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New FirstChoice PDS

We’ve introduced a series of changes and enhancements to FirstChoice, FirstChoice Wholesale and FirstChoice Employer Super in our new Product Disclosure Statements (PDSs).

Some of the changes include:

  • Zurich Investment Global Thematic Share was closed to new investors in May 2018. The option has experienced periods of underperformance that has resulted in the option being unable to meet its investment objective. From 22 October 2018, the investment manager, strategy and investment parameters have changed. The option will now be managed by Baillie Gifford and named Baillie Gifford Long Term Global Growth.

     

    The change has been implemented across the following products:

    • FirstChoice Wholesale Personal Super
    • FirstChoice Personal Super
    • FirstChoice Wholesale Pension
    • FirstChoice Pension
    • FirstChoice Wholesale Investments 
    • FirstChoice Investments

     

    We will be notifying clients invested in Zurich Investments Global Thematic Share option after 22 October 2018.

    The fund, which was closed to new investors, was re-opened to new investors from 22 October 2018. FirstChoice Investment clients will be notified of this change through their key changes flyers in their FY19 half-year statement.

  • For selected FirstChoice options, we have increased the asset allocation of Global Shares to account for a new allocation in global small companies as well offering a diversification from large cap stocks. As a result, there has been a decrease in Australian Share allocations.

     

    Investment option name
    FirstChoice Conservative
    FirstChoice Diversified
    FirstChoice Moderate
    FirstChoice Balanced
    FirstChoice Growth
    FirstChoice High Growth
    FirstChoice Geared Growth Plus
  • Following a review, nine investment options in FirstChoice Investments are now closed to new investors due to their low investment levels and consequently their status as a closely held trust.

     

    The options will remain open in all FirstChoice Wholesale products as well as FirstChoice Personal Super and Pension.

     

    Trusts identified as closely held are not eligible to enter the Attribution Managed Investment Trust (AMIT) regime for that financial year and as such we have made the decision to close the following options to new investors in FirstChoice Investments:
     

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

     

    Further information on the AMIT regime can be found here.

     

    Investors will be notified of the change through their key changes flyers in their FY19 half-year statement.

     

  • On 27 April 2018, BT Investment Management’s (BT) shareholders voted to approve a change of the company name to Pendal Group Limited. As a result, the investment option names and manager logos for all BT funds on the FirstChoice platform have been updated.

     

    Existing option name New option name
    BT [Wholesale] Core Australian Share Pendal [Wholesale] Australian Share
    BT [Wholesale] Core Global Share Pendal [Wholesale] Core Global Share
    BT [Wholesale] Global Emerging Market Opportunities Pendal [Wholesale] Global Emerging Market Opportunities
    BT [Wholesale] Monthly Income Plus Pendal [Wholesale] Monthly Income Plus
    BT [Wholesale] Property Investment Pendal [Wholesale] Property Investment
    BT [Wholesale] Active Balanced Pendal [Wholesale] Active Balanced

     

    The asset allocation and benchmark for the BT [Wholesale] Active Balanced option also changed to more closely align with Pendal’s fund. Please see the PDS for more information.

     

    Investors will be notified of these changes through their key changes flyers in their FY19 half-year statement.

  • FirstChoice Lifestage indirect cost ratio changes

     

    The table below outlines the changes to the estimated indirect cost ratio for the MySuper product.

    Investment option Previous estimated indirect cost ratio New estimated indirect cost ratio Difference
    FirstChoice Lifestage 1945-49 0.04% 0.07% 0.03%
    FirstChoice Lifestage 1950-54
    0.03% 0.07% 0.04%
    FirstChoice Lifestage 1955-59
    0.05% 0.07% 0.02%
    FirstChoice Lifestage 1960-64
    0.05%
    0.09% 0.04%
    FirstChoice Lifestage 1965-69
    0.05%
    0.08% 0.03%
    FirstChoice Lifestage 1970-74
    0.05%
    0.08% 0.03%
    FirstChoice Lifestage 1975-79
    0.03%
    0.07% 0.04%
    FirstChoice Lifestage 1980-84
    0.03%
    0.07% 0.04%
    FirstChoice Lifestage 1985-89
    0.02%
    0.06% 0.04%
    FirstChoice Lifestage 1990-94 0.01% 0.06% 0.05%
    FirstChoice Lifestage 1995-99 0.00% 0.05% 0.05%
    FirstChoice Lifestage 2000-04 0.00% 0.02% 0.02%

