Colonial First State delivers latest new retirement solution with launch of Pension Bonus

Colonial First State (CFS) has launched a new solution as part of its expanded retirement offering, with eligible FirstChoice members now able to receive a one-off Pension Bonus when moving from superannuation into retirement.

The launch marks the next step in CFS's broader strategy to support Australians throughout retirement, with new capabilities and solutions designed to help members generate income, manage wealth and navigate key retirement decisions.

CFS Pension Bonus provides eligible members with a one-off amount added to the opening balance of a new FirstChoice Wholesale Pension. Members are automatically assessed, with no application or additional paperwork required.

Under the current published rate of 0.80%, a member transferring an eligible balance of $350,000 would receive a Pension Bonus of $2,800, which is added to the opening balance of their new pension and invested in line with their selected investment options.

Kelly Power, Chief Executive Officer of Colonial First State Superannuation, said retirement is one of the most significant financial transitions Australians make, creating a need for practical solutions that help members make the most of their superannuation as they retire.

"Pension Bonus delivers an immediate financial benefit for eligible members when they commence a pension and removes the need for additional applications or paperwork. It's a simple way of supporting members at an important stage of their retirement journey."

"Australians are living longer and spending more years in retirement, increasing the importance of helping people make the most of their superannuation once they stop working. Our focus is on providing practical solutions that help members move confidently from accumulation into retirement income,” said Ms Power.

Later this year, CFS will launch Retirement Income Optimiser, a new FirstChoice capability designed to help improve retirement income outcomes by optimising how assets are assessed for Age Pension purposes, with additional retirement income solutions launching in 2027.