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. 

Please find a sample of the client communication for Super here and the client communication for Pension here.

What does this mean for me / my clients?

What does this change mean for your practice?

  • Your ad­viser de­tails will stay linked to your clients af­ter the SFT to the Di­vi­sion Two fund.
  • If your clients have a per­sonal ad­vice arrange­ment with you, it will con­tinue af­ter the SFT to the Di­vi­sion Two fund. 
  • There will be no changes to the way you ac­cess BT Panorama. Your clients’ ac­count num­bers will stay the same af­ter the change, and you’ll still be able to see all their ac­count de­tails on­line, in­clud­ing his­tor­i­cal in­for­ma­tion.

What products are impacted by this change?

The fol­low­ing su­per or pen­sion prod­ucts are im­pacted by the change:

  • BT Panorama Su­per (in­clud­ing badges)
  • BT Su­per In­vest

What’s changing?

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.  

Are there any changes to my clients’ BT Panorama product?

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.

Will any fees change on my clients’ accounts?

No, clients’ fees will not change as part of the SFT.

What stays the same after the transfer to the Division Two Fund?

  • Your clients’ ac­count fea­tures won’t change. They will con­tinue to have the same in­vest­ments, fees and in­sur­ance.
  • All as­sets will be trans­ferred at their cur­rent cost base with no re­al­i­sa­tion of gains or losses for tax pur­poses, ex­cept where a client holds a TMC.
  • Any ex­ist­ing in­sur­ance arrange­ments and claims will not be af­fected.
  • For pen­sion ac­counts: The SFT will not trig­ger a re­set of your clients’ pen­sion ac­counts (ie. your clients’ ex­ist­ing pen­sion will con­tinue).
  • Other de­tails, like your clients’ ac­count num­ber, in­vest­ment in­struc­tions and in­vest­ment choices, will stay the same.
  • Clients will con­tinue to have ac­cess to their on­line ac­count via the BT Panorama web­site and mo­bile app. Their lo­gin de­tails will not change.
  • In­sur­ance opt-ins will con­tinue af­ter the SFT. Clients with­out an in­sur­ance opt-in may wish to opt-in to re­tain their in­sur­ance cover. 
  • Clients who have pre­vi­ously pro­vided a Tax File Num­ber (TFN) will con­tinue to be recorded as hav­ing a TFN sup­plied af­ter the SFT. Clients who haven’t pro­vided or have asked us not to pass on their TFN can add it to their ac­count af­ter the trans­fer by call­ing us.
  • Your clients’ ben­e­fi­ciary nom­i­na­tions will re­main in place.
  • Your clients’ Pow­ers of At­tor­ney recorded on their ac­count will re­main in place.
  • For your clients with su­per ac­counts, the EFT and BPAY de­tails (in­clud­ing biller codes) will stay the same af­ter the trans­fer.

Will the Product Disclosure Document (PDS) be updated because of the transfer?

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.

Other SFTs

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.

What do I / my clients need to do?

Con­tri­bu­tions and change of USI

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.

Change of USI for external insurance

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. 

Ter­mi­nal Med­ical Con­di­tion

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.

Split­ting su­per con­tri­bu­tions

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’.

In­sur­ance opt-ins

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.

Cen­tre­link Sched­ule

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.

No­tice of in­tent to claim per­sonal tax de­duc­tion for su­per con­tri­bu­tions

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.

My­Gov ac­count

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.

State­ments and PAYG pay­ment sum­maries

For the fi­nan­cial year 2022-2023, clients may re­ceive two an­nual state­ments for their ac­counts:

  • An an­nual state­ment for the pe­riod 1 July 2022 to 31 March 2023 is­sued by the Re­tire­ment Wrap fund; and
  • An an­nual state­ment is­sued by the Di­vi­sion Two fund for the pe­riod 1 July 2022 to 30 June 2023, which will rep­re­sent trans­ac­tions un­der both Re­tire­ment Wrap and the Di­vi­sion Two fund for the full fi­nan­cial year.

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:

  • For the pe­riod 1 July 2022 to 31 March 2023, a PAYG pay­ment sum­mary will be is­sued un­der Re­tire­ment Wrap.
  • For the pe­riod 1 April 2023 to 30 June 2023, a PAYG pay­ment sum­mary will be is­sued un­der Di­vi­sion Two fund.

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.