We're making an important change to the Asgard Employee Superannuation Account (AESA) to ensure we support members of our super funds today and in the future.
On 16 October 2021 we closed AESA and transfered AESA employer plans and their members to BT Super.
Depending on their investment choices at the time of the transfer, some AESA employer plan members were not transferred to BT Super and instead were transferred to the Asgard Superannuation Account (ASA).
If members held insurance cover in AESA at the time of transfer, this cover has ceased at the transfer date, however these members were provided with continuing insurance cover in BT Super or ASA.
When it comes to preparing for the future, we’re here to help. In addition to contacting employers and members of their employer super plan in writing, we’ll provide ongoing updates online to ensure employers and their members are kept informed.
Keep an eye on this section for the latest updates.
16 October 2021 – AESA accounts were transferred to BT Super and/or ASA
Transferring your employer plan to BT Super means there will be some changes to your employees' accounts within your plan, including an expanded range of benefits. We wrote to the employees in your plan in August to inform them of the transfer.
If members of your plan were invested in Separately Managed Accounts (SMAs) or Managed Profiles at the time of the transfer, their investments were not transferred to BT Super, as these investment options are unavailable. Instead these members' account balances were transferred to ASA via an Intra Fund Transfer (IFT). They will continue to hold the same investments.
To learn more about the transfer and to see how we're communicating to your employees, please refer to the following example documents. These letters should be the same (or similar) to what your employees received.
Please note: As the SEN is personalised for each member, your employees may receive a different version of the SEN (letter and booklet) to each other, depending on their individual circumstances.
The move to BT Super brings a range of changes and there are some important actions for you to complete before, and after, the move.
Please refer to the action checklist (PDF) for more information.
You may like to download this checklist or print it out so you have a copy handy.
Since 1 October 2021, you've been unable to set up new members or make member amendments in your AESA employer plan, however, following the transfer from 16 October, you're now able to submit these requests to your BT Super employer plan.
* BT Super is part of the Retirement Wrap (the Fund) ABN 39 827 842 991. If we find that the member has multiple super accounts within the Fund, we may consolidate the accounts and we'll only issue the member a transition letter. Having fewer super accounts can help reduce fees and make it easier for the member to track and manage their super.
From 1 October, you'll be unable to set up new members or make member amendments in your AESA employer plan, however you'll be able to submit these requests to your BT Super employer plan following the transfer from 16 October.
Contributions can continue to be submitted thoughout the transfer.
If you are using the Asgard QuickSuper Portal, it’s important to note there will be a different version of QuickSuper to use after the transfer. This means:
If one of your members has an urgent transaction, experiences hardship or needs to make a claim during the transfer, please contact us. If your member is already on a claim and has any concerns, please ask them to continue to talk to their Case Manager.
The cost of your employees' insurance cover that commences in BT Super from the transfer date may be higher or lower than the cost of their current AESA insurance cover. This reflects the insurance cover being provided under a different insurance policy as well as increases to the costs of providing insurance.
It is important that your employees consider the cost of their new insurance cover as in some cases it will be significantly higher than the cost of their current AESA cover.
We understand that when insurance costs increase, your employees may like to take steps to manage the additional cost, such as decreasing the amount of their insurance cover or changing their benefit design. They can also cancel their cover if they don't need it anymore. Your employees will be provided with this information in their SEN.
As a result of the transfer, there are some changes that may impact the amount of insurance cover your employees have. This varies for each employee according to their circumstances.
After the transfer, we'll provide each employee with a personalised welcome pack with details of their insurance cover amount and associated cost.
At transfer, the amount of Tailored Death Cover for members under age 35 will reduce as a result of Scaling (excluding employees with fixed premium and standard cover). This is called 'Scaling' and will be automatically applied unless your employee completes a Scaling opt-out form.
Employers can also opt our of Scaling for their employer plan prior to the transfer by sending us a request in writing to BTInsuranceApplications@btfinancialgroup.com.
Employers may like to speak to their Financial Adviser, if they have one, prior to making this change.
If your plan has the 'cost per unit per week' design:
If you prefer your plan to to have the Fixed Premium design, please complete the Employer Change of Details Form (PDF).
You may like to speak to your financial adviser, if you have one, prior to making this change.
If members of your plan are invested in Separately Managed Accounts (SMAs) or Managed Profiles at the time of the transfer, their investments will not be transferred to BT Super, as these investment options are unavailable. Instead these members' account balances will be transferred to ASA via an Intra Fund Transfer (IFT). They will continue to hold the same investments.
You can continue to submit contributions for existing members of your AESA plan throughout the transfer. This includes contributions for the September quarter which were due by 28 October 2021.
AESA, BT Super and ASA have different Unique Superannuation Identifier (USI) codes. The USI is used to direct contributions to your employees’ accounts.
After the transfer to BT Super, there will be a new Unique Superannuation Identifier code (USI) to use to direct contributions to your plan. The BT Super USI is BTA0287AU and is different to the USI you are currently using.
From 16 October 2021 contributions made to your employer plan, using the AESA USI, will be temporarily directed to BT Super for:
Please note: Employees who have been transferred to ASA will not have employer contributions redirected to their ASA account. These members received a Choice of Fund form with their SEN. If they would like their employer contributions made to ASA after the transfer, they can complete this form and provide it to you so that you can update your records.
Alternatively, your employees may choose to have their contributions directed to a different account or superannuation provider.