BT-Super

BT super

A closer look at the products and benefits offered by BT super

If you’re searching for a simple and affordable way to take control of your superannuation, BT’s range of super solutions is well worth a closer look. BT Financial Group is the wealth management arm of the Westpac Group and has been helping Australians build their wealth since 1969. Under the BT brand, the group offers a comprehensive range of superannuation products to help you save for a more comfortable retirement.

Read on to find out how you can manage your super with BT.

What’s your online account like with BT?

You can manage your BT super account at any time through the BT Online portal. This allows you to conveniently manage your super alongside your everyday banking accounts, with the flexibility to perform a wide range of important tasks, such as:

  • View your unit holdings and check the total value of your investment
  • View your transaction history
  • Perform transactions, for example make a super contribution
  • Update your address and contact details

If you ever need help managing your super account, BT also offers a wealth of support resources online. Forms, user guides and FAQs can all be easily accessed in the one place, which means it’s always easy to get help whenever you need it.

What are the features of BT super?

BT super provides an extensive range of benefits to suit the needs of its members, including:

  • SuperCheck. This useful tool lets you keep track of all your superannuation accounts. Using SuperCheck, you can discover how much super you have and which accounts it is located in within a matter of seconds.
  • Choice of investments. Whether you want to “set and forget” your super or choose from a range of investment options to suit your financial goals, BT offers a large choice of investments.
  • Easy online management. Whether you want to make a contribution, check your balance or adjust your investment strategy, you can do so at any time by logging into the BT Online portal.
  • Automatic insurance. Death and total and permanent disability (TPD) cover are provided as standard when you open a BT Super for Life super account.
  • Benefits Now. This exclusive program for BT super members provides access to a wide range of deals and discounts on health, fitness, travel, entertainment, insurance and banking products. It’s designed to help members save money across a variety of everyday purchases, with new offers added all the time.
  • Flexible advice options. If you need expert assistance to help you better plan for retirement, BT offers three levels of financial advice: general advice, personal advice on specific needs, and comprehensive personal advice that takes in your full financial situation.
  • Backed by experience. BT has been offering superannuation, investment and retirement income products to help Australians grow their wealth since 1969. It provides superannuation products and services to suit a wide range of needs, along with expert financial advice to help you find the right superannuation solution.

What super funds does BT offer?

BT offers the following superannuation solutions to help you take control of your retirement savings:

  • BT Super for Life. Super for Life is a superannuation account that can be easily integrated with your online banking to provide easy day-to-day management. You also have the option to either choose your own investment mix from four options or access a variety of investment options designed to suit your changing needs as you age. BT Super for Life is MySuper compliant and available in three different accounts to suit your lifestage:
      • Super. This is an everyday super savings account that you can take with you whenever you start a new job.
      • Transition to Retirement. Designed for people who are nearing retirement, this account allows you to access part of your super as you prepare to leave the workforce.
      • Retirement. This is an account-based pension product that allows you to withdraw money from your superannuation to fund your retirement.
  • BT SMSF. If you want to run a self-managed super fund (SMSF), BT can help you set this up, invest your balance and stay compliant with all legal and tax regulations. This includes access to a wide mix of investments and managing your portfolio using a range of advanced tools.
  • BT workplace super. BT offers two corporate superannuation solutions:
  • BT Business Super. This product allows you to choose from a range of investment options and keep building a bigger balance throughout your working life.
  • BT Lifetime Super – Employer Plan. This is a super fund set up by employers for their employees. It is managed by BT and offers benefits such as reduced administration costs and insurance premiums.

From this point on, we’ll concentrate on the range of BT Super for Life accounts, their features, investment options and how to apply for an account.

What investment options are available in BT Super for Life?

When you hold a BT Super for Life account, it’s up to you to choose how you would like your balance to be invested. You can either:

  • Let BT invest your super for you. If you select this option, your super is invested based on your age in a MySuper Lifestage Fund. This diversified portfolio shifts to a more conservative selection of assets as you grow older, ensuring that your investments are always matched to your lifestage.
  • Choose your own investment mix. If you’d like to take control of your super, you can choose from the below selection of ready-made investment portfolios:
    • Growth Fund. This fund is designed for account holders who have an aggressive approach to investing. Your balance is invested almost entirely in growth assets and this option has a suggested investment timeframe of five years or more.
    • Moderate Fund. This medium-to-high-risk option is designed for people with a reasonably aggressive approach to investing. It targets a mixture of growth and conservative assets, with an emphasis on growth, and has a recommended investment timeframe of five years or more.
    • Conservative Fund. BT Super’s Conservative Fund suits account holders who are only willing to accept a low level of risk, but who still want a certain level of growth to provide protection against inflation. It promises a mix of conservative and growth assets, focusing primarily on the conservative end of the spectrum, and has a recommended investment timeframe of three years or more.
    • Super Cash. This low-risk option is designed for account holders who have a conservative approach to investing and want to protect their balance. If you choose this option, your balance is invested in cash via a life policy with Westpac Life Insurance Services Ltd.

