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CFS tops MySuper Lifestage ranking, delivers strong double-digit returns again in 2025
05 February 2026
10 min read
By Lara Sinclair
All members aged up to 60 invested in our MySuper Lifestage options received net returns of 10.1% or more for the year to 31 December 2025.
Breaking: CFS independently recognised for strong performance
CFS was recognised for delivering strong performance for employer super and personal super customers in the 2025 calendar year by independent research bodies, SuperRatings and Chant West, including:
Colonial First State delivered double-digit returns for most members invested in our FirstChoice Employer Super MySuper Lifestage options for the 2025 calendar year², achieving strong growth that was more than 6% above inflation⁷.
The minimum net return for members aged up to 60 invested in MySuper Lifestage – which are our default employer super options – was 10.1% for the 12 months to 31 December 2025, CFS performance data shows². This was achieved by our MySuper Lifestage 1965-69 balanced option³, which outperformed the 9.3% industry median for balanced options based on SuperRatings data⁸.
Our MySuper Lifestage 1975-79 growth option delivered a net return of 11.6% over the year to 31 December 2025³. It outperformed the 10.4% industry median for growth funds⁸ and was 8.2% higher than inflation⁷.
Double-digit returns over three years
Our 2025 performance marked the third calendar year in a row that members invested in CFS’ MySuper Lifestage 1965-69 balanced and MySuper Lifestage 1975-79 growth options achieved double-digit growth³.
For the three years to 31 December 2025, FirstChoice Employer Super annualised net returns³ included:
- 13.8% Growth – Lifestage 1975-79
- 11.9% Balanced – Lifestage 1965-69
FirstChoice Wholesale Personal Super annualised net returns for the three years to 31 December 2025³ included:
- 12.5% CFS Enhanced Index Growth
- 11.4% CFS Enhanced Index Balanced
Diversification underpinned investment resilience in 2025
CFS’ strong performance in 2025 was underpinned by our commitment to diversification and building portfolio resilience in uncertain investment conditions.
This included investing in emerging markets and smaller companies, as well as global and local shares, Colonial First State Chief Investment Officer Jonathan Armitage said.
“Our performance was built on investments in a number of asset classes,” Jonathan said.
“It was a strong year for global shares, particularly those hedged against currency risks,” he said. “Australian small companies performed particularly well.
“Our members also benefited from the astonishing performance of emerging markets, which delivered strong double-digit returns last year,” Jonathan added.
“Looking ahead, we do expect conditions will remain uncertain, so diversification will continue to be important.
“Our disciplined but adaptable approach, and the breadth we offer across more than 200 investment options, position us well to navigate volatility and deliver strong performance over the longer term,” he said.
FirstChoice Employer Super net returns³ for the 2025 calendar year included:
- 11.6% Growth – Lifestage 1975-79
- 10.1% Balanced – Lifestage 1965-69
FirstChoice Wholesale Personal Super net returns⁹ for the 2025 calendar year included:
- 10.5% CFS Enhanced Index Growth
- 9.5% CFS Enhanced Index Balanced
CFS MySuper Lifestage outperforms over 10 years
All CFS MySuper Lifestage options have outperformed their stated investment objectives for the 10 years to 31 December, CFS investment performance data shows.
Members aged up to 60 invested in CFS MySuper Lifestage options achieved returns that beat inflation by 4.7% or more, annualised over the 10-year period¹⁰.
CFS’ Lifestage options tailor the investment mix to suit our members’ life stage, automatically adjusting risk levels for members beginning around the point of retirement to reduce the effect of market volatility on their investments.
According to independent research firm Chant West, CFS Lifestage options also delivered the best overall MySuper performance when the performance of all age cohorts are aggregated over one, three and five years to 30 June 2025¹¹.
Peace of mind, performance and low fees in one place
Members can be confident in the safety and security of their investments at CFS, as well as strong performance and low fees, said Kelly Power, Chief Executive Officer of Colonial First State Superannuation.
“We are thrilled to have delivered such strong investment performance both for the 2025 calendar year and over the longer term,” Kelly said.
“CFS has been investing Australians’ retirement savings for more than 30 years,” she added. “Our expert investment team invests your money responsibly. And we are proud to be a trusted brand where your super is safe.
“We are also proud of our commitment to keep your fees low⁴, which means more of your money stays invested to deliver you more retirement savings.”
