Getting ready

What is changing?

From 25 August 2025, administration services for APPP insurance policies have transferred from Asgard Capital Management Limited (ACML) to an external administrator, Australian Group Insurances Pty Ltd (AGI). 

As the new insurance administrator, AGI will manage your APPP policy and policy alterations, handle communications and complaints, quotes, premium payments and policy renewals. 

AGI was selected as they are a specialist life administrator who have supported superannuation funds, life insurers, and advisers across the Australian market since 2009. They provide end-to-end administration services across a wide range of life insurance products, including group life, income protection, and Risk-Only Superannuation solutions.

What will stay the same?

There is no change to your APPP existing insurance cover, features or terms because of the change of administrator:

• Your existing policy number/s remain the same and AIA Australia Limited remains the insurer.
• For Super members with APPP superannuation policies, your premiums will continue to be paid from your superannuation account.
• BT Funds Management Limited (BTFM) remains the superannuation trustee and APPP product issuer and will continue to be responsible for all insurance claims.
• There is no change to existing Powers of Attorney (POA) and Third-Party Authorities (TPA).
   

Fees changes

• The APPP administration fee for each policy you hold will be removed. 
  
  – For Superannuation members, the APPP monthly administration fee of $4.10 per month including GST will be removed.
  
  – For Standalone clients, the amount of this fee reduction varies depending on the frequency of payment. e.g., between $4.40 per month to $48.40 per annum including GST.  This change will be applied to your next premium payment after  the transfer to AGI. 
• The fee currently payable to Asgard as a portion of your premium will be paid to AGI from the next premium payment date after the transfer.
   

Who to contact

• General enquiries (non-claims related)
  Contact AGI directly for any general queries, including policy information and transactions. AGI will receive your policy information to assist with all related enquiries.
• Claims related enquiries
  Asgard will remain responsible for all your insurance claims so if you have a claim related enquiry please continue to contact us.

If you have an enquiry about an in-progress salary continuance or income protection claim, please contact your Claims Consultant at the relevant insurer. See the key contacts details table below. All other claims related enquires can be directed to us.
 

Managing your policy

You will receive a welcome letter in the mail from AGI after the transfer , including their contact details and step-by-step instructions to guide you through setting up your access to the APPP portal, managed by AGI. The APPP portal is where you will view your policy details, access your Certificate of Currency and download necessary forms. Once you complete the setup process, you will be able to log in and use the APPP portal. 

If your APPP policy is within Super, you will continue to have access to your insurance details via your existing Investor Online log in. From Investor Online you will be able to view your:

• APPP policy when it was administered by ACML, displayed as Closed from 25 August 2025 with the closure reason: Transfer to AGI 25 AUG 2025.
• APPP policy administered by AGI (which will also be available on the APPP portal).
• Commencement date, which will remain the same for your APPP policy/s. 
• Premium deductions from your superannuation account which will continue to be visible from Investor Online so you will be able to see the payment amount. This will not be visible on the APPP portal. 

You will no longer be able to view your Certificate of Currency on Investor Online. It will be available to view and download via the APPP portal. CPI indexation, Smoker status, Occupation code and Occupation will also no longer be updated on Investor Online and will display as ‘not available’. They still form part of your policy and information can be accessed by contacting AGI. 

If your APPP policy is a standalone policy, from 24 August 2025 you will no longer be able to view the details of your APPP Standalone policy/s on Investor Online. Instead, policy information, including cover, status, and premium amount, will be managed by AGI and accessible exclusively through the APPP portal, managed by AGI. 

What you need to do

1. If you currently pay your APPP Standalone insurance premiums via direct debit, you will need to resubmit your direct debit details if you have not already done so. This will allow your direct debit arrangement to continue without disruption. You can do this by either:
   
   – completing and returning the Direct Debit Request form enclosed in the communications we sent you in the reply-paid envelope provided or via bt@agigroup.com.au, or
   
   – updating your direct debit payment details on the APPP portal, once access has been established after the transfer. 
   
   If your direct debit details are not provided and payment is not received within 30 days of your premium due date,* your cover will lapse. To avoid this, we encourage you to update your details as soon as possible and we’ll work closely with AGI to support this seamless transition.
2. Complete the step-by-step instructions in the welcome letter you receive in the mail from AGI so you can log in and access the APPP portal to view your APPP policy details.

* Your paid-to-date can be found on Investor Online (Accounts > Account enquiry > Insurance details screen and your Certificate of Currency), or your bank statement. If you have an adviser, your adviser will be able to confirm your paid-to-date; if not, you can contact us for support.

After careful review and consideration in early 2025, we have determined that Asgard Elements Investment, Asgard Managed Profiles and Separately Managed Accounts – Funds Investment (the ‘Fund’) can no longer achieve its purpose and will not be moved to BT Panorama. As a result, we began to wind up the Fund on 1 April 2025 and it was completed on 30 June 2025. 

