From 1 October 2025, we’re making important pricing and menu changes to BT Panorama. In addition to our Full and Compact investment menus, we’re also introducing a new limited menu, Focus, which will offer a substantially lower administration fee, for those with simpler investment needs.
On this page you’ll find information about the changes for both Panorama Investments and Panorama Super products - including BT Panorama’s new investment menu - Focus, common fee scenarios and frequently asked questions.
Focus — BT Panorama’s new investment menu
We’re introducing a new investment menu option — Focus.
The Focus menu is designed for investors whose investment needs can be met by a limited menu with lower administration fees. With the addition of Focus, alongside the Compact and Full investment menu options, you have more choice as your investment needs may change over your lifetime.
The menu will offer a selection of managed portfolios and managed funds, which are also currently available on both the Compact and Full menus.
Term deposits, listed securities, and tailored portfolios won’t be available on the Focus menu. Accounts on the Focus menu won’t be eligible to be grouped with other related accounts, for fee reductions.
The administration fees for the Focus menu from 1 October 2025 are:
Administration fee – account based
- $60 per annum
Administration fee – asset based
- Investment balance from $0 to $1,000,000 - Fee rate of 0.15% p.a.
- Investment balance over $1,000,000 - Fee rate of Nil
A minimum fee of $50 p.a. applies to accounts with the Focus menu, including accounts that only hold cash.
How and when are they paid
The Administration fee – account based and Administration fee – asset based are paid monthly in arrears. The fee is calculated on a daily basis, and applies from the time of your first deposit into your account. The fee is deducted from your transaction account monthly or upon closure of your account and paid to us.
All other fees, costs and features will be the same as the Full and Compact menu options. And you can transfer between the Focus, Compact and Full menus if your investment needs change.
Focus will be available from 1 October 2025. You can read more about the new investment menu, and compare it with our Compact and Full menus, in the relevant disclosure document for your product.
- Changes to the Compact menu offer
- Changing fees for related groups
- Changes to the minimum transaction account balance
- More choice for beneficiary nominations for Panorama Super
- Updates to Expense Recovery
You can apply to have your account grouped with up to 7 other Panorama Investments or Panorama Super accounts, which may reduce fees.
The accounts need to be held by immediate family, companies in which you or your immediate family member have an interest; or trusts and self-managed superannuation funds where you or your immediate family member is the trustee.
The fees for related groups are changing.
1. Account based administration fee for each grouped account
- Full menu – reducing from $540 to $400 p.a.
- Compact menu – increasing from $180 to $240 p.a. in line with the 1 October 2025 increase shown above
2. Asset based administration fee for grouped accounts
| Current | From 1 October 2025 | ||
|---|---|---|---|
| Investment balance of group (excluding the transaction account balance) |
Fee rate p.a. | Investment balance of group (excluding the transaction account balance) | Fee rate p.a. |
| $0 to $1,000,000 | 0.15% | $0 to $500,000 | 0.15% |
| Over $1,000,000 | Nil | Over $500,000 to $1,000,000 | 0.10% |
| Over $1,000,000 to $2,500,000 | 0.03% | ||
| Over $2,500,000 | Nil | ||
The minimum asset based administration fee of $150 p.a. per account will apply for each account with the Compact menu, even if you only hold cash in your account.
If you want to consider grouping your account, we recommend you review the fees beforehand, to understand how grouping may change what you currently pay. You might like to speak with an adviser, if you have one. Or you can see examples on this webpage below.
You’re required to maintain a minimum cash balance in your transaction account, to ensure you have enough cash available to cover transactions including fees and any other payments. From 1 October 2025, the following minimum required balance will apply:
- Panorama Investments accounts: $2,000
- Panorama Super – accumulation accounts: $2,000
- Panorama Super – pension and transition to retirement accounts: $4,000
Nominating a beneficiary can give you more control over how your death benefits are distributed and help the funds to be paid out sooner. The type of beneficiary nomination that you choose can impact how decisions are made about distributing your death benefits to beneficiaries.
To provide you with more flexibility when nominating, and in addition to the options already available, we’re adding a lapsing 3-year binding death benefit nomination to BT Panorama.