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¹ Colonial First State FirstChoice Lifestage 1980-84 and Colonial First State Essential Super Lifestage 1980-84 were ranked #1 and #2 respectively on SuperRatings’ list of Top 10 MySuper Lifecycle options over the 12 months to 31 December 2025. Source: SuperRatings, Media release: 2025 top super performers revealed, dated 20 January 2026.
² All FirstChoice Employer Super MySuper Lifestage funds for members aged 60 and below delivered a net return of 10.1% or higher for the 12 months to 31 December 2025, comprising a majority of CFS MySuper members. This includes MySuper Lifestage (1965-69), MySuper Lifestage (1970-74), MySuper Lifestage (1975-79), MySuper Lifestage (1980-84), MySuper Lifestage (1985-89), MySuper Lifestage (1990-94), MySuper Lifestage (1995-99), MySuper Lifestage (2000-04), and MySuper Lifestage (2005-09). Net returns are calculated after deducting fees and costs. Source: CFS Funds and Performance data.
³ Growth option FirstChoice Employer Super MySuper Lifestage 1975-79 returned 11.6% for the 12 months to 31 December 2025, 16.6% for the 12 months to 31 December 2024 and 13.2% for the 12 months to 31 December 2023. Balanced option MySuper Lifestage 1965-69 returned 10.1% for the 12 months to 31 December 2025,13.8% for the 12 months to 31 December 2024, and 11.8% for the 12 months to 31 December 2023. Net returns are calculated after deducting fees and costs. Source: CFS Funds and Performance data.
⁴ FirstChoice Personal Super admin fees are 0.20%, which is less than half the industry average, comparing admin fees on $50,000 balance across four investment risk categories. FirstChoice Employer Super annual fees are 11% lower than the MySuper average based on the FirstChoice Employer Super Lifestage 1965-69 option for a member balance of $50,000. Fees may vary for different age cohorts. Source: Chant West Super Fund Fee Survey as at 30 September 2025.
⁵ Chant West ranked CFS FirstChoice Growth option sixth on its list of Top 10 Performing Growth Funds for the year to 31 December 2025. Source: Chant West, Another strong calendar year result for super fund members, dated 19 January 2026.
⁶ Colonial First State FirstChoice Personal Super option CFS Enhanced Index Balanced was ranked 10th on SuperRatings’ list of Top 10 Balanced options over the 12 months to 31 December 2025. Source: SuperRatings. Media release: 2025 top super performers revealed, dated 20 January 2026.
⁷ Inflation was 3.4% in Australia to November 2025, as measured by the Consumer Price Index.
⁸ Source: SuperRatings Fund Crediting Rate Survey, as at 31 December 2025.
⁹ Net returns are calculated after deducting fees and costs. Three-year returns are calculated on a cumulative year-on-year basis which are then annualised. Source: CFS Funds and Performance data.
¹⁰ Net returns are calculated after deducting fees and costs. Investment performance data for the 10 years to 31 December 2025 shows the minimum MySuper Lifestage annualised net return for members aged up to 60 was 7.7%, which was 4.7% higher than the annualised inflation rate of approximately 3.0% over the same period. Source: CFS Funds and Performance data.
¹¹ Chant West MySuper Performance Outcomes Survey for FY25 received in November 2025. CFS was recognised by Chant West as having delivered the two highest overall investment outcomes to 30 June 2025 over 1, 3 and 5 years compared with all other MySuper products when aggregating the experience of all age cohorts. Source: Zenith CW Pty Ltd ABN 20 639 121 403, AFSL 226872/AFS Rep No. 1280401. The overall investment outcomes achieved by CFS for most members have been achieved by taking more investment risk than the majority of MySuper products. Third-party data does not contain all information required to evaluate the nominated service providers. To the extent that any Information provided is advice, it is limited to General Advice only and has been prepared without considering the objectives or financial situation of any individual, including target markets where applicable. It is not a recommendation to purchase, sell or hold any product and is subject to change at any time without notice. Individuals should seek independent advice and consider the PDS or offer document before making any investment decisions. Data is provided in good faith and is believed to be accurate, however, no representation, warranty or undertaking is provided in relation to the accuracy or completeness of the data. Data is subject to copyright and may not be reproduced, modified or distributed without the consent of the copyright owner. Except for any liability which cannot be excluded, Chant West does not accept any liability whether direct or indirect, arising from use of the data. Past performance is not an indication of future performance. Refer to www.chantwest.com.au for full details on Chant West’s research methodology, processes and FSG.
Disclaimer
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.