This is a common scenario for those with older versions of Adobe software buying new cameras. It often requires a software upgrade too.
Why doesn’t my version of Photoshop or Lightroom support my camera?
Camera Raw plug-in | Supported cameras
Camera Raw-compatible Adobe applications
Support for the FZ1000 was just added to the very latest Camera Raw 8.6 which is only compatible with CS6, CC and CC 2014.
CS5 is only compatible with Camera Raw up to 6.7. CS5 is not compatible with later versions of Camera Raw so there's no way to open FZ1000 Raw files in CS5.
Options:
- Upgrade to CS6
- Join the Cloud
- Join the Creative Cloud Photography Plan
- FREE: download the free Adobe DNG converter, convert all FZ1000 Raw files to DNGs then open the DNGs in CS5
Photoshop Help | Digital Negative (DNG)