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

    FirstChoice Multi-Index Growth Select indirect cost ratio changes

     

    There is a reduction in the estimated investment fee and indirect cost ratio for the following option.

    Investment option Previous estimated investment fee New estimated investment fee Difference Previous estimated indirect cost ratio New estimated indirect cost ratio Difference
    FirstChoice Multi-Index Growth Select 0.38% 0.36% -0.02% 0.09% 0.00% -0.09%
     
     

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

    There are also minor increases or decreases to Fees and Costs for some other investment options. To find out more about the current Fees and Costs, please refer to the new PDS.

     

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

    Investment option name APIR Code
    Acadian Global Managed Volatility Equity FSF1403AU
    Colonial First State Multi-Asset Real Return FSF1608AU
    FirstChoice Diversified FSF1685AU
    FirstChoice Multi-Index Moderate FSF1686AU
    Franklin Templeton Multisector Bond FSF1687AU
    Milliman Managed Risk Australian Share FSF1690AU
    Milliman Managed Risk Global Share FSF1691AU
    Realindex Emerging Markets FSF1203AU
    Stewart Investors Worldwide Sustainability FSF1689AU

Transitioning to the new PDS

Below are the key dates for transitioning to the new PDS.

 

  • FirstChoice Wholesale Personal Super, Pension and Investment application forms dated May 2018 will be accepted for 3 months until 3pm 22 January 2019.

  • FirstChoice Employer Super - Employer: Application forms signed prior to 22 October 2018, with a plan commencement before 22 January 2019 can be accepted, subject to confirmation that the new PDS and Key Changes Flyer has been provided to the employer.

     

    FirstChoice Employer Super - Member: Employee members will receive the correct PDS in their welcome kits after their account is funded

  • FirstChoice insurance applications from the May 2018 PDS signed and dated prior to the new PDS will be accepted for 21 days until 3pm 12 November 2018.

Order your new PDS

You can order the new PDSs on FirstNet Adviser. Simply log on and go to: Product support > Order documents and PDSs.

 

Please note: There has been a slight delay in the printing of the PDSs. Any pre-orders will arrive in the first week of November. You can download a digital copy of the PDS here.

 

For those of you with FirstChoice Employer Super clients, an email will be sent to employers outlining these changes.

We're here to help

If you have any questions, please speak to your local Business Development team or call Adviser Services on 13 18 36. 

Disclaimer

This document has been prepared by Colonial First State Investments Limited ABN 98 002 348 352, AFS Licence 232468 (Colonial First State) based on its understanding of current regulatory requirements and laws as at 18 October 2018. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. Colonial First State is the issuer of interests in FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension and FirstChoice Employer Super from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. Colonial First State also issues interests in managed investment funds including those made available under FirstChoice Investments and FirstChoice Wholesale Investments, other than FirstRate Saver, FirstRate Term Deposits and FirstRate Investment Deposits which are products of the Commonwealth Bank of Australia ABN 48 123 123 124, AFS Licence 234945 (the Bank). Colonial First State is a wholly owned subsidiary of the Bank. The Bank and its subsidiaries do not guarantee the performance of Colonial First State’s products or the repayment of capital by Colonial First State. This document provides information for the adviser only and is not to be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) before making any recommendations to a client. Clients should read the PDS before making an investment decision and consider talking to a financial adviser. PDSs can be obtained from colonialfirststate.com.au or by calling us on 13 18 36.

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