We’re introducing a series of changes to FirstChoice in our new Product Disclosure Statements (PDS). We’ve outlined each change below and provided information about transitioning to the new PDS from 23 May 2026
- FirstChoice Wholesale Super and Pension
- FirstChoice Wholesale Investments
- FirstChoice Employer Super
- FirstChoice Investments (closed to new investors).
You can find detailed changes in the product updates from 23 May 2026.
FirstChoice Wholesale Personal Super and Pension and FirstChoice Employer – New Investment Options
CFS ETF Exposure Series: Europe Shares
AIL4784AU
0.60%
0.20%
0.40%
0.01%
0.05%
CFS ETF Exposure Series: Japan Shares
AIL1255AU
0.65%
0.20%
0.45%
0.01%
0.05%
CFS ETF Exposure Series: Precious Metals
AIL0514AU
0.69%
0.20%
0.49%
0.00%
0.05%
CFS ETF Exposure Series: Europe Shares
AIL1980AU
0.60%
0.20%
0.40%
0.01%
0.05%
CFS ETF Exposure Series: Japan Shares
AIL9032AU
0.65%
0.20%
0.45%
0.01%
0.05%
CFS ETF Exposure Series: Precious Metals
AIL2217AU
0.69%
0.20%
0.49%
0.00%
0.05%
CFS Index Balanced
AIL3112AU
0.20%^
0.04%^
0.16%
0.00%
0.10%
CFS Index Conservative
AIL2475AU
0.19%^
0.04%^
0.15%
0.00%
0.05%
CFS Index Diversified
AIL5950AU
0.20%^
0.04%^
0.16%
0.00%
0.05%
CFS Index High Growth
AIL0309AU
0.20%^
0.04%^
0.16%
0.00%
0.05%
CFS Index Moderate
AIL4388AU
0.20%^
0.04%^
0.16%
0.00%
0.10%
^ Dollar-based administration fee of $60 p.a. ($5 per month) is payable in addition to the administration fees and costs shown in the table above
FirstChoice Wholesale Investments – New Investment Options
CFS ETF Exposure Series: Europe Shares
FSF3433AU
0.57%
0.57%
0.01%
0.05%
CFS ETF Exposure Series: Japan Shares
FSF9673AU
0.62%
0.62%
0.01%
0.05%
CFS ETF Exposure Series: Precious Metals
FSF4949AU
0.66%
0.66%
0.00%
0.05%
Drummond High Growth
FSF8662AU
0.90%
0.90%
0.02%
0.15%
Drummond Conservative
FSF4973AU
0.82%
0.82%
0.01%
0.15%
Magellan Global Share and Magellan Global Share (Hedged)
In May 2026, Magellan announced changes to its Global Equities team, which managed the Magellan Global Share and Magellan Global Share (Hedged) strategies. CFS undertook a review and appointed Vinva as the replacement manager for the investment options. The appointment of Vinva has resulted in changes to the investment parameters of the options, including a reduction in fees.
FirstChoice Wholesale Investments
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FirstChoice Wholesale Personal Super
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FirstChoice Wholesale Pension
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FirstChoice Wholesale Pension TTR
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FirstChoice Employer
●
FirstChoice Investments
●
The manager replacement is effective 23 May 2026. As a result, the investment objective, strategy, benchmark and asset allocation for affected investment options will be updated, where applicable. The transition from the Magellan to the Vinva investment strategies is expected to occur by 30 June 2026.
Fee decreases
Following recent changes to the management of Magellan Global Share and Magellan Global Share – Hedged, the fees and costs for these investment options will decrease.
The fees and costs have decreased for the following investment options, effective 1 June 2026.
