Super. Put it right under your nose.
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
The details
Why pay extra fees?
| Fee | Amount |
|---|---|
| Administration fees | $9.00 per month + 0.28% p.a. (0.19% p.a. for cash)3 |
| Investment fee | Estimated 0.10% to 1.38%2 p.a. |
| Buy-sell spread | Estimated 0% - 0.60%2 p.a. |
| Indirect cost ratio | Estimated 0.05% to 0.49%2 p.a. |
Example of annual fees and costs:
This table gives an example of how the fees and costs for the 1950s BT Lifestage investment option for BT Super for Life can affect your superannuation investment over a 1 year period. You should use this table to compare BT Super for Life with other superannuation products.
| 1950s BT Lifestage investment option |
Balance of $50,000 | |
|---|---|---|
| Investment fees | 0.50% pa | For every $50,000 you have in BT Super for Life you will be charged $250 each year |
PLUS Administration fees |
0.28% pa PLUS $9.00 per month ($108 pa) |
And, you will be charged $140 in administration fees each year plus $108 each year regardless of your balance |
PLUS Indirect costs |
0.16% pa4 |
And, indirect costs of $80 each year will be deducted from your investment4. |
EQUALS Cost of product |
If your balance was $50,000 then for that year you will be charged fees of $578 for BT Super for Life. | |
The above is a summary only of the fees and costs and current as at 10th May 2021. Other fees and costs may apply depending on investment, insurance and advice decisions. Please refer to the PDS and Additional Information Booklet for further information.
2 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 + 0.19% 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.
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 |
Documents
How to get started
Annual Performance Assessment
It is important to note that BT’s MySuper Lifestage investment options failed the Government's 2021 annual performance assessment. Learn about what BT is doing in response.
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).
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.
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
BT Super for Life - Super Target Market Determination
BT Super for Life – Transition to Retirement (TTR) Target Market Determination
BT Super for Life – Retirement Target Market Determination
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.
2 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 + 0.19% 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.