BT Super for Life | Performance, features and fees
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.
Past performance - 1 year
Past performance - 5 Years
Calculated fees p.a. on $50,000 balance
|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||$643|
|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/ costs||Amount|
|Administration fee||$78 plus 0.45% of balance.|
|Indirect cost ratio (including investment fees)||0.63%|
|Annual cost of product||$643|
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.
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.
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.