By Lara Sinclair
We’ve done the calculations so you know approximately what your payment, known as a Pension Bonus at CFS, could be.
Summary
CFS retirement bonus amount explained: see how much our 0.80% Pension Bonus could add to your retirement -- with a table of estimated amounts for balances starting from $200,000.
Have you been wondering how much your retirement bonus could be at CFS? In August we announced CFS would pay eligible members a retirement bonus – known as a Pension Bonus at CFS. Now we’ve crunched the numbers to give you an idea of how much your Pension Bonus payment could be when you transfer your super into a CFS retirement-phase income stream (or account-based pension).
The numbers are based on our current Pension Bonus rate, which is 0.8% of the eligible balance members transfer to start their account-based pension with CFS.
It really can add up: based on the current Pension Bonus rate alone, a 60-year-old with an average super balance of about $300,000 could receive a Pension Bonus of $2,400 added to their pension account (before their buy/sell refund is factored in). And a member transferring a super balance of $2 million could receive a Pension Bonus of $16,000. (Actual Pension Bonus amounts may vary depending on eligibility, investment options, applicable buy/sell refunds and the Pension Bonus rate at the time the pension is commenced).
How the Pension Bonus is calculated
Here’s how the Pension Bonus amount you receive is determined.
- It starts when you transfer super from an eligible FirstChoice super or pre-retirement account to start an account-based pension at CFS.
- We calculate your eligible balance based on the amount transferred from your Qualifying Investment Options, plus any refunds for buying and selling investments (buy/sell spread). The applicable buy/sell spread refund for your investment option(s) will vary according to the investment option/s in which you’re invested.
- We apply the Pension Bonus rate set by the trustee on the day your pension transfer is processed. The rate is currently 0.8% but this may vary from time to time, and, in specific circumstances, may be set to zero.
- We credit the Pension Bonus to your pension starting balance, and after transfer it’s invested in accordance with your investment instructions.
Pension Bonus amounts at a glance: from $200,000 to $2 million
The table below contains estimates for the amount of Pension Bonus eligible customers could receive, depending on your super balance, for a range of super account balances from $200,000 to $2 million.
Estimates are provided for illustrative purposes only. They are calculated using a nominal estimate for the buy/sell spread refund that you could receive, of 0.10% – but this amount will vary depending on your investment option(s).
The Pension Bonus rate used to calculate your Pension Bonus, which is currently 0.8%, may also change.
$200,000
$200,200.00
$1,601.60
$201,801.60
$400,000
$400,400.00
$3,203.20
$403,603.20
$600,000
$600,600.00
$4,804.80
$605,404.80
$800,000
$800,800.00
$6,406.40
$807,206.40
$1,000,000
$1,001,000.00
$8,008.00
$1,009,008.00
$1,200,000
$1,201,200.00
$9,609.60
$1,210,809.60
$1,400,000
$1,401,400.00
$11,211.20
$1,412,611.20
$1,600,000
$1,601,600.00
$12,812.80
$1,614,412.80
$1,800,000
$1,801,800.00
$14,414.40
$1,816,214.40
$2,000,000
$2,002,000.00
$16,016.00
$2,018,016.00
Not a CFS member? Make the switch today
If your super could be doing more, switching is easier than you think. Join CFS super online – it takes less than 10 minutes.
The transfer balance cap and the maximum Pension Bonus in 2026
Members may transfer more than $2 million across to start a pension account, but it’s important to note that the transfer balance cap is $2.1 million for the 2026-27 financial year – which is the maximum balance that can be transferred to start a tax-free income stream in retirement.
As the actual amount used to start your pension account will include your Pension Bonus amount, members with a super balance near or exceeding the transfer balance cap should take this into account when deciding how much to transfer across.
The transfer balance cap is a general figure; your personal transfer balance cap may differ.
Learn more about the transfer balance cap
Who is eligible for a retirement bonus at CFS?
To be eligible for a Pension Bonus at CFS, members must:
- Transfer to a like-for-like pension
- Have opened an eligible FirstChoice super or pre‑retirement account involved in the move to pension at least 90 days prior to starting a pension
- Not previously have received a Pension Bonus from the FirstChoice Superannuation Trust.
The Pension Bonus is only calculated on amounts transferred from ‘Qualifying Investment Options’ up to the transfer balance cap limit.
Most options qualify, but a number of options are currently excluded.
Read more about who is eligible for a Pension Bonus.
How to see your personal Pension Bonus estimate
Eligible members will see an estimated Pension Bonus in FirstNet or the CFS mobile app under the Member Benefits section.
This is an estimate only and is based on your eligibility, balance and the Pension Bonus rate at the time. Your final amount may differ. Login to FirstNet or download the CFS app
Thinking about moving your super into the retirement phase?
Understanding how a retirement bonus, an account-based pension and the transfer balance cap work together can help you start your retirement with confidence.
Frequently asked questions
At CFS, the Pension Bonus is 0.80% of your eligible balance, calculated at the time you transfer your super balance into a CFS pension. The eligible balance includes your transfer amount plus a refund of the applicable buy/sell spread. This bonus is then added to your eligible balance to determine the total amount used to commence your pension.
Yes. The pension commencement amount – which includes both your eligible balance and the Pension Bonus – counts toward your transfer balance cap. It is important to ensure the total amount used to start your pension does not exceed your personal transfer balance cap. A financial adviser can help you model this before you proceed. Explore your financial advice options
You can review your current account balance and product details or see your personal Pension Bonus estimate through the FirstNet member portal or CFS mobile app. Speak with a financial adviser for guidance tailored to your circumstances. For introductory information on how the retirement bonus works, read our article on retirement bonus payments.
What's next?
What is the CFS Pension Bonus?
At CFS, the Pension Bonus is a one-off lump sum added to the starting balance of an eligible CFS pension account.
Tax-free income in retirement
An account-based pension lets you access your super as regular pension payments, generally tax-free from age 60.
Got super in multiple accounts?
Consolidating your super is a great first step towards establishing a flexible income stream in retirement.
Disclaimer
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.
Information on this webpage is provided by AIL and CFSIL. It may include general advice but does not consider your individual objectives, financial situation, needs or tax circumstances. You can find the target market determinations (TMD) for our financial products at https://www.cfs.com.au/tmd which include a description of who a financial product might suit. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) carefully, assess whether the information is appropriate for you, and consider talking to a financial adviser before making an investment decision. You can get the PDS and FSG at www.cfs.com.au or by calling us on 13 13 36.