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.

Colonial First State was a subsidiary of the Commonwealth Bank Group until late 2021, when CBA sold a majority share to US-based investment firm KKR.

Types of Colonial First State super accounts

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

Colonial First State’s FirstChoice Wholesale Personal Super is its personal super option and comes with features including:

  • More than 130 investment options.
  • 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.
  • Online access for customers to up-to-date information on their investments through Colonial First State’s online portal, FirstNet.

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Colonial First State FAQs

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 decide to join Colonial First State and are eligible, you can do so via its website.

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for a Colonial First State product to help decide whether it is suitable for your needs.

Finally, remember to tell your employer that you’ve joined Colonial First State. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.

Can I manage my Colonial First State Superannuation account online?

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

How is my super invested with Colonial First State Super?

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 timeframes and your personal tolerance for market fluctuations when choosing an investment option. The returns from your investment will directly influence how quickly or slowly your super grows. Consider seeking professional financial advice before making decisions over how to invest your retirement savings

How do the fees on Colonial First State compare to other funds?

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 Multi-Index Balanced option at the time of writing. Examples provided are based on a $50,000 balance:

Investment fee: 0.53% p.a.

Administration fee: 0.20% p.a.

Indirect cost ratio: 0.06% 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 the annual fees of Colonial First State’s default investment option against those of other super funds through Canstar’s comparison service.

How can I combine my Colonial First State account with another super fund?

Colonial First State offers a consolidation service for members who have super in other funds.

You can also consolidate your super through the Australian Taxation Office (ATO) via the myGov website.

It’s important to check with your old fund(s) for information regarding costs, such as switching fees, and insurance cover you may lose if you close the account. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.

Explore: How to consolidate your super funds

What should I check on my Colonial First State Super statement?

To help you stay on top of your super, it is 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
  • Super contributions from employer and/or your voluntary contributions are correct
  • Investment asset class choices are appropriate for your life stage
  • The amount paid in fees is correct
  • The insurance cover you have is still adequate for your needs
  • Your 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, and in 2002 it merged with Commonwealth Investment Management to become part of the wider Commonwealth Bank Group. Commonwealth Bank sold a 55% stake in Colonial First State to Kohlberg Kravis Roberts (KKR) in 2021. Colonial First State was fined $20 million in 2021 for misleading super members between 2014 and 2016.

This content was reviewed as part of our fact-checking process.

Written by: Nina Tovey | Last updated: December 7, 2021