We’re changing the Registrable Superannuation Entity (RSE) for BT Panorama Super, which is currently the Retirement Wrap super fund.
On or around 1 April 2023, as part of BT’s simplification and separation of its super business we’ll be closing the super fund Retirement Wrap. This means we will be transferring the BT Panorama Super accounts to another super fund called Asgard Independence Plan Division Two (Division Two fund), as part of a Successor Fund Transfer (SFT).
The trustee for both Retirement Wrap and the Division Two fund is BT Funds Management Limited (BTFM).
As part of the SFT, we’ll contact your clients by mail or by email from mid-February 2023 and advise them what this change will mean for their super and pension accounts.
The following super or pension products are impacted by the change:
There are no changes to benefits, terms and conditions or fees, except where a member holds or intends to apply for a Terminal Medical Condition (TMC), which is explained below in the ‘What do I/my clients need to do?’ section.
For clients with insurance cover, there is no change to the insurance terms or the premiums payable as a result of the change.
No. There are no changes to your client's BT Panorama product, features or functionality. Your clients are not being moved to another product and will remain in their current BT Panorama product after this transfer. This transfer is a successor fund transfer which is effectively a bulk transfer of members and their benefits from one superannuation fund to another. The Trustee of the superannuation fund for BT Panorama Super (BTFM) has decided it is in members’ best financial interests to move their benefits over to another superannuation fund under their stewardship – Asgard Independence Plan Division Two. BT Panorama Super will continue post the transfer, just under a different super fund.
No, clients’ fees will not change as part of the SFT.
Yes, a product update including the details of the Division Two Fund will be issued for the Panorama Super PDS and will accompany this PDS. This PDS, including the product update, will be available at bt.com.au or when you sign in to Panorama online. The trust deed for the Division Two Fund is also available at bt.com.au.
We are making changes to some of our other superannuation products as well. If any of your clients hold another super account with BT (for example, BT Super) and they are impacted by these changes, you and your clients will receive a separate communication from us.
The Unique Superannuation Identifier (USI) will change from 1 April 2023.
Clients who wish to receive employer contributions into their super accounts after the change will need to give their employer a Choice of Fund form with the new USI for their product under the Division Two fund.
From 12 April 2023, we will send advisers a list of their clients who need to update the USI with their employer, along with Choice of Fund forms prepopulated with the super fund, account name and account number details for these clients. A copy of the prepopulated Choice of Fund form with the new USI will be sent to clients from 17 April 2023.
The current USI will stay active for at least 12 months and client contributions will be redirected to the new fund during this time, to give your clients time to contact their employer and advise them of the new fund details. We will remind you and your clients to update these details.
If your clients hold insurance externally and it is funded by their Panorama Super account via rollover, your clients will need to provide the new USI to their insurer from 1 April 2023.
If a client has received approval for early release of super on the grounds of a Terminal Medical Condition (TMC) but has not fully withdrawn the full benefit, then on transfer of the member's account balance to the Division Two fund, the entire account balance would be treated by the Australian Taxation Office (ATO) as a non-concessional contribution. This non-concessional contribution could exceed contribution caps and may have tax consequences.
Clients may withdraw their condition of release or apply to the ATO Commissioner of Taxation for a determination to disregard the contribution due to special circumstances if they do not wish to have their TMC processed or withdrawn prior to the SFT.
If you have any clients with an approved early release of super on the grounds of a terminal medical condition, they will receive additional communication from BT with further information on how we can support them. You will also receive an additional communication from BT with a copy of this communication and further information.
If you or your clients would like to know more information, you can call us on 1300 889 576.
After the transfer, we won’t be able to split any super contributions made from 1 July 2021 to 30 June 2022 and 1 July 2022 to 31 March 2023. If you have clients who wish to split contributions made in this period, they will need to submit a contribution splitting form to us before 20 March 2023. These clients will need to ensure there is enough available cash in their account to process the super contribution split.
