoice Wholesale Personal Super, FirstChoice Employer Super, or FirstChoice Wholesale Pre-retirement Pension.
Eligible account open for 90 days
Your client must have held one or more eligible FirstChoice Super or Pre-retirement Pension products for at least 90 consecutive calendar days immediately before commencing a FirstChoice Pension.
One bonus only
Your client hasn’t previously received a Pension Bonus from the FirstChoice Superannuation Trust.
* Like-for-like means the investment option held in super or pre-retirement is also available on the pension investment menu. The client does not need to remain in the same option post-transfer.
How the Pension Bonus is calculated
The Pension Bonus is calculated using a single published rate, applied uniformly to all qualifying investment options:
Eligible balance transferred to pension × Pension Bonus rate = Pension Bonus amount
We calculate your client's eligible balance
We calculate your client’s eligible balance (based on the amount invested in Qualifying Investment Options) at transfer, plus any buy/sell refund, capped at the General Transfer Balance Cap.
We apply the Pension Bonus rate
The Pension Bonus rate is the rate set by the trustee applicable on the day the client’s pension transfer is processed. The rate may vary from time to time and, in specific circumstances, may be set to zero.
We add the Pension Bonus to your client's pension
The Pension Bonus is added to the pension's starting balance at commencement and invested in line with the client's chosen investment options.
The actual Pension Bonus rate will be available closer to the Pension Bonus launch date. Please check this webpage for updates.
Qualifying and excluded investment options
The Pension Bonus is calculated only on qualifying investment options transferred into the pension. The following are excluded from the calculation:
- • SuperFirst Transfer Facility (underlying First Sentier Strategic Cash)
- • First Sentier Strategic Cash
- • FirstRate Saver
- • FirstRate Saver non-auto rebalancing
- • All FirstRate Term Deposit options
- • FirstRate TTR Saver
- • FirstRate TTR Saver non-auto rebalancing
- • First Sentier TTR Strategic Cash
- • FirstRate Saver
Excluded options are current as at 23 May 2026. This list may change. Always check here for the latest information.
Example Pension Bonus calculation
Helen transfers the balance of her FirstChoice Wholesale Personal Super account with $350,000 invested in Qualifying Investment Options to a FirstChoice Wholesale Pension. Assume a buy/sell refund of $500 and Pension Bonus rate of 0.80%.
Eligible balance (includes buy/sell refund)
$350,500
Pension Bonus rate
0.80% (0.008)
Pension Bonus
$350,500 × 0.008 = $2,804
Pension Purchase Amount
Approximately $353,304 (less any adjustments, such as advice fees)
Helen's pension starts with $2,804 more than she transferred — automatically, from day one.
Indicative bonus estimates
For eligible clients, FirstNet will display an estimated Pension Bonus indication on the account balance page. The estimate will also be available to the client on Firstnet and the CFS mobile app. Please note that these estimates:
- are indicative only
- reflect valuation timing and the applicable rate at the calculation date
- may change prior to pension commencement
Final eligibility and Pension Bonus amounts are confirmed at pension establishment.
Retirement planning considerations
Key factors to consider when assessing how the Pension Bonus impacts your client’s overall strategy:
Transfer Balance Cap
The Pension Bonus counts towards the client's Transfer Balance Cap, as it forms part of the pension's starting balance. Where a client's balance is near the cap ($2.1 million from July 2026), the Pension Bonus, as well as any buy/sell spread should be factored into advice prior to commencement.
Once-only payment
The Pension Bonus can only be received once per lifetime. Where a client plans to make partial or staged transfers to pension, it may be worth considering, along with tax implications and other factors, the timing of pension commencement to capture as much of the eligible balance as practical in one event.
Tax classification
The Pension Bonus is classified as a concessional component of the client's pension balance. It does not count towards annual concessional contribution caps, but is subject to the same tax treatment, withdrawal rules and estate planning considerations as other concessional components.
Centrelink and minimum pensions
Because the Pension Bonus increases the client's pension starting balance, it may affect related calculations including Centrelink means testing and the minimum required income. This should be considered as part of holistic retirement advice.
Frequently asked questions
One or more of the transferring FirstChoice super or pre-retirement accounts must have been held for 90 calendar days immediately prior to pension commencement. Additional funds contributed or rolled into the transferring account don't need to satisfy the 90-day rule.
The Pension Bonus is a once-per-lifetime payment. Where a client makes a partial transfer and later opens a second pension, the second event will not attract a Pension Bonus.
No, as amounts transferred to Pension via the SuperFirst Transfer facility are not eligible for Pension Bonus Calculation purposes. This is because the SuperFirst Transfer facility utilises First Sentier Strategic Cash.
Contributions and rollovers from external fund(s) can be combined with an existing eligible FirstChoice Super account, in qualifying investment options, prior to transfer to FirstChoice Wholesale Pension in order to qualify for the Pension Bonus.
The Pension Bonus is paid only once per client and is paid on the first pension started. It is not reversable or transferable to another pension. However, if a client is starting multiple pensions on the same day, then all accounts will be assessed for eligibility and any subsequent Pension Bonus will be applied to all pensions started on that day.
Pension Bonus estimates will be visible on FirstNet and the CFS app for eligible clients over the age of 50. This age was chosen as research shows that members over 50 start to engage more with their superannuation and are more likely to commence retirement planning.
TTRs only qualify for the Pension Bonus when transitioning to an account-based pension as a full retirement phase income stream. Starting a TTR alone doesn’t qualify.
No. The Pension Bonus is not guaranteed and is subject to eligibility criteria, fund rules and applicable product terms. Please refer to the PDS for more details.
No. The Pension Bonus is rules-based. Cash and cash-like options are excluded, SuperFirst transfers are excluded, and eligibility is assessed automatically at commencement. Please refer to the PDS for more details.
Because the Pension Bonus is added to the starting balance, it counts towards the Transfer Balance Cap (‘TBC’). Where a client is commencing a pension and the TBC credit (including the Pension Bonus amount) will result in them being very close to their personal TBC, the amount the client uses to commence the pension will need to be carefully considered.
No. As investments are sold down to cash on notification of death, death benefits paid in the form of pension are not eligible for Pension Bonus.
The trustee reserves the right to reverse the Pension Bonus in certain circumstances.
For more details, refer to the FirstChoice Wholesale Personal Super and Pension Product Disclosure Statement, available here.
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Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at www.cfs.com.au/tmd, which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.