Each year, along with other super fund providers, we're required to publish the results of an annual member outcomes assessment for each of our products.
In April 2019, the Government amended the Superannuation Industry (Supervision) Act 1993 (Cth), introducing a new requirement that superannuation fund trustees, annually complete and publish the results of a member outcome assessment (MOA) for their products.
As part of this assessment, superannuation funds are required to compare the fund’s performance with its peers and to analyse the achievement of the member outcomes set against specific internal and external benchmarks.
Such insights will assist members in helping to determine which product best suits their needs, as well as providing information on upcoming improvements of products they hold.
How we've completed our member outcomes assessments
The regulations set out specific requirements for an RSE licensee to regularly assess the outcomes provided to members and identify opportunities for improving these outcomes, supported by sound strategic and business planning.
In completing the MOA for each product we assessed key areas related to both our product offerings and business operations to demonstrate how and whether members’ best financial interests were being promoted.
In reaching our determination, we’ve compared the following areas against other superannuation products:
- Fees and costs
- Investment return
- Investment risk
Additionally, we assessed the following areas using internally and externally set benchmarks and targets which were based on legislative guidance:
- Fees and costs
- Options, benefits and facilities
- Investment strategy
- Insurance strategy
- Insurance fees
- Scale and sustainability
- Operating costs
This assessment was completed for all Colonial First State superannuation and pension products.
Further information on the member outcomes assessment, as well as a brief overview of the results can be found by clicking the below.
Alternatively, a more detailed overview of the results of each product and how they were determined can be found here.
Adviser use only
Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) and Personal Pension Plan (PPP) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. Colonial First State is a wholly owned subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of FirstChoice products or the repayment of capital for your investment.
Colonial First State Custom Solutions is the registered business name of Avanteos Investments Limited ABN 20 096 259 979, AFS Licence 245531 (AIL). AIL is the trustee of the Avanteos Superannuation Trust ABN 38 876 896 681 which includes FirstWrap Plus Super and Pension, and is the operator of The Avanteos Wrap Account Service which includes FirstWrap Plus Investments. AIL is owned ultimately by Commonwealth Bank of Australia ABN 48 123 123 124 AFSL 234945 (the Bank). The Bank and its subsidiaries do not guarantee the performance of AIL products or the repayment of capital by AIL.
This is based on the understanding of current regulatory requirements and laws as at March 2021. 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. This document contains general information strictly for adviser use only and is not to be handed to any investor. It does not take into account any person’s individual objectives, financial situation, needs or taxation circumstances. You should read the relevant Product Disclosure Statement (PDS) or Investor Directed Portfolio Service Guide (IDPS Guide) before making any recommendations. Investors should read the relevant PDS or IDPS Guide before making an investment decision and consider talking to a financial adviser. Investors can obtain FirstChoice PDSs from colonialfirststate.com.au or by calling 13 13 36 and FirstWrap PDSs and IDPS Guides from their adviser or firstwrap.com.au.