If you are impacted by this change, we sent you a letter in November 2024 informing you about what this means for you. As the wind up has now completed, if you held an investment account and have not received your funds in your linked nominated bank account, please contact Australian Securities & Investments Commission ASIC to retrieve your funds or search for your funds on the MoneySmart website. 

From 14 March 2025, we commenced gradually removing Fixed Term Deposits (FTDs) from the investment menu of Asgard Superannuation products and Asgard Investment products based on the schedule outlined below.
 

If you purchased or have an existing holding in FTDs prior to the relevant removal date, you can continue to hold them until maturity. You will not be able to purchase new FTDs in Asgard after the relevant removal date.

Term deposits on BT Panorama

Once your account is moved to BT Panorama, you will have access to a range of term deposits that are available online with a range of rates and terms for you. 

BT Panorama does not offer the ability to reinvest dividends for shares held in a Custodial share account. As a result, effective 18 May 2025, we have removed the ability to elect a Dividend Reinvestment Plan (DRP) on Asgard.   If you are impacted by this change, we sent you a letter letting you know what this means for you in June 2025.   

Asgard investors and members who have existing DRP elections on their Custodial share account have had this dividend election option switched to cash dividends from mid-July 2025. 

This change happened automatically. Future dividends received for the listed securities will be paid in cash into the investor’s Asgard Cash account for Investment accounts and into the member’s Transaction account for Super/Pension accounts. The change did not impact income distribution elections for managed funds, which will be transferred to BT Panorama as part of the move. 

To prepare for the move to BT Panorama, Asgard eWRAP Investment products¹ were no longer offering the margin loan feature from 18  May 2025.

We provided investors with an existing eWRAP Margin Loan, or an external loan linked to an Asgard eWRAP Investment account with information in June 2025 about how this change impacts their loan and any linked account.

1. Asgard Open eWRAP Investment, Asgard eWRAP Investment, Asgard Infinity eWRAP Investment and badged eWRAP Investment
 

Margin lending on BT Panorama

Once investment accounts are moved to BT Panorama, investors will have access to Westpac's margin lending solution which offers an easy and effective way to borrow to invest in a wider range of assets on BT Panorama, helping investors to diversify their investments and build their wealth.

Most of your assets will move to BT Panorama. Certain investment options such as options that are not available on BT Panorama or long-term suspended assets may not be moved.

Long-term suspended assets

Long-term suspended assets are assets that have been suspended or restricted due to illiquidity, market events or product-specific rules. Members/investors have been unable to access or transact on these holdings for an extended period.

From 22 September 2025, we commenced buying back the following long-term suspended investments for Super/Pension accounts:

• Rubicon Australian Leaders Fund - Class B
• Basis Aust-Rim Sub Trust 
• Aurora Fortitude Abs Return Fund  

The last valuation from each respective fund manager was $0.00. For the purposes of this buy-back each asset will be valued at a unit price of $0.01 per unit based on an independent valuation approach which will be reviewed close to the buy-back date.                     

For Super members, the buy-back occurred automatically and proceeds credited to the member’s Transaction Account. If you hold any of these investments, we sent you a letter letting you know about this change in August 2025. 

For Investment accounts, the long-term suspended assets will be bought back only where there is a pending closure request on the account. For all other Investment accounts without a pending closure request, any long term suspended assets will be moved to BT Panorama when we move the accounts in March 2026.

Other non-transferring assets

The investment options listed in the table below (held by super/pension members) are not supported and are not available on BT Panorama and are no longer available on the Asgard platform from mid-September 2025:
 

Any holdings in the impacted investment options were sold down on or around 15 September 2025, at the relevant redemption price applied by the fund manager. The proceeds of the sale were credited to impacted members’ transaction accounts.

Due to the structure of these investment options, there is no capital gains tax on sale of these assets.   

If you are impacted by this change, we sent you a letter informing you about what this means for you in June 2025.

When we move Asgard accounts we’ll assign the accounts to either the Full or Compact investment menu on BT Panorama.

The menu your account will be moved to is dependent on your Asgard product as outlined in the table below.  If you are unsure what product you are currently in, refer to the communications we sent you in October 2025 or January 2026.

After your account is moved, you’ll be able to request to change between the Compact and Full menu or our newest investment menu, Focus, that was introduced on 1 October 2025. You can read more about the new Focus investment menu, and compare it with our Compact and Full menus, in the relevant disclosure document for your product. 
 

1. Core features are transaction account, eCASH and CASH Connect accounts, term deposits, Core managed funds menu, insurance and eWRAP margin lending.  Non-core features are Select managed funds menu, Full managed funds menu, Sponsored share holdings and Custodial share holdings. The features used by an Infinity eWRAP account can be seen on the Account details screen on AdviserNET or Investor Online.

Key forms you'll need to get ready for the move.
 

For information on which fee comparison flyer relates to your account, refer to the communication we sent you in October 2025 containing the flyer name.

