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 21 November 2026.
- FirstChoice Wholesale Super and Pension
- FirstChoice Wholesale Investments
- FirstChoice Employer Super
- FirstChoice Investments (closed to new investors).
FirstChoice Wholesale Personal Super and Pension and FirstChoice Employer – New Investment Options
BLA Parker All Growth
AIL3598AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker Assertive
AIL4721AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker Balanced
AIL8293AU
0.43%
0.20%
0.23%
0.00%
0.00%
0.15%
BLA Parker Growth
AIL8745AU
0.44%
0.20%
0.24%
0.00%
0.01%
0.15%
BLA Parker All Growth
AIL9853AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker Assertive
AIL2297AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker Balanced
AIL0139AU
0.43%
0.20%
0.23%
0.00%
0.00%
0.15%
BLA Parker Growth
AIL2453AU
0.44%
0.20%
0.24%
0.00%
0.01%
0.15%
BLA Parker TTR All Growth
AIL7181AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker TTR Assertive
AIL7404AU
0.45%
0.20%
0.25%
0.00%
0.01%
0.15%
BLA Parker TTR Balanced
AIL0631AU
0.43%
0.20%
0.23%
0.00%
0.00%
0.15%
BLA Parker TTR Growth
AIL7684AU
0.44%
0.20%
0.24%
0.00%
0.01%
0.15%
Acadian Geared Global Equity
AIL3348AU
2.58%
0.04%
2.54%
0.00%
0.10% – 0.25%
FirstChoice Wholesale Investments – New Investment Options
Alpha-KPW 70
FSF7221AU
0.79%
0.79%
0.00%
0.02%
0.15%
BLA Parker All Growth
FSF4193AU
0.42%
0.42%
0.00%
0.01%
0.15%
BLA Parker Assertive
FSF2123AU
0.42%
0.42%
0.00%
0.01%
0.15%
BLA Parker Balanced
FSF5356AU
0.40%
0.40%
0.00%
0.00%
0.15%
BLA Parker Growth
FSF7589AU
0.41%
0.41%
0.00%
0.01%
0.15%
We will be launching five new options from Smart Financial in December 2026 as outlined in the below table. From 21 November 2026 the PDS will detail the new options, their investment parameters, names and fees. Refer to the Product Updates section on our website for updates to option names and when they will launch.
Smart Financial Balanced
Diversified
●
●
●
●
Smart Financial Conservative
Conservative
●
●
●
●
Smart Financial Growth
Growth
●
●
●
●
Smart Financial High Growth
High Growth
●
●
●
●
Smart Financial Short-term Fixed Income
Short-duration fixed interest
●
●
●
●
We actively source well-credentialled replacement managers, taking into consideration key factors such as the investment manager’s performance track record, research house ratings and quality of investment teams. As part of these changes, we are pleased to announce a reduction in fees for some of the manager replacement activities.
Below is the list of manager replacements effective 21 November 2026 and their new objective, strategy and asset allocation where changed:
Investors Mutual Australian Share3
Merlon Concentrated Australian Share
●
●
●
●
Chester High Conviction
●
●
●
Platinum Asia3
Antipodes Asia
●
●
●
●
●
First Sentier Property Securities2
CBRE Property Securities
●
●
●
●
- The option’s investment category will change to Australian Share from Specialist Share.
- This manager change also applies to the Managed Investment Fund (MIF) product.
- Available in FirstChoice Wholesale Pension (TTR)
We will make some minor changes to the asset allocation ranges, benchmarks, strategy wording, or objectives for a number of investment options from 21 November 2026. The changes are indicated in the table below.
Alphinity Sustainable Share
Change of strategy
●
●
●
●
●
Alphinity Global Sustainable Equity
Change of strategy
●
●
●
●
Aspect Absolute Return
Change of strategy
●
●
●
Aspect Diversified Futures
Change of strategy
●
●
●
●
●
●
CFS–Wellington Global Technology & Communications
Change of strategy and objective
●
●
●
Daintree High Income
Change of strategy
●
●
●
●
Hyperion Global Growth Companies
Change of strategy
●
●
●
Pendal Sustainable Australian Fixed Interest
Change of strategy and objective
●
●
●
●
Pendal Sustainable Balanced
Change of strategy
●
●
●
●
Perpetual Diversified Real Return
Change of strategy and objective
●
●
●
●
Royal London Concentrated Global Share
Change of strategy
●
●
●
●
●
CFS Lifestage 1945-49
Change in asset allocation
●
●
●
CFS Lifestage 1950-55
Change in asset allocation
●
●
●
CFS Lifestage 1955-59
Change in asset allocation
●
●
●
CFS Lifestage 1960-642
Change in asset allocation
●
●
●
●
CFS Lifestage 1965-691
Change in asset allocation
●
●
●
●
CFS Lifestage 1970-74
Change in asset allocation
●
●
CFS Lifestage 1975-791
Change in asset allocation
●
●
CFS Lifestage 1980-84
Change in asset allocation
●
●
CFS Lifestage 1985-89
Change in asset allocation
●
●
CFS Lifestage 1990-94
Change in asset allocation
●
●
CFS Lifestage 1995-99
Change in asset allocation
●
●
CFS Lifestage 2000-04
Change in asset allocation
●
●
CFS Lifestage 2005-09
Change in asset allocation
●
●
- From 31 December 2026, there will also be asset allocation range changes. Refer to the ‘Investment Options Menu’ for more information.
