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Why BT Super for Life?

  • Super you can see

    10% of your hard earned salary is super. So keep track of it next to your other accounts in Westpac Online Banking.

  • Super sized to fit

    Choose where your superannuation is invested or let us adjust your investments mix to suit your age. 

  • Sustainable super

    Choose investment options recognised by SuperRatings in 2020 for their responsibility to the planet.

  • Super that skips the exam

    Give the medical exam a miss but still enjoy in-built insurance1 (for eligible members only). 


A super account for every stage of your life

When you're working

Choose how your super savings are invested by either leaving it to us or selecting your own investments from 38 different options. Make regular contributions and track your super grow over time with a BT Super for Life account.

When you're winding back

If you have reached your preservation age (age 55-60 depending on your date of birth) and are thinking more about retirement, you can start to withdraw from your super, even if you are still working, with a BT Super for Life – Transition to Retirement account.

A Transition to Retirement account can either supplement your income as you wind back from full time work or be used to boost your super balance using the allowable tax concessions while you keep working.

When you retire

Your super doesn’t have to stop working when you do. Choose an investment strategy and payment frequency to suit you in retirement with a BT Super for Life – Pension account.


The details

Insurance cover

There are two insurance options available to eligible members of BT Super for Life.

1. Standard cover

Eligible members5 will receive pre-approved Standard cover when they open a BT Super for Life account – this provides insurance cover for Death and Total and Permanent Disablement (TPD) insurance. There is no need to complete medical checks. The amount of insurance cover when activated is based on the member’s age, and the cost of the insurance cover is based on both the member’s age and gender.

NOTE: Please be advised that this insurance cover, and the payment of an eligible insurance claim, is subject to a Pre-existing condition clause. Other exclusions may also apply. Please refer to the PDS and Additional Information Booklet for more information about exclusions that apply to Standard Cover.

 

5 Eligible members will need to have an account balance over $6,000 and will need to be 25 years or older.

2. Customised cover

Eligible members can apply for up to three insurance options based on a combination of Death Only, Death and Total and Permanent Disablement, plus Salary Continuance Insurance cover (sometimes referred to as Income Protection insurance). Members are given flexibility regarding the amount of insurance cover they can apply for, however approval is not guaranteed and is dependent on the results of a medical assessment and acceptance by the insurer. The cost of the insurance cover when activated will be based on the member’s age, occupation, gender, smoker status, pastimes and pursuits, and the type and amount of cover requested.

NOTE: Please refer to the Product Disclosure Document (PDS) and Additional Information Booklet for details about insurance, the eligibility terms and conditions, and when insurance cover is activated.

Fund codes

BT Super for Life forms part of the Retirement Wrap Trustee: BT Funds Management Limited

SPIN BTA0287AU

ABN 39 827 542 991

RSE R1001327

ABN 63 002 916 458

AFSL 233724

RSE L0001090

 

Performance and investment

Performance and investment documents

Past Performance Information

Performance benchmarks

Lifestage Investing case study

 


How to get started

Step 1

Open your account

Just enter your details, Tax File Number, and select your preferred investment and insurance options. It takes five minutes – even quicker if you sign into Westpac Online Banking. 

Step 2

Tell your employer

Once you’ve signed up, you’ll have access to our Super Concierge Tool that helps you easily tell your employer to pay your super into your BT account.  

Step 3

Consolidate your super

Saving on fees and admin? Yes please.* Remember, you can consolidate your super online with the BT Rollover Tool.

No paperwork required. 

Get started

Set up an account in 5 minutes

It's even easier when you sign into Westpac Online Banking


Frequently asked questions (FAQs)
 

It’s not compulsory to provide your tax file number (TFN), however by having your TFN, we can accept personal after-tax superannuation contributions into your BT Super for Life account, and ensure you don’t pay more tax than you otherwise would on your contributions and the payments you receive from your account. Where a personal contribution has been made in respect of insurance cover, and we are obliged to return the contribution, then your insurance cover will automatically lapse without further notification to you. It may also be more difficult to find or consolidate your superannuation benefits in the future. These consequences may change in the future.

You can provide your TFN online by amending your personal details on your BT Super for Life account accessed through Internet Banking.

Yes. The fund is designed to cater to all your superannuation needs throughout life, and the accounts you hold will depend on your goals and your stage in life. BT Super for Life offers a general superannuation account for those working, a Transition to Retirement account and a Retirement account.

Example: If you're between your preservation age (55 to 60) and you have a BT Super for Life – Super account, you may also be eligible for a BT Super for Life – Transition to Retirement account, allowing you to withdraw money from your superannuation while you still work (and make contributions to your BT Super for Life – Super account).