The nomination is valid for a maximum of three years and lapses if it’s not renewed, which gives you the chance to regularly review and consider your nomination. A binding nomination binds us to make a death benefit payment according to your instructions, if it’s valid and hasn’t lapsed at the date of your death. Any change in circumstances since making the nomination won’t be considered — such as marriage, divorce, or having a child.
We’re also updating the conditions for a valid non-lapsing beneficiary nomination, to ensure that if you marry a nominated beneficiary, the nomination remains valid.
These changes will take effect from 1 October 2025.You can also find out more about all the beneficiary nomination options available in the relevant disclosure document.
As a super fund trustee and product issuer, we’re entitled to be reimbursed for certain expenses we incur in managing and operating the fund and product. This can include expenses for complying with legislative and prudential requirements. Your account is charged a fee, called Expense Recovery, to help recover the amount.
Currently our Product Disclosure Statement (PDS) for Panorama Super states the Expense Recovery fee to be up to $95 p.a. per account, plus 0.03% of your account balance (capped at a maximum of $300 p.a. per account).
In recent years, the Expense Recovery fee charged to members has been significantly lower than the amounts stated in our PDS.
To give our members more visibility on Expense Recovery fees, from 1 October 2025, we’re updating our PDS for Panorama Super and disclosing the actual expense recovery fee charged for the previous financial year.
For Panorama Investments accounts, from 1 October 2025, this fee won’t be charged. If we do charge this fee in the future, we’ll let you know 30 days in advance of the change.
Additional information and terms
Frequently asked questions
Overview
Why are we making these changes?
We’ve recently reviewed our product offering, and the changes are being made to support continued investment in our platform and our products, to meet the needs of investors.
How will I be able to understand how this impacts my account?
Refer to the ‘What do these changes mean for me?’ section in our recent communication to you about these changes.
What do I need to do?
You should carefully review the notice we sent you, as these changes will automatically apply to your account from 1 October 2025. You may want to speak to your financial adviser, if you have one, to understand how these changes impact you.
If you don't have a financial adviser and would like to find one, you can use the BT Find an Adviser tool, launching in August 2025. The tool only contains financial advisers who use the BT Panorama platform and who consented to be included in the tool, so you’ll be able to find an adviser who is familiar with the platform and ready to support you with your account. To access a broader range of advisers, please refer to the ASIC MoneySmart website.
You can also contact us, Monday to Friday 8.30am to 6.30pm (Sydney time), on 1300 881 716.
What happens if I do nothing?
The changes will be automatically applied to accounts from 1 October 2025.
How do I log into my BT Panorama account?
To log in to BT Panorama, go to www.panoramainvestor.com.au. If you have forgotten your details, you can use the Forgot username? or Forgot password? tools. If you are a Westpac customer who uses Westpac Online Banking, you may be able to access your BT Panorama account by logging in to Westpac Online Banking on a desktop and clicking on the BT Panorama account tile.
If you require additional assistance logging into your account, you can contact us, Monday to Friday 8.30am to 6.30pm (Sydney time), on 1300 881 716.
Compact menu changes and BT Panorama’s new Focus menu
When will the updated Compact menu be available?
We’re expanding the number of managed portfolios available on the Compact menu, to approximately 130.
The managed portfolios will be listed in the Investment Options Booklet — Focus and Compact menus, available from 1 October 2025.
What options do I have, to reduce the increase to my fees?
There may be options available to you, to help reduce the fees you might be paying from 1 October 2025. In some cases, you could consider grouping your account with other related accounts. You could also review your current investment choice, to see if switching to a lower cost investment menu could meet your needs.
You may want to speak to your adviser, to understand how these changes impact you.
If you don't have a financial adviser and would like to find one, you can use the BT Find an Adviser tool, launching in August 2025. The tool only contains financial advisers who use the BT Panorama platform and who consented to be included in the tool, so you’ll be able to find an adviser who is familiar with the platform and ready to support you with your account. To access a broader range of advisers, please refer to the ASIC MoneySmart website.
When will the Focus menu be available?
The Focus menu will be available from 1 October 2025.
Why are we introducing Focus?