- From 31 December 2026, the risk rating will change from 6 to 5. Refer to the ‘Investment Options Menu’ for more information.
The CFS Select High Growth option was terminated in FirstChoice Wholesale Personal Super and Pension 26 June 2026.
The CFS Fixed Interest investment option had underlying manager changes effective 17 July 2026.
Loomis Sayles
20%
Morgan Stanley
50%
Colchester
23%
Insight Investment Management
50%
Wellington
38%
N/A
0%
Morgan Stanley
19%
N/A
0%
Fee decreases
We’re pleased to announce a reduction in management fees for the following options:, effective 1 November 2026:
Antipodes Asia1
1.55%
1.43%
-0.12%
Bell Global Emerging Companies
1.43%
1.37%
-0.06%
1.42%
1.19%
-0.23%
First Sentier Imputation
0.97%
0.93%
-0.04%
Merlon Concentrated Australian Share1
1.17%
1.07%
-0.10%
Antipodes Asia1
1.58%
1.46%
-0.12%
Bell Global Emerging Companies
1.46%
1.40%
-0.06%
1.44%
1.22%
-0.22%
First Sentier Imputation
1.00%
0.96%
-0.04%
Merlon Concentrated Australian Share1
1.20%
1.10%
-0.10%
Antipodes Asia1
1.58%
1.46%
-0.12%
Bell Global Emerging Companies
1.46%
1.40%
-0.06%
1.44%
1.22%
-0.22%
First Sentier Imputation
1.00%
0.96%
-0.04%
Merlon Concentrated Australian Share1
1.20%
1.10%
-0.10%
Antipodes TTR Asia1
1.59%
1.46%
-0.13%
Bell TTR Global Emerging Companies
1.46%
1.40%
-0.06%
1.44%
1.22%
-0.22%
First Sentier TTR Imputation
1.00%
0.96%
-0.04%
Merlon TTR Concentrated Australian Share1
1.20%
1.10%
-0.10%
- The investment manager for this option has changed. Refer to the Manager changes section for more information.
- The performance fee rate for this option has reduced to 15% effective 1 December 2026.
Antipodes Asia2
1.44%
1.32%
-0.12%
- 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.
- The investment manager for this option has changed. Refer to the ‘Manager replacements’ section for more information.
The investment fees and costs and transaction costs have been reviewed and updated to reflect the fees and costs applicable for the year ended 30 June 2026 for our FirstChoice products. Performance fees where applicable have also been updated to reflect the latest estimates.
For more information, view the new PDSs from 21 November 2026.
Acadian Global Equity
0.10%
0.05%
-0.05%
Alphinity Global Sustainable Equity
0.25%
0.20%
-0.05%
CFS Australian Share
0.15%
0.10%
-0.05%
CFS Defensive
0.15%
0.10%
-0.05%
CFS Diversified
0.15%
0.10%
-0.05%
CFS Geared Australian Share
0.05%–0.15%
0.10%–0.25%
0.05%–0.05%
CFS Geared Growth Plus
0.10%–0.35%
0.15%–0.40%
0.05%–0.10%
CFS Global Infrastructure Securities
0.15%
0.10%
-0.05%
CFS Global Property Securities
0.15%
0.10%
-0.05%
CFS Moderate
0.15%
0.10%
-0.05%
DNR Capital Australian Equities Income
0.20%
0.15%
-0.05%
Fidelity Australian Equities
0.10%
0.05%
-0.05%
Generation Global Share
0.10%
0.15%
0.05%
Generation Global Share – Hedged
0.10%
0.15%
0.05%
Lonsec Core Plus Balanced
0.15%
0.10%
-0.05%
Pendal Smaller Companies
0.30%
0.25%
-0.05%
Perpetual Balanced Growth
0.25%
0.20%
-0.05%
Perpetual Conservative Growth
0.25%
0.20%
-0.05%
Perpetual Diversified Growth
0.25%
0.20%
-0.05%
Royal London Core Global Share
0.15%
0.10%
-0.05%
RQI Australian Small Cap Value
0.10%
0.15%
0.05%
Talaria Global Equity
0.20%
0.15%
-0.05%
Vinva Australian Equity
0.20%
0.15%
-0.05%
WaveStone Australian Share
0.20%
0.15%
-0.05%
- Retirement Income Optimiser
Retirement Income Optimiser is an optional feature in FirstChoice Wholesale Personal Super and FirstChoice Employer Super. It may help improve Age Pension outcomes when clients retire, if the client chooses to start a CFS lifetime pension (when available) and if they’re eligible.