Magellan Global Share
Vinva Global Alpha
FSF1224AU
1.51%
1.15%
0.36%
Magellan Global Share – Hedged
Vinva Global Alpha - Hedged
FSF1788AU
1.54%`
1.18%
0.36%
Magellan Global Share
Vinva Global Alpha
FSF1210AU
1.51%
1.15%
0.36%
Magellan Global Share – Hedged
Vinva Global Alpha - Hedged
FSF1796AU
1.51%`
1.15%
0.36%
Magellan TTR Global Share
Vinva TTR Global Alpha
FSF6104AU
1.52%
1.16%
0.36%
Magellan TTR Global Share – Hedged
Vinva TTR Global Alpha - Hedged
FSF4621AU
1.54%`
1.18%
0.36%
Magellan Global Share
Vinva Global Alpha
FSF1355AU
1.12%
0.99%
0.13%
Magellan Global Share
Vinva Global Alpha
FSF1198AU
1.47%
1.12%
0.35%
Magellan Global Share – Hedged
Vinva Global Alpha - Hedged
FSF1778AU
1.48%`
1.12%
0.36%
Magellan Global Share
Vinva Global Alpha
FSF1204AU
1.47%
1.15%
0.32%
Fee Decreases
The fees and costs have decreased for the following investment options, effective 1 March 2026:
FirstChoice Wholesale Investments
Prior to 1 March 2026
From 1 March 2026
Difference
Context Capital Short Term
0.76%
0.75%
- 0.01%
Context Capital Medium Term
0.90%
0.89%
-0.01%
Context Capital Long Term
0.91%
0.90%
-0.01%
FirstChoice Wholesale Personal
Prior to 1 March 2026
From 1 March 2026
Difference
Context Capital Short Term
0.80%
0.79%
- 0.01%
Context Capital Medium Term
0.93%
0.92%
-0.01%
Context Capital Long Term
0.94%
0.93%
-0.01%
FirstChoice Wholesale Pension
Prior to 1 March 2026
From 1 March 2026
Difference
Context Capital Short Term
0.79%
0.78%
- 0.01%
Context Capital Medium Term
0.93%
0.92%
-0.01%
Context Capital Long Term
0.94%
0.93%
-0.01%
FirstChoice Wholesale Pension TTR
Prior to 1 March 2026
From 1 March 2026
Difference
Context Capital TTR Short Term
0.80%
0.79%
- 0.01%
Context Capital TTR Medium Term
0.93%
0.92%
-0.01%
Context Capital TTR Long Term
0.95%
0.94%
-0.01%
FirstChoice Wholesale Investments
Prior to 1 March 2026
From 1 March 2026
Difference
CFS ETF Exposure Series: Physical Gold
0.60%
0.57%
- 0.03%
FirstChoice Wholesale Personal Super
Prior to 1 March 2026
From 1 March 2026
Difference
CFS ETF Exposure Series: Physical Gold
0.64%
0.60%
- 0.04%
FirstChoice Wholesale Pension
Prior to 1 March 2026
From 1 March 2026
Difference
CFS ETF Exposure Series: Physical Gold
0.63%
0.60%
- 0.03%
Performance fee rate changes
The Generation Global Share option from 1 June 2026 will have its performance fee rate decrease from 20% to 15%. The option’s new performance fee is:
A performance fee may apply of 15% of the net return (after management fees), above the MSCI World ex-Australia Index $A.
Alpha All Income1
Alpha Income
Macquarie Global Listed Real Estate2
Nomura Global Listed Real Estate
1. This is only a name change, there will be no change to how the option is managed.
2. . Following a change in ownership, the fund will now operate under Nomura Investment Management Advisers. The underlying investment strategy and approach remain unchanged. This option is also available on FirstChoice Wholesale Pre-Retirement Pension.
We will make some minor changes to the asset allocation ranges, benchmarks and strategy wording for a number of investment options from 23 May 2026. The changes are indicated in the table below.
CFS Balanced
Change of benchmark and Asset allocation
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●
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CFS Conservative
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Diversified
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index Balanced
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index Conservative
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index Diversified
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index Growth
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index High Growth
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Enhanced Index Moderate Growth
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Geared Growth Plus
Change of benchmark and Asset allocation
●
●
●
●
CFS Growth
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS High Growth
Change of benchmark and Asset allocation
●
●
●
●
●
CFS Index Balanced
Change of benchmark and Asset allocation
●
●
●
●
CFS Index Conservative
Change of benchmark and Asset allocation
●
●
●
●
CFS Index Diversified
Change of benchmark and Asset allocation
●
●
●
●
CFS Index Growth
Change of benchmark and Asset allocation
●
●
●
●
●
CFS Index High Growth
Change of benchmark and Asset allocation
●
●
●
●
CFS Index Moderate
Change of benchmark and Asset allocation
●
●
●
●
CFS Moderate
Change of benchmark and Asset allocation
●
●
●
●
●
●
CFS Real Return
Change of benchmark and Asset allocation
●
●
●
CFS Select Balanced1
Change of benchmark and Asset allocation
●
●
●
●
●
CFS Select Conservative1
Change of benchmark and Asset allocation
●
●
●
●
●
CFS Select Diversified1
Change of benchmark and Asset allocation
●
●
●
●
●
CFS Select High Growth1
Change of benchmark and Asset allocation
●
●
●
●
Daintree High Income
Change of asset allocation
●
●
●
●
First Sentier Concentrated Australian Share
Change of strategy
●
●
●
●
First Sentier Global Property Securities
Change of strategy
●
●
●
●
●
Lazard Listed Private Markets
Change of strategy
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●
●
●
Pendal Sustainable Australian Fixed Interest
Change of strategy
●
●
●
●
Pendal Sustainable Australian Share
Change of strategy
●
●
●
●
Pendal Sustainable Balanced
Change of asset allocation and benchmark
●
●
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1. This option is closed to new investors.
The following option within FirstChoice Wholesale Personal Super and Pension was closed:
Investment option name
Closure date
Baillie Gifford Sustainable Growth
30 March 2026
The following option within FirstChoice Wholesale Investments was terminated:
Investment option name
Closure date
Baillie Gifford Sustainable Growth
30 March 2026
The CFS Australian Share (and CFS Geared Australian Share) investment option had underlying manager changes effective 17 April 2026.