The Focus menu is designed for investors whose investment needs can be met by a limited menu with lower administration fees.
What assets are available on the Focus menu?
The menu will offer a limited selection of managed portfolios and managed funds , which are also currently available on both the Compact and Full menus. See the Investment Options Booklet — Focus and Compact menus. Term deposits, listed securities and tailored portfolios aren’t available on Focus.
How do I know which menu, is right for me?
You can refer to the disclosure documents to help you understand which menu is right for you. A Target Market Determination (TMD) is also available.
If you need more help, you may want to speak to your adviser, if you have one.
If you don't have a financial adviser and would like to find one, you can use the BT Find an Adviser tool, launching in August 2025. The tool only contains financial advisers who use the BT Panorama platform and who consented to be included in the tool, so you’ll be able to find an adviser who is familiar with the platform and ready to support you with your account. To access a broader range of advisers, please refer to the ASIC MoneySmart website.
Can I move my account between menus?
You can request to switch your menu at any time. From 1 October 2025, you will also be able to change your menu to the Focus menu. If you hold assets that aren’t on the new menu, they’ll need to be sold prior submitting a request to change menus (which may incur transaction costs and have tax implications).
How do I switch to a different menu?
To switch between menus, complete and submit the ‘Change of account menu or badge’ form. This form is available when you login to BT Panorama, via Forms & requests > Submit new request > Account maintenance and can be submitted online and tracked on the ‘Request status’ page. This form allows you to use digital signatures. Your adviser can submit this form on your behalf, if you have one. Provided the investments you hold are available on the menu you want to switch to, you won’t need to sell your investments or trigger a capital gains tax event.
If I want to switch my menu, but hold an asset that is not part of the new, chosen menu — can those assets be retained?
If you hold assets that aren’t on the new menu, they’ll need to be sold prior submitting a request to change menus (which may incur transaction costs and have tax implications).
Changing fees for related groups
Will the updated related group fees from 1 October 2025 apply to existing related groups?
Yes, the updated related group fees will automatically apply to all existing related groups from 1 October 2025.
How do I set up a new related group or edit an existing related group?
Your adviser can set up or edit a related group on your behalf. If you don’t have a financial adviser, to set up a new related group or edit an existing related group, complete and submit the ‘Group related accounts’ form, leaving the 'Adviser details' section blank. You will need to ensure the accounts meet the eligibility criteria outlined in the Important information section of the form. If we receive an eligible request before 25 October 2025, the updated account grouping fees will be applied to the related group from 1 October 2025.
Can I include accounts on the Focus menu in a related group for fees and reporting?
Grouping of accounts for fees is not available to accounts on the Focus menu. You can include Focus menu accounts in related groups for reporting only.
Changes to the minimum transaction account balance
What if my transaction account balance is below the new minimum requirement?
From 1 October 2025, if the transaction account balance is below the minimum requirement, a drawdown may occur, where investments held in the account will be sold (in accordance with your account's drawdown strategy) to increase the transaction account balance. You can increase the transaction account balance at any time by selling investments held in your account.
My minimum transaction account balance is increasing. What happens if I do nothing?
If you do nothing and your transaction account balance is below the minimum cash requirement, a drawdown may occur, where investments held in the account will be sold (in accordance with your account's drawdown strategy) to ensure the account’s minimum transaction account balance is met. This will happen automatically.
What is a drawdown strategy?
A drawdown strategy is the order and manner in which your investments will be sold to generate sufficient cash to fund payments due (including fees and costs) or maintain the minimum transaction account balance. There are three automated drawdown strategies that are available through Panorama.
How do I view my account's drawdown strategy?
To view your accounts drawdown strategy, login to BT Panorama and go to Account details > Summary.
What if my automatic reinvestment minimum cash trigger is below my new minimum transaction account balance?
If your automatic reinvestment minimum cash trigger is below the minimum transaction account balance, there will be no excess cash to reinvest, and this means the next scheduled automatic reinvestment will fail. Your account’s automatic reinvestment strategy ‘Maintain minimum cash of’ will need to be updated so that it is above the new minimum transaction account balance.
How do I view and edit my account's automatic reinvestment strategy?