These four options are available with BT Super for Life – Savings accounts, as well as with BT Super for Life – Retirement and Transition to Retirement accounts.

How has BT Super for Life performed in recent years?

Want to know what level of returns BT Super’s investment options have provided to account holders in the past five years? Check out the tables below:

Investment option1-year performance3-year performance5-year performance
1940s Lifestage Fund – Savings1.69%2.71%4.26%
1950s Lifestage Fund – Savings2.39%3.42%6.22%
1960s Lifestage Fund – Savings4.50%4.57%8.19%
1970s Lifestage Fund – Savings6.51%5.63%9.74%
1980s Lifestage Fund – Savings6.52%5.77%10.07%
1990s Lifestage Fund – Savings6.61%5.85%10.21%
2000s Lifestage Fund – Savings6.92%6.63%N/A
Investment option1-year performance3-year performance5-year performance
Growth Fund – Savings12.92%9.73%14.57%
Growth Fund – Retirement13.81%10.32%15.67%
Moderate Fund – Savings4.32%5.73%9.08%
Moderate Fund – Retirement5.05%6.38%9.97%
Conservative Fund – Savings0.86%2.89%4.27%
Conservative Fund – Retirement1.13%3.35%4.83%

*NB figures as at 31/07/17

If you’re interested in the Super Cash option, the table below charts the interest rate it has offered to account holders in recent years:

DateInterest rate
10/03/171.30%
17/10/161.40%
11/08/161.55%
17/05/161.80%
08/05/151.90%
01/04/152.15%
17/09/132.40%
16/08/132.50%
11/07/132.65%
14/05/132.70%
07/02/132.80%
10/12/122.95%
05/10/123.10%
09/07/123.35%

What fees apply to BT Super for Life?

BT offers a simple and transparent fee structure for its Super for Life accounts. As a member, you will not have to pay a fee for any of the following:

  • Commissions
  • Switching investments
  • Making withdrawals
  • Making contributions
  • Receiving advice about investing in a MySuper product or investment option
  • Exiting the fund

However, there are some fees you will need to factor into your calculations. The table below details the fees that apply to your BT Super for Life account if you select the MySuper Lifestage Investment Option:

FeeHow much is it?How and when is it paid?
Investment fee0.50% p.a. of your account balanceDeducted from the assets of the Lifestage Investment Option and reflected in the daily unit price
Administration fee0.45% p.a. of the account balance plus $6.50 per month ($78 p.a.)Deducted from the assets of the Lifestage Investment Option on the first day of every month and reflected in the daily unit price
Buy-sell spreadEstimated at 0.36%Reflected in the buy-sell price of the investment option
Indirect cost ratioIncludes the Regulatory Change Expense Recovery, estimated at 0.05% p.a. of the investment option’s asset value, plus estimated performance fee of 0.01% p.a. of the investment option’s asset valueDeducted from the assets of the Lifestage Investment Option and reflected in the daily unit price

Different fees apply if you choose your own investment options, as shown in the table below:

Investment optionTotal management fee
Growth Fund0.96% p.a.
Moderate Fund0.96% p.a.
Conservative Fund0.96% p.a.
Super Cash0% p.a.

How to apply for BT Super for Life

If you’d like to apply for a BT Super for Life account, you can do so online. All you have to do is click on the “Go to site” link on this page and follow the prompts to sign up for an account. You’ll need to have the following handy when you apply:

  • Your Tax File Number (TFN)
  • A valid email address

If you’re an existing customer of Westpac, St.George, BankSA or Bank of Melbourne, you can apply for an account in as little as five minutes. However, if you’re a new customer, you’ll need to provide more detailed information, including:

  • Your nameYour residential address
  • Your email address and phone number

You will also be asked to select your investment option and specify the level of insurance cover you want.

If you don’t want to apply online, you can also apply:

      • Over the phone by calling 1300 653 553
      • In person at your nearest Westpac, St.George, Bank of Melbourne or BankSA branch

Frequently asked questions about BT super

Yes, a 14-day cooling-off period applies.

Yes, you can view your BT Super for Life balance when you log in to your Westpac, St.George, BankSA or Bank of Melbourne online banking portal.

No, it is not compulsory for you to provide your TFN. However, if you do provide your TFN, BT will then be able to accept your after-tax contributions and ensure that you don’t have to pay any additional tax on your contributions and any payments you receive from your account.

No, you do not need to be a customer of one of these banks to open a Super for Life account, nor will you be required to open a bank account when you apply.

Yes, points earned on the following eligible credit cards can be put towards your super balance:

  • Westpac Altitude Credit Card
  • St.George Amplify Credit Card
  • BankSA Amplify Credit Card
  • Bank of Melbourne Amplify Credit Card

Annual statements are usually available via your Internet banking portal at the end of July.

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