Acadian
30%
Acadian
45%
Alphinity
22.5%
Alphinity
30%
ClearBridge
25%
ClearBridge
25%
WaveStone
22.5%
Acadian
30%
Acadian
45%
Alphinity
22.5%
Alphinity
30%
ClearBridge
25%
ClearBridge
25%
WaveStone
22.5%
The CFS Global Property Securities investment option had underlying manager changes effective 8 December 2025.
Resolution Capital
45%
Cohen & Steers
50%
DWS
55%
DWS
50%
Adviser Service Fees Changes
From 23 May 2026, FirstChoice will introduce an optional ASF start date (up to 31 days from client consent) for ongoing fees. ASF pro-rata calculations will also be updated to apply consistently across both percentage-based and dollar-based fees. The new ASF consent forms will be available from 23 May 2026, and advisers are encouraged to begin using these from ,that date; however existing consent forms will continue to be accepted during the three months transition period. For further information, please refer to the related communications and FAQs.
Retirement Income Optimiser
Note: The Retirement Income Optimiser will not be available until it is launched in the second half of 2026.
The FirstChoice super products offer the Retirement Income Optimiser feature, which may help improve Age Pension outcomes for members at retirement, if they choose to start an eligible lifetime pension issued by us.
While the feature is switched on, a member’s account continues to operate like a super account. Fees, investment choice, insurance (if applicable) and access to other account features will remain unchanged.
After the feature is launched, the Retirement Income Optimiser feature will be automatically applied to eligible FirstChoice Wholesale Personal Super members when they join. Members can choose to opt out during the application process or at any time after the account is funded. This feature will also apply to existing eligible members effective from the date when the feature is launched.
Eligible FirstChoice Employer Super members can opt in to the feature once the feature is launched.
As at the 23 May 2026 PDS, we continue to develop the Retirement Income Optimiser feature, further updates on the specific date the Retirement Income Optimiser will be launched will be available on cfs.com.au/retirementincomeoptimiser.
Pension Bonus
Note: The Pension Bonus will not be available until it is launched in the second half of 2026.
The Pension Bonus is a one-off payment designed to enhance the retirement outcomes of eligible members who transition from FirstChoice Wholesale Super, FirstChoice Employer or FirstChoice Pre-Retirement Pension into FirstChoice Wholesale Pension. The Pension Bonus is not guaranteed and is subject to eligibility criteria and fund rules. Any Pension Bonus payment is calculated on the amount transferred from qualifying investment options (subject to a maximum of the applicable Transfer Balance Cap). The member’s balance of eligible options transferred to pension (plus any buy/sell refund) is multiplied by the applicable Pension Bonus Rate to give the Pension Bonus amount. More information on the Pension Bonus, the rate and launch timing will be published on cfs.com.au/pensionbonus from 23 May 2026.
eSetup enhancements including pension auto-align
The eSetup application form enhancements have been designed to simplify the onboarding experience. The completed form displays only the investment options that have been selected with their respective weightings. Where a FirstChoice Managed Account (FCMA) portfolio is involved, the application displays the overall weighting to the FCMA portfolio rather than each underlying option. For FCMA portfolios, the pension payment drawdown options include the ability to auto-align payments to the FCMA portfolio allocation. This ensures pension payments match and remain in sync with the FCMA portfolio weightings over time. This feature is also available when attaching clients to an FCMA portfolio outside of the application process.
Payday Super
As part of the Payday Super legislative changes, from 1 July 2026 employers will generally be required to contribute 12% of their employees’ qualifying earnings to their nominated super fund at the same frequency as the payment of their salary / wages.
Transitioning to the new PDS
PDS application forms dated 22 November 2025 will continue to be accepted for three months until 3pm, 23 August 2026, Sydney time. After this date, the application forms in the new PDS dated 23 May 2026 must be used.
FirstChoice Employer Super application forms (including spouse applications) dated 22 November 2025 will continue to be accepted for three months until 3pm, 21 August 2026, Sydney time. After this date, the application forms in the new PDS dated 23 May 2026 must be used.
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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 and is the issuer and Investor Directed Portfolio Services (IDPS) operator and administrator of investment products. Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (CBA) is the issuer, and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (CFSIL) is the administrator, of the FirstRate Saver and FirstRate Term Deposits products. Investments in FirstRate Saver and FirstRate Term Deposits through super and pension products are generally not guaranteed.
This webpage is based on current requirements and laws as at April 2026. While all care has been taken in preparing the information contained on this webpage (using reliable and accurate sources), to the extent permitted by law, no one including AIL and CFSIL, nor any related parties, their employees or directors, accept responsibility for loss suffered by anyone from reliance on this information. This webpage provides general information for the adviser only and is not to be handed to any investor. It doesn‘t take into account anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statement (PDS), Investor Directed Portfolio Service Guide (IDPS Guide) and Financial Services Guide (FSG) before making any recommendations to a client. The PDS and FSG can be obtained from www.cfs.com.au or by calling us on 13 18 36, the CFS Edge, PDS, IDPS Guide and FSG can be obtained from your adviser, cfs.com.au/cfsedge or by calling us on 1300 769 619.