If you have one, your adviser can set up or edit your automatic reinvestment strategy on your behalf. If you don’t have a financial adviser, once logged in to the BT Panorama website, select Investments > Manage automatic reinvesting.
Updates to death benefit nominations
How do I view or update the current beneficiaries on my Panorama Super account?
To view your current beneficiaries or find out how to update them, login to BT Panorama and go to Account details > Beneficiaries > Manage Beneficiaries. The option to nominate a lapsing 3-year binding death benefit nomination will be available from 1 October 2025.
How do I find out more about all the beneficiary nomination options available?
You can find out more about all the beneficiary nomination options available in the relevant disclosure document.
Standardising fees
My fees are being standardised, what does this mean?
If you have been notified that your fees are being standardised, your account currently has an individual fee arrangement in place, which means you have a waiver or reduction on your administration fees. This will also include any arrangements for trustee fees and custodial holdings option fees. From 1 October 2025, this fee arrangement will no longer apply and you’ll pay the new standard administration fees, outlined in the relevant disclosure document.
Why are my fees being standardised?
By making this change, we’re ensuring a fairer contribution to the cost of providing our platform services, and a simpler fee arrangement.
What options do I have, to reduce the increase to my fees?
There may be options available to you, to help reduce the fees you might be paying from 1 October 2025. In some cases, you could consider grouping your account with other related accounts. You could also review your current investment choice, to see if switching to a lower cost investment menu could meet your needs. More information about related groups and the different investment menu options is available in the relevant sections above.
You may want to speak to your adviser, to understand how these changes impact you.
If you don't have a financial adviser and would like to find one, you can use the BT Find an Adviser tool, launching in August 2025. The tool only contains financial advisers who use the BT Panorama platform and who consented to be included in the tool, so you’ll be able to find an adviser who is familiar with the platform and ready to support you with your account. To access a broader range of advisers, please refer to the ASIC MoneySmart website.
Fee scenario examples
Grouping accounts for a couple on the Full menu from 1 October 2025
Let’s look at the fees for a couple from October 2025, each with an account on the Full menu, on an individual basis compared to fees when the accounts are grouped:
| Mr. Singh (Husband) |
Mrs. Singh (Wife) |
|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
| Administration fees for each account individually from 1 October 2025 | |
| $1,137 p.a. | $1,947 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $802 p.a. | $1,348 p.a. |
| Annual saving | |
| $335 p.a. | $599 p.a. |
This results in a saving of $934 per annum for the couple.
Grouping accounts for a couple on the Full menu today compared to October 2025
Let’s look at the fees for a couple, each with an account on the Full menu, when the accounts are grouped today, compared to when the accounts are grouped from October 2025:
| Mr. Kim (Husband) |
Mrs. Kim (Wife) |
|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
| Administration fees for each account if accounts are grouped together today | |
| $987 p.a. | $1,593 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $802 p.a. | $1,348 p.a. |
| Annual saving | |
| $185 p.a. | $245 p.a. |
This results in a saving of $430 per annum for the couple.
Grouping accounts for a family from 1 October 2025
Let’s look at the fees for a family group from 1 October 2025, with a combination of accounts on the Full and Compact menus, on an individual basis compared to fees when the accounts are grouped:
| Mr. Campbell (Husband) |
Mrs. Campbell (Wife) |
Ryan Campbell (Son) |
Campbell Trust (Their children’s trust fund) |
|---|---|---|---|
| Panorama Super (Full menu) $400,000 |
Panorama Investments (Full menu) $940,000 |
Panorama Super (Compact menu) $100,000 |
Panorama Investments (Compact menu) $300,000 |
| Administration fees for each account individually from 1 October 2025 | |||
| $1,137 p.a. | $1,947 p.a. | $390 p.a. | $687 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |||
| $738 p.a. | $1,196 p.a. | $390 p.a. | $493 p.a. |
| Annual saving | |||
| $399 p.a. | $751 p.a. | $0 | $194 p.a. |
This results in a saving of $1,344 per annum for the family.
