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Colonial First State enters corporate superannuation market

9 September 2002

Colonial First State today announced the introduction of FirstChoice Employer Super to its FirstChoice range of investment options.

Michael Cant, Colonial First State’s General Manager, Distribution said adding employer super to the FirstChoice family provided investors a seamless transfer of funds across their investments, personal superannuation, allocated pension and compulsory superannuation contributions.

Consistent with the suite of products, FirstChoice Employer Super offers employers a comprehensive range of discretionary and blended investment options on a single administration platform.

"We’ve taken a holistic approach to facilitating compulsory superannuation guarantee and salary sacrifice contributions for employers by designing a product that encapsulates investment choice, flexibility, clean administration, comprehensive online servicing and thorough education and transition support," Mr Cant said.

Employers will be able to process lump sum contributions, rollovers from other superannuation funds and spouse contributions online. Additionally, FirstChoice Employer Super has been designed to meet existing payroll systems using unique, online account matching technology.*

"It was important to keep the product simple," said Jack McCartney, Colonial FirstState’s Head of Corporate Superannuation. "As a result, we designed the product with nil entry / nil exit and no switching fees when changing managers. We stand by our administration and there is an implicit service guarantee with this offer," he said.

Mr McCartney said FirstChoice Employer Super targeted mid to large size companies with 50-1000 employees and advisers who are looking to support the corporate superannuation market.

FirstChoice Employer Super has also been designed to meet the demand of employees taking an increasingly active role in understanding superannuation by providing easy online account access and continuing education.

Additional benefits including discounted loans, savings accounts and credit cards will also be available with the FirstChoice Employer Super range through Colonial First State’s parent company, the Commonwealth Bank of Australia.