Colonial First State Superannuation

colonial first state super

Colonial First State is a provider of superannuation as well as a range of other investment products. It is a subsidiary of the the Commonwealth Bank Group.

Types of Colonial First State super accounts

Colonial First State offers superannuation products to three main groups – retirement savers, employers and self-managed retirement savers.

Colonial First State’s FirstChoice Wholesale Personal Super is the primary personal super option for employees looking to invest their retirement savings via a fund. This product comes with features which include:

  • More than 130 investment options across different asset classes and investment managers
  • Insurance options including: death only cover; death & total and permanent disablement (TPD) cover; and salary continuance insurance. As with any insurance product, consider checking the cover amount, any exclusions, limits or other conditions that apply, as well as the premiums you would be charged before deciding whether it suits your needs.
  • Access up-to-date information on your investments any time via its online portal, FirstNet.

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Eligibility to apply for a Colonial First State Superannuation account

To sign up for a superannuation account with Colonial First State, you must be an Australian resident. Bear in mind that other eligibility criteria may apply, so consider checking these with Colonial First State before starting your application.

How to apply for a Colonial First State super fund

If you’re eligible, you may apply to join Colonial First State by clicking on its products in Canstar’s superannuation comparison tables and then signing up online on its website.

But first, consider comparing your options with Canstar and checking our choosing a super fund checklist before signing up for a particular superannuation account.

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Colonial First State FAQs

Colonial First State Super has a dedicated online portal called FirstNet for its super fund members.

Colonial First State offers a variety of investment options including shares (global and Australian), fixed interest, property, cash and more.

It is important to take into account investment time frames, and your personal tolerance for market fluctuations when choosing an investment option. The returns from your investment directly impact how quickly or slowly your super grows. Consider seeking professional financial advice before making decisions over how to invest your retirement savings

The fees charged by Colonial First State on its superannuation products will vary depending on which product you use and the investment option you choose. By way of example, Colonial First State says it charges the following fees on its Wholesale Diversified option within the FirstChoice Wholesale Superannuation product. Examples provided are based on a $50,000 balance:

Investments fee: 0.80% p.a.

Administration fee: 0.20% p.a. plus a ‘Regulatory Reform Fee’ of $40 per year.

Indirect cost ratio: 0.09% p.a.

Bear in mind that these fees may vary depending on the product and investment option you choose, as well as what your balance is. Other fees may apply so consider checking the product disclosure statement (PDS) for details. You can also compare Colonial First State’s fees to the other super fund fees on our database.

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Colonial First State offers a consolidation service for members who have super in other funds. It’s important to check with your old funds for information regarding costs such as switching fees and insurance cover you may lose if you close the account.

To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:

  • Personal details are up-to-date
  • Nominated beneficiaries are up-to-date
  • Tax File Number (TFN) is recorded
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • Amount paid in fees
  • Insurance still adequate
  • Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
  • The big picture – are you happy with your super fund overall?

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Colonial First State was set up in 1988, but in 2002 it merged with Commonwealth Investment Management to become part of the wider Commonwealth Bank Group.

Written by: Regina Collins | Last updated: February 24, 2020