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Termination and Closure of investment options on FirstChoice

Following a review of the investment options on FirstChoice, Colonial First State in its capacity as Responsible Entity and Trustee has decided to terminate and close a number of investment options. We’ve therefore suspended switches and redemptions for each investment option listed in the below table as at 3pm on 8 October 2020. Applications received after 3pm on 8 October 2020 in respect of any of the investment options will not be processed into these investment options.

 

AZ Sestante2 investment options
The AZ Sestante Conservative and AZ Sestante Diversified investment options will be terminated in accordance with the constitution. Colonial First State, as the Responsible Entity doesn’t believe the investment options will retain adequate scale to operate efficiently over the longer term.

We have terminated the investment options in FirstChoice Investments effective 3pm on Thursday 8 October 2020.

 

Milliman3 investment options
We’ve decided to close Milliman Managed Risk Australian Share, Milliman Managed Risk Global Share and Milliman Managed Risk Multi-Index High Growth in FirstChoice Personal Super and Pension in accordance with the trust deed. Colonial First State, as the Trustee doesn’t believe the investment options will retain adequate scale over the longer term. The investment options in FirstChoice Personal Super and Pension will be closed on 10 November 2020.


SG Hiscock Property Securities
We’ve decided to terminate SG Hiscock Property Securities in accordance with the constitution. The fund has continued to underperform against its benchmark and has had a reduction in investment size. Colonial First State as the Responsible Entity doesn’t believe the fund will retain adequate scale to operate efficiently over the longer term.

 

We have terminated the investment options in FirstChoice Wholesale Investments and FirstChoice Investments effective 3pm on Thursday 8 October 2020. The investment options in FirstChoice Wholesale Personal Super and Pension, FirstChoice Personal Super and Pension will be closed on 10 November 2020.


The table below details the options to be terminated and closed:
 

Product Fund Legal Name ARSN
FirstChoice Wholesale Investments SG Hiscock Wholesale Property Securities Commonwealth Property Securities Fund 11 118 583 823
FirstChoice Investments
SG Hiscock Property Securities Colonial First State - FirstChoice Investments - Property Securities
Fund 11
123 986 694
FirstChoice Personal Super SG Hiscock Property Securities Not applicable  
FirstChoice Pension SG Hiscock Property Securities Not applicable  
FirstChoice Wholesale Personal Super SG Hiscock Wholesale Property Securities Not applicable  
FirstChoice Wholesale Pension SG Hiscock Wholesale Property Securities Not applicable  
FirstChoice Investments AZ Sestante Diversified Colonial First State Investment Fund 53 617 442 341
FirstChoice Investments AZ Sestante Conservative Colonial First State Investment Fund 52 617 442 136
FirstChoice Personal Super Milliman Managed Risk Australian Share Not applicable  
FirstChoice Pension Milliman Managed Risk Australian Share Not applicable  
FirstChoice Personal Super Milliman Managed Risk Global Share Not applicable  
FirstChoice Pension Milliman Managed Risk Global Share Not applicable  

FirstChoice Personal Super

Milliman Managed Risk Multi-Index High Growth Not applicable  
FirstChoice Pension Milliman Managed Risk Multi-Index High Growth Not applicable  

 

How will this impact me?

We will not process any switches or redemption requests received after 3pm on 8 October 2020. If we receive an application after 3pm on 8 October 2020, we’ll invest the funds into the Colonial First State Strategic Cash option4.
 

Product Option Termination/closure date Direction of members' funds
FirstChoice Wholesale
Investments and FirstChoice Investments 
  • SG Hiscock Wholesale
    Property Securities
  • SG Hiscock Property Securities
  • AZ Sestante Conservative
  • AZ Sestante Diversified
The termination will be complete effective 27 October 2020. We will pay each unitholders’ share of the net value of the proceeds from the termination to their nominated bank account from 28October 2020.
FirstChoice Wholesale
Personal Super and Pension
SG Hiscock Wholesale
Property Securities
The investment options
will close effective 10 November 2020.


We will invest each members’ share of the net value of the proceeds from the termination and closure into the Colonial First State Strategic Cash option within their account effective 10 November 2020.
 
FirstChoice Personal
Super and Pension
  • Milliman Managed Risk Australian Share
  • Milliman Managed Risk Global Share
  • Milliman Managed Risk Multi-Index High
    Growth
  • SG Hiscock Property Securities 

The investment options
will close effective 10 November 2020.
We will invest each members’ share of the net value of the proceeds from the termination and closure into the Colonial First State Strategic Cash option within their account effective 10 November 2020.

We’re here to help

If you would like more information regarding this termination, please speak to your financial adviser or call us on 13 13 36, Monday to Friday, 8am to 7pm, Sydney time. 

 

1 Investment option means either a managed investment scheme or an investment option in a superannuation fund.
2 AZ Sestante Conservative and AZ Sestante Diversified in FirstChoice Investments.
3 Milliman Managed Risk Australian Share, Milliman Managed Risk Global Share and Milliman Managed Risk Multi-Index High Growth in FirstChoice Personal Super and Pension.
4 Colonial First State Wholesale Strategic Cash for members invested with FirstChoice Wholesale.
 

Disclaimer
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. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments and interests in Wholesale Mezzanine 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 or the repayment of capital by FirstChoice. This document may include general advice but does not take into account your individual objectives, financial situation or needs. 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. The PDS and FSG can be obtained from colonialfirststate.com.au or by calling us on 13 13 36.