The account changes when you reach 65 or meet other criteria to be eligible for a BT Super for Life – Retirement account.

Yes, it will be the Lifestage investment option appropriate for you (i.e. is determined by your decade of birth).

The BT Super for Life administration fee will be deducted on the first business day of each month. In the event that your superannuation account balance is insufficient to deduct the administration fee, the fees will accrue until the balance, on the first business day of the month, becomes sufficient to draw the accrued fees. Any remaining outstanding accrued administration fees will be deducted at the time that a full withdrawal from BT Super for Life is processed.

By choosing to roll your other super funds into BT Super for Life, you could save on multiple account keeping fees – which can make a big difference to your retirement savings over time. To rollover your super into your BT Super for Life account, use our online Rollover Tool1.

Death and Total and Permanent Disability (TPD) and Salary Continuance Insurance (SCI) are the main insurance products available through superannuation.

No they are not. You receive Standard cover insurance for Death and Total & Permanent Disability (TPD), without the need for a medical assessment, when you open a BT Super for Life – Super account (subject to eligibility criteria and you having money in your account). Standard insurance cover is subject to a pre-existing conditions exclusion. Other exclusions may also apply. Please refer to the Additional Information Booklet for more information about ‘What exclusions apply to Standard Cover'.

Learn more about super

Why is super important?

Superannuation is your money. By making regular contributions over the course of your working life, you'll eventually have a lump sum of money that can help fund your retirement.

Choosing a superannuation fund

Your choice of superannuation fund can make a big difference in terms of your end result.

Tools and Calculators

Get more from your super with a range of online tools as well as a super calculator – whether it’s rolling multiple funds into one account or checking your likely retirement income.

BT Westpac logo

Westpac and BT – we’re here to help

As part of our Group and one of Australia’s leading wealth experts, BT has been helping Australians build and protect their wealth since 1969.

 

Through BT, you can access a range of solutions across super, investments and insurance, to help you plan for today and tomorrow. 

General Advice Warning:

This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it. You should obtain and consider the PDS before deciding whether to acquire a BT Super Product by calling 132 135 or visiting bt.com.au. You may wish to seek personal advice from a financial adviser (noting that the adviser would require much more information from you and would likely charge a fee for the service).

 

Things you should know:

 

Super for Life Product Disclosure Statement

Super for Life Financial Services Guide

BT Super for Life Additional Information Booklet

 

1 You receive standard insurance cover for Death and Total & Permanent Disablement (TPD), without the need for a medical assessment, when you open a BT Super for Life – Super account (subject to eligibility criteria and you having money in your account). Cover is subject to a pre-existing conditions exclusion. Other exclusions may also apply. Please refer to the Additional Information Booklet (part of the PDS) for more information about ‘What exclusions apply to Standard Cover'. If you want to apply for additional insurance cover, including Salary Continuance Insurance (SCI) cover, call BT on 1300 653 553.

The fees and costs payable depend on the investment option you choose – refer to the Additional Information Booklet for further information.

3 The Administration fee for the Cash investment option is currently 9.00 per month + 0.24% pa. – refer to the Additional Information Booklet for further information.

4 Estimated indirect costs above include an estimated Regulatory Change Expence Recovery of 0.01% pa, estimated performance-related fees of 0.00% pa and estimated other indirect costs of 0.14% pa. Please see 'Performance-related fees' in the Additional Information Booklet for more information.

5 Eligible members will need to have an account balance over $6,000 and will need to be 25 years or older.

 

BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) is the trustee of BT Super for Life which is part of Retirement Wrap ABN 39 827 542 991 (BT Super Products).

 

Any taxation position described is based on current tax laws and should only be used as a guide. Your individual situation may differ and you should seek independent professional tax advice.)

 

Westpac SuperCheck involves a search for superannuation being undertaken by BTFM.  

 

BTFM is a subsidiary of Westpac Banking Corporation ABN 33 007 457 141 (Westpac). An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac, St.George Bank, BankSA or Bank of Melbourne (which are Divisions of Westpac), or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. Westpac and its related entities do not stand behind or otherwise guarantee the capital value or investment performance of an investment with BTFM.

 

Before requesting a rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your fund(s) to determine whether there are any fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. If you have a pre-existing medical condition you may not receive a benefit for a death or disablement claim. Please check to see if you are covered before submitting your application.

 

AIA Australia Limited ABN 79 004 837 861 is the issuer of insurance cover offered through BT Super for Life. Further information about the insurance available through BT Super for Life is included in the PDS.

 

Superannuation is a preserved asset subject to conditions of release. You will need to satisfy a condition of release to access these funds. Information current as at July 2021.