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We’re changing insurance rate premiums and making enhancements that will take effect from 1 February 2025 for FirstChoice Employer Super members.
Why we've made these changes
We have negotiated new rates with AIA, the insurance provider for CFS super products. AIA, like all insurers, periodically reviews insurance premiums to ensure that members are paying the appropriate amount for their cover and to allow them to continue paying claims to members in their time of need.
Summary of insurance premium rate changes
Employee/Spouse Members
-0.8% to -5.7%
-0.4% to -3.6%
No change
Retained Benefit Members
-9.1% to -12.9%
-8.2% to -11.9%
-7.9% to -8.5%
Note: The actual premium changes may vary from the above for each member due to factors such as occupation (if applicable). Due to rounding, actual dollar premium changes may vary. We’ll be writing to affected members with further details. These insurance premium changes are provided by the insurer with a conditional three-year premium rate guarantee. These premium rate changes may not apply to some FirstChoice Employer Super plans with tailored premium arrangements.
Improvements to your clients' insurance offer
The changes outlined in the Key Changes Flyer will be automatically applied to members’ accounts from 1 February 2025, so no action is required.
How affected members will be notified
Members will be notified of these upcoming changes from 17 February 2024. Here is an example of the communication that they can expect to receive.
We're here to help
If you have any questions, please contact your Business Development Team or Adviser Services on 13 18 36, Monday to Friday between 8:30am – 6pm, Sydney time.
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Adviser use only
Information on this webpage is provided by Avanteos Investments Limited ABN 20 096 259 979, AFSL 245531 and Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468. It may include general advice but does not consider anyone’s individual objectives, financial situation, needs or tax circumstances. You should read the relevant Product Disclosure Statements (PDSs), Investor Directed Portfolio Service Guides (IDPS Guides) and Financial Services Guides (FSGs) before making any recommendations to a client. The PDSs, IDPS Guides and FSGs can be obtained from www.cfs.com.au or by calling us on 13 18 36. Past performance or awards are no indication of future performance.