There will be no impact to contributions made from 1 April 2023. Clients can split super contributions made from 1 April 2023 by submitting a contribution splitting application form by 30 June 2024 or at the time of an account closure request if earlier.
You can access the contribution splitting application form on BT Panorama under the Forms section in ‘Help & support’.
If any of your clients have opted in to keep their insurance cover - irrespective of inactivity, a low account balance or your clients being under 25 - then the opt-in will continue after the SFT.
Your clients without an insurance opt-in may wish to opt-in to retain their insurance cover. Your clients can do this online before or after the SFT by signing into their BT Panorama account online, access the Insurance tab, then select the ‘Keep insurance’ option at the top of the screen.
The SFT to the Division Two fund will reset any inactivity period from the SFT date. If we’ve written to your clients about their super account being inactive and the advised due date to opt in is later than the transfer date, then no action is required until the inactivity period is triggered again. We’ll contact your clients again if their super account becomes inactive in the future.
As part of the transfer, some details in the Centrelink Schedules for your clients’ pension accounts will change. The new schedule will include updated details of the Division Two fund, address and ABN. The new pension is a continuation of your client’s previous pension and all other details will remain the same, including original purchase price, pension start date and pension payments.
The new schedule will be made available in your clients’ Document library on BT Panorama online from early April 2023. The new schedule will also show that an SFT has occurred, and that the new pension is a continuation of the previous pension.
Your clients can continue to claim a tax deduction for personal contributions made to Retirement Wrap after the SFT, if all requirements are met.
Please note: any personal tax deduction notices provided from 1 April 2023 will need to include the new super fund details.
If you submit deduction notices online then the ‘Deduction notices’ page on BT Panorama will be updated with the new super fund details.
There will be a delay in reporting superannuation information for clients on MyGov. You and your clients should not rely on MyGov to inform decisions around additional contributions up to the contribution caps during this time.
In the meantime, you should refer to the contribution details on BT Panorama. You can access information on contributions made to your client’s BT Panorama account and the relevant caps that may apply by selecting your client’s account in the ‘Contribution Summary’ page under the ‘Business’ menu when you sign into BT Panorama.
For the financial year 2022-2023, clients may receive two annual statements for their accounts:
Please note: Clients who joined BT Panorama before the SFT date and exit between 1 April 2023 and 30 June 2023 will receive an exit statement for the period 1 April 2023 up to their date of exit. These clients will receive the exit statement in addition to the annual statement for the period 1 July 2022 to 31 March 2023.
Clients may receive two PAYG payment summaries for the financial year 2022-2023:
Things you should know
Information is current as at 16 January 2023. It has been prepared for use by advisers only. It does not take into account your clients’ personal objectives, financial situation or needs and so they should consider its appropriateness, having regard to these factors before acting on it.
BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 RSE Licensee L0001090 (BTFM) is the trustee and issuer of Panorama Super, which is part of Retirement Wrap ABN 39 827 542 991. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios (together, the BT Panorama products).
A Product Disclosure Statement or other disclosure document (PDS) for the BT Panorama products can be obtained by contacting BT on 1300 881 716 or by visiting www.bt.com.au. You should obtain and consider the relevant PDS before deciding whether to acquire, continue to hold or dispose of the BT Panorama products. For the Target Market Determination for this product please refer to www.bt.com.au/tmd.
BTFM and WFSL are subsidiaries of Westpac. Apart from any interest investors may have in Westpac term deposits or Westpac securities acquired through the Panorama products or underlying bank accounts held at Westpac through their Panorama Super cash account, an investment in, or acquired using, the BT Panorama products is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. These investments are 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 the BT Panorama products.
BT Protection Plans are issued by TAL Life Insurance Services Limited ABN 31 003 149 157 (TLISL), except for Term Life as Superannuation and Income Protection as Superannuation which are issued by BTFM as trustee of the Retirement Wrap ABN 39 827 542 991. BTFM is a wholly owned subsidiaries of Westpac. TLISL is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Westpac does not guarantee the insurance cover. Terms and conditions, and limitations and exclusions apply.