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CFS delivers another year of outstanding FirstChoice Pension returns
11 July 2025
4 min read
CFS has again delivered double-digit returns for members invested in CFS Growth and CFS Moderate pension options in the 2024-25 financial year*. Reserve Bank of Australia data to May 2025 indicates these returns were three times higher than inflation^.
CFS has delivered another year of outstanding results* for members invested in CFS Growth and CFS Moderate pension options, matching returns delivered in the 2023-24 financial year.
This strong performance for members was achieved despite continuing market volatility.
FirstChoice Wholesale Pension returns, according to CFS investment performance data for the 2024-25 financial year*, included:
- 12.0% CFS Growth
- 10.2% CFS Moderate
Pension returns outpaced inflation in financial year 2024-25
CFS Growth and CFS Moderate pension returns were three times higher than inflation over the 2024-25 financial year, according to Reserve Bank of Australia data to May 2025^.
Inflation dropped to 2.9% for the 12 months to 31 March 2025, according to the RBA’s measure of consumer price inflation, and continued to remain low in April and May. That may mean more spending power for members invested in those options.
Consistently strong returns over consecutive years
Results for the 2024-25 financial year followed consistently high returns in preceding years. CFS FirstChoice pension returns# over three years included:
- 10.89% CFS Growth
- 9.11% CFS Moderate
What drove these returns?
These strong results were underpinned by the CFS Investment team’s active management of risk combined with the resilience in global and Australian share markets.
CFS Chief Investment Officer, Jonathan Armitage, said the strength in emerging market share prices contributed to the results.
But he warned market volatility is rising, with results likely to return to more normalised levels.
"The recovery in equity markets following the sharp sell-off at the start of April this year, triggered by significant tariffs from the Trump administration, is a testament to how quickly markets can shift,” Jonathan said.
"Despite the rebound, uncertainty remains elevated,” he added. “This highlights the volatile nature of the current market environment.
“As we anticipated, investment returns are now starting to come back down to more normalised levels but remain higher than long running averages,” he said.
What’s next?
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Past performance is not a reliable indicator of future performance.
* CFS investment performance data based on net returns for the 2024-25 financial year.
^ CFS investment performance data based on net returns for the 2024-25 financial year. Inflation based on the Consumer Price Index seasonally adjusted trimmed mean for the year to 31 March 2025 of 2.9%, and the April 2025 and May 2025 monthly CPI Indicator figures of 2.4% and 2.1% respectively (not seasonally adjusted), as published by the Reserve Bank of Australia on 25 June 2025.
# CFS investment performance data based on net returns for the 2024-25 financial year, 2023-24 financial year and 2022-23 financial year. Three-year returns are net of fees calculated on a cumulative year-on-year basis which are then annualised.
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. Information on this webpage is provided by AIL. 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.