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Changes to FirstRate Saver in FirstChoice Super and Pension products

Following a recent review, we’re making changes to some of the cash and term deposit investment products we offer to members. The products and investment options impacted are:

Product Investment options
FirstChoice Wholesale Personal Super
FirstRate Wholesale Saver
FirstChoice Wholesale Pension
FirstChoice Personal Super FirstRate Saver
FirstChoice Pension
FirstChoice Employer Super


How will this impact me?


The table below provides and overview of the changes with an effective date of 3 September 2021.

Product Investment option Changes will be applied automatically
  • FirstChoice Wholesale Personal Super
  • FirstChoice Personal Super
  • FirstChoice Wholesale Pension
  • FirstChoice Pension
  • FirstChoice Employer Super

FirstRate Wholesale Saver

FirstRate Saver

From 3 September 2021, we’re introducing an administration fee that will apply to the
FirstRate Saver investment option and increasing the return earned. Whilst rates vary, overall members will be better off as a result of these changes at the time they are introduced.

The administration fee will be 0.35% per annum, and may vary between 0.35% per annum up
to a maximum of 0.50% per annum. This fee is for our administration services relating to this investment option. The actual fee which applies within this range will be published on our website at www.cfs.com.au/SaverReturn

Even after taking into account the deduction of the administration fee the return earned will
increase, from 0.10% per annum to an estimated 0.20% per annum, at the time we make these changes (noting that the net interest earned may
change in the future). The return earned on FirstRate Saver balances may vary slightly from day-to-day. The current estimated return rate and a recent history of actual daily return rates will be published on www.cfs.com.au/SaverReturn 

The fee will be calculated daily and deducted monthly, and will be included as an 'Administration Fee' in the 'Other fees of your investment' section of member’s six-monthly statements.

We are allowing members invested in these options more than three months to understand and discuss these changes with their adviser before changes take effect in September 2021.  If members currently don’t have an adviser we have directed them to find one via www.colonialfirststate.com.au/find-a-adviser

We’re here to help

If you would like more information regarding this closure, please speak to your financial adviser or call us on 13 13 36, Monday to Friday, 8am to 7pm, Sydney time.

Disclaimer
Colonial First State Investments Limited ABN 98 002 348 352, AFSL232468 (Colonial First State) is the issuer of FirstChoice Wholesale Investments and FirstChoice Investments. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL234945 (the Bank) is the issuer, and Colonial First State is the administrator, of FirstRate Saver. Colonial First State is a wholly owned subsidiary of the Bank. The Bank and its subsidiaries do not guarantee the performance of FirstChoice or the repayment of capital by FirstChoice. This document may include general advice but does not take into account your individual objectives, financial situation or needs. 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. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36.