Colonial First State’s FirstChoice platform celebrated its 14th birthday this week by launching a new Lifestage employer super investment option designed for Millennials.
This FirstChoice Lifestage 2000-2004 option is designed for people born in the 21st Century, with investment settings currently biased toward growth assets (90 per cent) rather than defensive assets (10 per cent).
Colonial First State General Manager Product & Investments Peter Chun said FirstChoice Lifestage is a smart investment that changes as members progress through their working lives.
“Younger members have time to ride out the ups and downs of investment markets, so their super is invested in growth assets, like property and shares. These assets have a greater potential to deliver higher returns over time and therefore grow the member’s retirement savings above inflation,” Mr Chun said.
“We have 12 FirstChoice Lifestage options, ranging from one for the first Baby Boomers through to our Millennial cohort, and we manage more than $3 billion in assets in these options.”
FirstChoice is Australia’s largest platform with more than $75 billion in funds under administration, offering more than 100 professionally managed options for individual investors, and personal and employer superannuation members. It is also Australia’s largest provider of pensions behind the Federal Government, paying more than $1.8 billion each year to around 160,000 retirees.
