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CFS passed the 2023 super performance test

31 August 2023

3 mins

We’re committed to providing better outcomes for our members, and an important indicator of this is the Your Future, Your Super performance test.

In 2023, the test included MySuper investment options plus some choice options, referred to as Trustee Directed Products (TDPs).

 

We’re pleased to have successfully passed this year’s performance test.

 

As the test considers both performance outcomes and administration fees, passing the test shows we’ve delivered positive returns as well as competitive fees for the products assessed.

 

We’ve been focused on building out our investment expertise and capability, so we’re well positioned to continue delivering good performance. 

 

If you have any questions about your super, you can call us on 13 13 36, Monday to Friday, 8:30am – 6pm, Sydney time.

Hear from Kelly Power, CEO of Superannuation on why we're not your average super fund

At CFS, we don’t accept average and I'm so pleased to share with you that not only have we passed the 2023 Your Future, Your Super performance test for Essential Super and FirstChoice Employer Super, we have also delivered solid performance in the industry.

 

This result is testament to the depth and capability of our new investment team and it’s our mission to keep average away from our products. Because when we do, it means more money back in our member’s pockets.

 

Here’s how – Australian shares have performed well, and our partnership with world class investment managers like BlackRock and international bond managers has meant that over the past year we can pass on double digit returns for members of Essential Super and FirstChoice Employer Super who invested in our key Lifestage options.

 

And on top of that, the total fees in Essential Super and FirstChoice Employer Super are one of lowest in the market.

 

With 30 years of experience in managing money, we remain committed to innovating and driving further efficiencies in how we provide our investment expertise to you.

 

That's because our goal is and will continue to be delivering outstanding performance to you, our members, so you can enjoy unaverage long-term performance too.

 

And that's how we've helped millions of Australians unleash their second half.

 

If you have any questions, our Customer Guidance team is always ready to talk to you on a wide range of topics, so why not get in touch and see how they can help? Just call 13 13 36.

Quick FAQs

 

What is the Your Future, Your Super performance test?

In 2021, the Australian Government introduced the Your Future, Your Super reforms, which included an annual performance test for super products.

 

What does the performance test assess?

The test assesses the investment returns and administration fees and costs for MySuper (for members who don’t make an investment choice) and some choice investment options against an objective benchmark. It aims to strengthen outcomes for super members by ensuring providers with options that are close to failing take actions to improve, while options that do fail end up exiting the industry.

 

Are pension products included?

The performance test only applies to accumulation super products. That means it does not apply to pension products

 

What happens when a MySuper product or TDP fails?

Consequences of failing the test are significant. If a default MySuper product or TDP fails the performance test, the trustee is legally obligated to send a mandatory notification to affected members no later than 28 days of being advised of APRA’s determination.

 

Super members who receive a failure letter should consider speaking to their financial adviser to help them decide whether they stay with the current product or move to a better performing fund, or if they do not have one, consider connecting with a financial adviser.

 

What happens if a MySuper product or TDP fails for a second consecutive year?

Under the Your Future, Your Super legislation, a product that fails the annual performance test for two consecutive years is prohibited from accepting new members until it passes a future performance test.

 

Where can I find more information?

Visit APRA’s dedicated page on the annual superannuation performance test for more information.

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Get in touch with us online or call us
8:30am to 6pm AEST Monday to Friday.

Contact us    Call 13 13 36

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Past performance is no indication of future performance

 

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.