Retail fund
Colonial First State
Colonial First State's FirstChoice range lets members choose an age-based option or build a portfolio from a broad managed-fund menu. Employer and personal products have different terms.
THE OVERVIEW
About Colonial First State
CFS offers FirstChoice Wholesale Personal Super to individual members and FirstChoice Employer Super through participating employers. Its wider range also includes Essential Super and CFS Edge, which should not share a single comparison row.
Who can join
FirstChoice Wholesale Personal Super is open to the public. FirstChoice Employer Super is available through a participating employer; eligible spouses can also join and members can remain after changing jobs.
THE SUPERGURU VIEW
Our take
FirstChoice is most interesting when you have a reason to use investment choice. Its range accommodates a simple age-based holding as well as a more tailored portfolio. If you only want one diversified option, compare its complete cost and service with other simple accounts before paying for features you may not use.
Who might put it on their shortlist
- People who want to select among investment managers within a super product.
- Employees reviewing a participating CFS workplace plan.
- Members who want an age-based strategy but may want more investment choice later.
What deserves a closer look
- FirstChoice, Essential Super and CFS Edge are separate products with different menus and fees.
- A wide menu creates more decisions and does not itself improve returns.
- Some services and managed-account features depend on using an adviser.
- A public performance comparison should use the actual option, product and cohort rather than a brand-level result.
Sources6
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE NUMBERS
Fees and investment returns
Use the product, investment option and employer plan on your statement. Lifecycle members need to choose the relevant stage. APRA's investment pathways may include closed options held by existing members.
Choose an investment option to see the figures
The costs and returns belong to the selected product, option or lifecycle stage.
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
A CLOSER LOOK
Inside Colonial First State
Accounts and products
FirstChoice products. Essential Super and CFS Edge are distinct product propositions.
FirstChoice Wholesale Personal Super
FirstChoice Employer Super
FirstChoice pension products
CFS Lifestage
Investment choices
CFS Lifestage in FirstChoice Employer Super; identify the chosen option in Personal Super.
FirstChoice offers ready-made diversified portfolios and a broad selection of asset-class and manager options. CFS Lifestage adjusts the mix with a member's birth cohort. Sustainable choices include Thrive+ Sustainable Growth. Access to managed accounts can require a financial adviser.
Insurance
FirstChoice Employer Super can provide automatic insurance for eligible employee members. Insurance depends on the plan, so ask about cover, premiums and any employer subsidy. A Personal Super account should be checked under its own insurance terms.
Sources3
Retirement income
CFS has pension products and services for starting and managing a retirement income stream. Compare the particular pension product and investment menu rather than carrying across fees from FirstChoice Employer Super.
Advice and support
CFS offers personal advice on FirstChoice super and access to broader financial advice. Comprehensive advisers charge a fee that may be one-off or ongoing; include this cost when comparing an advised portfolio.
Fee details to check
Calculate fees for the actual FirstChoice product and selected managers. A low administration fee does not include all underlying investment costs or any advice fee. Employer-plan insurance and discounts can also alter the member's total.
Sources5
Comparing investment performance
CFS Lifestage needs an age-cohort comparison. A chosen managed fund's return is specific to that investment; it should not be presented as the return of Colonial First State overall. Different FirstChoice products can hold a similarly named option with different charges.
Specify Employer Super versus Wholesale Personal Super.
Do not treat Essential Super's Lifestage product as interchangeable with FirstChoice Lifestage.
Sources2
THE LEGAL FUND
Fund size in APRA's annual reporting
Colonial First State FirstChoice Superannuation Trust
At 30 June 2025. These are legal-fund totals, which can include several products and more than one account per person.
APRA annual fund-level statistics, June 2025. These older totals can differ substantially after mergers. Size is not a measure of suitability or investment quality.
Sources for Colonial First State
Checked 2026-09-11. Documents and product terms can change after this date.