MySuper is part of the Stronger Super reforms, an Australian Government initiative designed to make Australia's superannuation system simpler and more efficient. MySuper offers members who have not made an investment choice, a simple, cost effective super solution that allows easy comparison of other MySuper funds.
On 1 November 2013, BT introduced MySuper into BT Business Super and BT Lifetime Employer Super plans. From 1 January 2014, members who had not made an investment choice had their superannuation contributions from that date directed into the MySuper Lifestage investment option. However, the member’s existing balance at that time (known as an Accrued Default Amount) remained invested as it was.
If you have an Accrued Default Amount, the MySuper legislation requires you to move it into a MySuper option before 1 July 2017, unless you make an investment choice before that time. If you have an Accrued Default Amount and are impacted by these changes, we’ll be in contact with you well in advance.
At BT, we've chosen a Lifestage fund for our MySuper investment option to ensure your superannuation suits you. BT Lifestage Funds are already a feature of BT Super for Life, so there will be no change to the investment approach for members of this fund.
A Lifestage fund invests your super based on the decade you were born and the investment mix automatically adjusts as you get older.
Here's an example of how Lifestage works:
Sarah was born in 1989. Based on her age, she'll be invested into BT's MySuper 1980s Lifestage fund.
Designed for younger members who are a long way off retirement.
The investment mix for this age group is more growth oriented to target a higher return over the long term.
John was born in 1969. Based on his age, he'll be invested into BT's MySuper 1960s Lifestage fund.
Designed for members whose retirement is still about 15 years away.
The investment mix for this age group is balanced between growth and conservative assets, which can smooth out returns as you get closer to retirement.
Rose was born in 1949. Based on her age, she'll be invested into BT's MySuper 1940s Lifestage fund.
Designed for members who have finished or are about to finish work.
The investment mix for this age group is mostly conservative, designed to minimise the risk to retirement savings and generate income for your lifestyle once you transition into retirement and draw down on your super.
BT's MySuper can also help you prepare for the unexpected and caters to your needs throughout your life. When you invest in BT's MySuper you will automatically receive Death and Total and Permanent Disablement (TPD)1 insurance that:
Can provide up to $300,000 of cover without the need for medical checks.
Doesn't affect your take home pay because premiums are paid from your super.
Is flexible and automatically adjusts according to your age.
Is adaptable because you can increase the level of insurance cover as and when you need to2.
1 Subject to eligibility conditions: please refer to the on-market disclosure documents
2 Subject to underwriting
Information current as at 15/08/2016.
A PDS is available for the superannuation products with a MySuper investment option can be obtained by calling 132 135 or visiting the disclosure documents page. You should obtain and consider the PDS or other disclosure document before deciding whether to acquire, continue to hold or dispose of the superannuation product.
This information is general information only, it does not constitute any recommendation or advice; it has been prepared without taking 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. Any taxation position described is a general statement and should only be used as a guide. It does not constitute tax advice and is based on current tax laws and our interpretation. Your individual situation may differ and you should seek independent professional tax advice. You should also consider obtaining personalised advice from a professional financial adviser before making any financial decisions in relation to the matters discussed hereto.