Combining your Colonial First State
super accounts

No, it’s your choice. If you'd like to keep your multiple accounts, please let us know by the date specified in your letter by either calling us on 1300 654 666 or emailing us at contactus@cfs.com.au from your email address registered on your account, making sure to include your account number. We’ll then record that you intentionally have multiple accounts and won't combine your accounts now or in the future unless you instruct us to do so.

However, since your individual circumstances may change over time, we’ll contact you each year to remind you of the option to combine your accounts.

Reducing the number of super accounts you have can help give you a single view of your retirement savings, decrease any dollar-based administration fees you pay and reduce the complexity of managing multiple super funds.

Combining your super accounts may result in a change to your investment strategy and if this happens you will incur transaction costs known as a buy/sell spread. Please refer to the relevant Product Disclosure Statement for further information on our fees.

In the letter you received, it indicated which account(s) will be closed, and which account will be maintained. If you'd like these accounts to be combined as per the letter, you don't need to do anything. 

In the letter you received, it indicated which account(s) will be closed and which account will be maintained. You can nominate a different account to keep open. However, it’s important to consider whether you’ll lose any existing insurance cover on the account you choose to close.

You may need to consider which account employer might be making is making any superannuation contributions to and whether there is any Regular Investment Plan and/or direct credit for the account you intend to close. If this is the case, you'll need to make alternative arrangements to the account you want to keep open.

Also, if your employer has negotiated a dollar-based administration fee discount for you, you'll lose this on this account if it is closed.

As with any transaction, costs known as buy/sell spreads apply as part of the consolidation process. No other fees apply. Please refer to the relevant Product Disclosure Statement for further information on our fees.

No, there will not be an impact.

We will only combine your FirstChoice Employer Super accounts if they are invested in the same investment option. When the accounts are combined, you will only continue to be charged the fees applicable to the remaining account. 

We’ll write to you once we've completed the transfer from the closing accounts.

We’ll confirm the amount we'll be transferring to your open account, as well as sending you an exit statement for each account that has been closed. 

If you have an existing account or Self Managed Super Fund (SMSF), we recommend speaking to a financial adviser before consolidating these type of accounts, as some of the attached benefits and terms and conditions, will likely be impacted by this change.