If your client is an eligible FirstChoice Wholesale Personal Super member, the Retirement Income Optimiser feature is automatically applied to the account if they're eligible when joining. They can choose to opt out of the Retirement Income Optimiser feature during the application process or at any time after their account has been established.
If your client is an eligible FirstChoice Employer Super member, they can choose to opt into the feature at any time after their account has been established. If they choose to have the feature switched on, it will change their account from ‘MySuper’ to ‘Choice’ but their fees, services, insurance and investment options stay the same.
- We’re simplifying first pension payments
When a client chooses a specific pension payment amount, we’ll no longer pro-rata the first pension payment. Clients will receive the full amount you’ve nominated, regardless of when the pension starts during the payment period.
First payments may still be pro-rated if the client has elected to receive the minimum pension payment amount, or the maximum payment amount for a Transition to Retirement (TTR) pension.
- Digital Notice of intent to claim a tax deduction
We’re updating our Adviser Transaction Authority terms and conditions in preparation for a new digital Notice of intent to claim a tax deduction feature launching early next year. Once available, you’ll be able to authorise your adviser to submit a notice on your behalf, provided you have appointed them as your agent and granted them authority.
- Lifetime limit on investment options
A member may invest into a maximum of 95 investment options over the lifetime of their account. Each time they invest into a new investment option for the first time, it counts towards this limit, even if they were to subsequently switch out of that option. CFS will notify the member if they're approaching this limit. Once the 95-option limit has been reached, a member will not be able to invest in or switch into any investment option that has not previously been held in their account. They can continue to invest in and switch between investment options that form part of the existing 95 investment options.
When a client moves from super to pension, the 95 investment option limit resets to zero.
- FirstChoice Managed Accounts – changes to member notifications
We’ve changed how we tell you when your FirstChoice account is linked to, or removed from, a FirstChoice Managed Account (FCMA) portfolio. Instead of sending these notifications by email or post, we now make them available in the document library of clients’ FirstNet online portal. There is no change to when clients will receive these notifications. For further information, please refer to the FCMA Service Reference Guide.
Transitioning to the new PDS
PDS application forms dated 23 May 2026 will continue to be accepted for three months until 3pm Sydney time, 19 February 2027. After this date, the application forms in the new PDS dated 21 November 2026 must be used.
FirstChoice Employer Super application forms (including spouse applications) dated 23 May 2026 will continue to be accepted for three months until 3pm Sydney time, 19 February 2027. After this date, the application forms in the new PDS dated 21 November 2026 must be used.
Where an insurance application from the 22 November 2025 PDS/insurance booklet is signed and dated prior to the new 21 November 2026 PDS, we will accept applications until 3pm, Sydney time, 23 December 2026.
We're here to help
If you have any questions, please speak with your local Business Development team or call Adviser Services on 13 18 36, Monday to Friday, 8:30am – 6pm, Sydney time.
Frequently asked questions
No, CFS issues managed investment schemes and appoints investment managers under a 'mandate' investment management agreement. When a change is made, CFS will appoint a replacement investment manager with a comparable investment approach to take over the management responsibilities of the scheme.
CFS avoid transaction costs of selling and buying of securities which are common in the previous and new portfolios. CFS may use a professional transition manager to support the buying and selling of remaining securities to the new managers preferred portfolio so that the trading is undertaken with minimal market price impacts.
When CFS changes an investment manager, the new manager is appointed under a 'mandate' investment management agreement. This mandate aligns with the manager's rated strategy, investment parameters, resources, and trade equivalency.
There will be no buying or selling of units and the change will not affect the number of units investors hold. However, the name of the investment option, its objective, strategy, and potentially the benchmark, will change.
- We will provide a Product Update on the CFS website around 10 November 2026, detailing the changes in the November PDS.
- On 21 November 2026, the PDS for FirstChoice Wholesale, FirstChoice Investments and FirstChoice Employer Super will be issued, and the FirstChoice Wholesale application forms, CFS website, and FirstNet will be updated to reflect the new investment options names.
- FirstChoice super and pension members will receive an update via the Key Changes Flyer sent in mid-November. Investors will receive a Key Changes Flyer with Annual Statements sent in late July/early August.
You may want to review your clients' investment allocations due to the changes and adjust as needed based on their financial plan. However, CFS's ability to change investment managers is a feature of the FirstChoice mandate structure. These changes are typically 'like-for-like' in asset class and often result in the same or lower management fees, aligning with current financial advice and CFS's strategy to enhance investor performance.
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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. 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. The investment performance and the repayment of capital of CFSIL products are not guaranteed.
This webpage is based on current requirements and laws as at October 2024. 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) 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.