BT Super for Life | Performance, features and fees

BT Super for Life - MySuper Lifestage Fund
BT Super for Life - MySuper Lifestage Fund

BT Super for Life is an authorised MySuper fund that you can manage online with your everyday banking account

BT Super for Life is a lifestage super fund designed to reflect your needs as you move through the workforce. The fund will automatically adjust your mix of investments as you get older so you don’t have to worry about switching accounts. Alternatively, you can also take a more active role and make your own investment choices. BT Super for Life allows you to keep track of your super alongside your everyday online banking account. Read on to learn more about the ways you can invest.

Name BT Super for Life - MySuper Lifestage Fund
Past 5 year performance 5.41%
Annual admin fee
$78 + 0.45% of balance p.a.
Calculated fees on 50K $628
Insurance included Death, TPD
Number of members 371,000

What are the key features of BT Super for Life?

  • Rollover your existing super. You can consolidate your super from other funds into your BT Super for Life account online via SuperCheck.
  • Enjoy easy online access. Manage your account via the online portal to keep an eye on your balance, make additional contributions or update your investment choices.
  • MySuper compliant. BT Super for Life offers members a no-frills, low-fee MySuper option as the default option.
  • Large range of investment options. You can choose between a Lifestage investment option that invests your super in line with your age, or between a range or pre-mixed investment options. However there is no ethical / sustainable investment option available.
  • Accounts for each life stage. As well as the super account, BT Super for Life offers a transition to retirement and a retirement account. This guide details the super account only.

What are the BT Super for Life investment options?

BT Super for Life offers two ways to invest your super depending on how hands-on you want to be. These two options are detailed below.

What are the fees?

BT Super for Life has a number of fees and other costs which will be deducted from your superannuation. Fees relate to the administration of your account and management of your investments. Other costs may be charged for additional services, including personal financial advice and insurance.

BT Super for Life will not charge for commissions, withdrawal, exit fees, investment switching fees or contribution fees.

Example of annual fees for BT Super for Life (based on a balance of $50,000)

Type of fees/ costsAmount
Administration fee$78 plus 0.45% of balance.
Indirect cost ratio (including investment fees)0.6%
Annual cost of product$628

For a more detailed breakdown of fees and charges, always read the PDS available on the provider's website.

What insurance cover is available?

BT Super for Life offers two different insurance options: standard cover or customised cover.

Standard cover

When you open a BT Super for Life account, you will automatically receive standard insurance cover which includes cover for death as well as for total and permanent disability (TPD). There is no need to complete a medical check or submit any forms. The amount of insurance cover you’ll receive and the cost of insurance cover are based upon your age, gender, occupation and lifestyle. Death cover ranges between $15,000 and $300,000. Applicants must be between 15-64 years old for death insurance and 15-59 for TPD insurance.

The premiums for standard death and TPD cover range from $2.21 per month to $47.73 per month (for females) and $4.71 per month to $57.44 per month (for males).

*Note: BT Super for Life standard insurance has a pre-existing exclusion for a specific period. This means if your claim is directly or indirectly related to a pre-existing condition or occurred within two years to the cover commencing, your death or TPD benefit won’t be paid. A pre-existing condition means any injury or sickness that you were aware of or a reasonable person in your position should have been aware of.

Customised cover

You may also apply for up to three insurance options based on a combination of the following:

  • Death only
  • Death and TPD plus salary continuance cover (also known an income protection insurance)

When you apply for this type of cover, you’ll be given flexibility to decide the amount of insurance cover you require; however, approval is not guaranteed and is dependent on the result of a medical assessment.

The cost of insurance will be based on your age, occupation, gender, smoking status, pastimes and pursuits as well as the type and amount of cover requested.

How do I join BT Super for Life?

If you’ve decided to select this super fund, you can apply online in less than 15 minutes. If you're a Westpac, St.George, BankSA or Bank of Melbourne customer, you’ll be able to see your super next to your everyday bank accounts in your online banking.

If you are not a customer of one of the banks listed above, you can still sign up for a BT Super for Life account but will need to open a bank account first. You'll also need to supply:

  • Your personal details e.g.: full name, contact details and residential address
  • Your current superannuation details, if you'd like to roll over your super into your BT Super for Life fund
  • Your Tax File Number
  • Your investment and insurance choices ready

When you join, you’ll receive a welcome letter and welcome pack with all your account details and any other information or forms you’ll need, and you'll be asked to nominate your beneficiaries. Your beneficiary, or beneficiaries, will receive your super and any insured death benefit if something happens to you. You can nominate one or more dependents.

DISCLAIMER: This article may contain general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.

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8 Responses

  1. Default Gravatar
    MargaretJuly 20, 2017

    Hello… My son passed away in November 2016 & left a Will naming me as beneficiary on his life insurance & everything else he had.. I have hired a very expensive solicitor to settle his money’s etc & am still waiting & seem to be getting no where ,, I have been told that the mother of 3 of his children who he had not been with for over 12 years could get all his money’s,, This would be the last thing my son would have wanted & I can’t understand how with me paying for this solicitor as well as I’m paying for the 3 children’s private education since my son died be able to go against what was set out in his WILL be ignored,,

    • Default Gravatar
      JonathanAugust 2, 2017

      Hello Margaret,

      Thank you for your inquiry.

      A will can be challenged by the estranged family, especially if it resonates “unreasonable” outcome to their family and dependents. The courts would usually weigh several factors and existing provisions (e.g. Family Law, Inheritance Law just to name a few) that protect and ensure that the remaining assets will be distributed in a “fair” manner. They had likely also considered the current and future financial disposition of the estranged family of your son, and whether or not you were financially dependent too.

      It is recommended that you talk this with legal experts who can help you get a clearer understanding on the right path to take. However, answering your question, a will is not always absolute in nature.

      Hope this helps.

      Cheers,
      Jonathan

  2. Default Gravatar
    WilliamNovember 17, 2016

    I have an existing Super Account and wish to transfer the total amount approx $30000 into my Commonwealth debit card. I’m a pensioner aged 70yrs.

    • Avatarfinder Customer Care
      ClarizzaNovember 18, 2016Staff

      Hi William,

      Thank you for your question.

      Generally, you can access your super once you meet conditions of release. We recommend speaking to your super fund to arrange the transfer however, note that if you choose to transfer a lump sum, there are tax and Centrelink implications.

      Please note, we are a comparison website and provide general advice only. If you intended to speak with your superannuation fund about arranging the release of your funds, please get in touch with BT Super directly. In the meantime, our page on Accessing your super might be of assistance.

      Hope this has helped.

      Regards,
      Clarizza

  3. Default Gravatar
    ShirleySeptember 2, 2015

    Can I withdraw part of my super from bt and leave money in there I am retired

  4. Default Gravatar
    MichaelMarch 27, 2015

    Hello
    What has been your return over the last 10 years with the BT super fund.
    Thanks Michael.

    • Avatarfinder Customer Care
      RichardMarch 30, 2015Staff

      Hi Michael,

      Thanks for your question. If you would like to contact BT about the specifics of your policy, you can contact BT by calling (02) 9274 5780.

      I hope this was helpful,
      Richard

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