BT Super review | Performance, features and fees
BT Super is a large retail super fund with a range of pre-mixed investment funds to choose from as well as its default BT Super For Life MySuper product.
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BT Super investment options
You'll automatically be invested in the BT Super For Life fund when joining, then you're free to switch to any of the alternative options any time after.
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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 is the default investment option, and it's a MySuper-authorised fund.
- Lifestage investment product. The default super product is a lifestage investment option that invests your super in line with your age on your behalf.
- Large range of investment options. 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.
Option 1: BT Super for Life MySuper Lifestages
The BT Super for Life is the default investment option, under which your investments are allocated for you based on your age. The product will automatically adjust to a more conservative mix of assets by increasing its allocation to conservative assets, such as fixed income and cash, and away from growth assets, such as shares and property, as you get older.
There is a different Lifestage investment option for each decade, so you'll be placed in the investment option for the decade in which you were born. For example, if you were born in 1983, you'll be invested in the 1980s Lifestage investment option.
| Lifestage option | Risk measure | Target asset allocation (range only) |
|---|---|---|
| 1940s This lifestage is for members close or very close to retirement, so it had a higher allocation to defensive assets. | Medium |
|
| 1950s
| Medium |
|
| 1960s This lifestage is for members getting closer to retirement is getting closer, however not yet retired. It has a a higher allocation to growth assets than defensive, with around one third of your balance allocated to defensive assets. | Medium to High |
|
| 1970s
| High |
|
| 1980s, 1990s and 2000s These lifestages have a focus on maximising growth, as members still have a long time before retirement. This stage has a very high allocation towards growth assets. | High |
|
What insurance cover is available with BT Super?
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.More guides on Finder
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Ask an Expert
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,,
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
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.
Hi William,
Thank you for your question.
Generally, you can access your super once you meet the 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
Can I withdraw part of my super from bt and leave money in there I am retired
Hi Shirley,
Thanks for your question and apologies for the delayed response. To claim an early release of super, you’ll need to satisfy certain conditions. Below are some links to BT pages that deal with these conditions:
Claiming early release of super
Making a withdrawal
Frequently asked questions about BT Super
Leaving Australia and Financial Hardship
I hope this was helpful,
Richard
Hello
What has been your return over the last 10 years with the BT super fund.
Thanks Michael.
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