Adviser
A person authorised to give personal financial advice under an Australian Financial Services Licence (AFSL).

Annual Investment Income Report (AIIR)
A summary of the money you’ve made from your investments over a year, used for tax purposes.

Asset
An investment or property recorded on BT Panorama, typically financial instruments such as shares, managed funds, portfolios, or cash holdings.

Asset allocation
A representation of how your money is divided between different types of investments in your portfolio. For example, a balanced fund may have an allocation of 30% Australian shares, 25% international shares, etc.

Asset classes
Different categories of investments, such as Australian shares, International investments, Fixed interest, and Cash.

Available cash
How much cash is currently available for investors to withdraw or perform various transactions. This may be less than the physical cash balance in your account due to reserved funds (money set aside to cover future payments or actions, see cash reservation below) or minimum cash requirements. 

Australian Financial Services Licensee (AFSL)
A licensee issued by ASIC that authorises a person or entity to provide financial services in Australia.

BT Panorama
A digital investment platform offering integrated tools for managing accounts, investments, and documents in one place. It provides secure access via desktop and mobile, with features like online transactions and reporting. 

Bank-Grade Security
Very strong security measures used to keep your information and transactions safe, similar to what banks use.

Cash Management Account
An account used to hold cash within an investment platform, often linked to transactions and settlements and also referred to as transaction account.

Cash reservation
Money set aside to cover future payments or actions, such as corporate actions, investment orders, or withdrawals. Reserved cash is deducted from available cash and cannot be used for other payments.

Client Portal
A secure online space where you can check your investments and download documents.

Digital Consent
A process allowing clients to approve adviser-recommended transactions electronically, reducing paperwork and improving efficiency.

Distributions
Payments you receive from your managed investments, which can include profits and gains.

Dividend
Money paid to shareholders from a company’s profits.

Equity
Either a share in a company, or the part of an asset that you own after debts are paid off.

Indicative price
A quoted price usually delayed by 20 minutes for ASX-listed stocks during trading hours. After hours, it reflects the last traded price. Refresh browser or view the Security profile page for updates.

Interest
The money you earn from lending or investing your money.

Investment
An asset purchased with the intention of producing capital growth or income, or both, for the owner.

Investment manager
The organisation responsible for constructing and managing a managed portfolio option in line with the defined strategy, objectives and level of risk.

Listed security
A security that is bought and sold via an exchange, such as shares on the stock exchange.

Managed Accounts
A portfolio of investments managed by professionals according to a specific strategy, tailored to client objectives.

Multi-Factor Authentication (MFA)
Extra security that asks for two or more ways (e.g., password and SMS code) to prove your identity before you can log in to access your accounts, enhancing protection against unauthorised access.

Managed investment
An investment product where investors pool their money with others in a fund to buy a wide range of investments. Managed by a professional fund manager. Also known as: managed fund, scheme or unit trust.

Managed portfolio
A portfolio within the managed portfolios product scheme that is managed according to a defined investment strategy, objectives, asset targets and level of risk.

Minimum cash
The minimum cash balance investors must maintain when investing in products like listed securities, managed funds and portfolios. Helps protect against settlement risk and mandatory payment shortfalls.

Offer document
A broad term that refers to any official document provided as part of an investment offer. This can include a Product Disclosure Statement (PDS), a prospectus, or an information booklet. Offer documents are typically used for corporate actions or investment opportunities and provide essential details to help investors decide whether to participate.

Product Disclosure Statement (PDS)
A specific type of offer document required by law for most financial products. It gives detailed information about the product, including its features, fees, benefits, risks, commissions, complaints process, cooling-off rights, and other material details to support informed investment decisions.

Realised capital gain
Profit made when you sell an investment for more than you paid for it.

Redemption / redeem
To withdraw or sell an investment.

Regular investment plan
An option to automatically invest a set amount of money at regular intervals.

Reinvest
Using your investment income to buy more of the same investment.

Return
The money you make from an investment, usually shown as a yearly percentage.

Security
An asset you can trade, like a share or bond, or something you offer as a guarantee for a loan.

Share
Represents ownership in part of a company. When you buy a share, you become part of the business and share in its future. Also known as: an equity or stock.

SIS legislation
The Superannuation Industry (Supervision) Act 1994.

Stock
Another word for a share, meaning a piece of ownership in a company.

Super Fund Lookup
An ATO online register where you can check the status of self-managed super funds in Australia.

Tax cost
The total cost you paid for an investment, including fees, used to work out your tax.

Tax preference
The algorithm Panorama uses to determine which tax lots to allocate when selling holdings in a security.

Unit price
The value of one unit in a managed investment fund, calculated by dividing the total value of the fund’s assets by the number of units on issue.

Units
A share of a managed investment, representing entitlement to the assets within the fund.

Unrealised capital gain
Increase in the value of your investment that you haven’t cashed in yet.

Value date
The date when a transaction affects your account balance. Also known as: effective date.