An existing group of 2 Compact accounts
Let’s look at the current fees for an existing related group with 2 Compact accounts and compare the fees for this group from October 2025:
| Mr. Garcia (Husband) |
Mrs. Garcia (Wife) |
|---|---|
| Panorama Super (Compact menu) $100,000 |
Panorama Investments (Compact menu) $300,000 |
| Administration fees for each account if accounts are grouped together today | |
| $327 p.a. | $627 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $390 p.a. | $687 p.a. |
| Difference in administration fee | |
| $63 p.a. increase | $60 p.a. increase |
This results in an increase of Administration Fees of $123 per annum for the couple.
A couple on different menus from October 2025
Let’s look at the fees for a Full menu account and a Compact menu account, individually from 1 October 2025 and compare the fees as a related group from 1 October 2025:
| Mr. Haddad (Husband) |
Mrs.Haddad (Wife) |
|---|---|
| Panorama Super (Compact menu) $75,000 |
Panorama Investments (Full menu) $800,000 |
| Administration fees for each account individually from 1 October 2025 | |
| $390 p.a. | $1,737 p.a. |
| Administration fees for each account if accounts are grouped together from 1 October 2025 | |
| $390 p.a. | $1,427 p.a. |
| Annual saving | |
| $0 p.a. | $310 p.a. |
This results in a saving of $310 per annum for the couple.
Moving from the Full menu to Compact menu or Focus menu
Let’s look at how fees can be reduced by moving from Full menu to Compact menu or Focus menu, from 1 October 2025 (assuming your existing investments are available on the target menu):
| Full menu (Current menu) |
Compact menu (Option 1) |
Focus menu (Option 2) |
|---|---|---|
| Panorama Investments $250,000 |
Panorama Investments $250,000 |
Panorama Investments $250,000 |
| Administration fees for each menu individually from 1 October 2025 | ||
| $912 p.a. | $612 p.a. | $432 p.a. |
Moving from the Compact menu to the Focus menu from 1 October 2025
Let’s look at how a fees can be reduced by moving from the Compact menu to the Focus menu (assuming your existing investments are available on the Focus menu):
| Compact menu (Today) |
Compact menu (From 1 October 2025) |
Focus menu (From 1 October 2025) |
|---|---|---|
| Panorama Super $50,000 |
Panorama Super $50,000 |
Panorama Super $50,000 |
| Administration fees for each menu individually | ||
| $252 p.a. | $390 p.a. | $132 p.a. |
Important Note
Values in the above examples are rounded to the nearest whole dollar. The examples assume the daily balance has not changed during the year. Administration fees are calculated based on the average daily account balances and assumes $2,000 is held in the transaction account. Fees before October 2025, are based on the administration fee schedule set out in the relevant disclosure documents dated 10 January 2025 or 1 April 2025. Fees from October 2025, are based on the updated fee schedule set out in the relevant supplementary disclosure document dated 31 July 2025. The administration fees in the examples include both the account-based fee and the asset-based fee. The examples do not include expense recovery or any other fees, such as advice fees, transaction fees, transaction costs, external broker fees, transaction account fees, other indirect costs, investment management fees and any applicable buy/sell spread charges.
Help and Support
If you have any questions, you may want to speak to your adviser, if you have one.
If you don't have a financial adviser and would like to find one, you can use the BT Find an Adviser tool, launching in August 2025. The tool only contains financial advisers who use the BT Panorama platform and who consented to be included in the tool, so you’ll be able to find an adviser who is familiar with the platform and ready to support you with your account. To access a broader range of advisers, please refer to the ASIC MoneySmart website.
You can also contact us, Monday to Friday 8.30am to 6.30pm (Sydney time), on 1300 881 716.
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All personal information and credit-related information we collect about you is collected, used and disclosed by us in accordance with our Privacy Statement which is available at https://www.bt.com.au/personal/help/privacy or by calling us on 1300 881 716. Our Privacy Statement also provides information about how you can access and correct your personal information, and make a complaint.
BT Portfolio Services Ltd ABN 73 095 055 208 AFSL 233715 (BTPS) is the operator of Panorama Investments, and administers Panorama Super. BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 RSE Licensee L0001090 (BTFM) is the trustee and issuer of Panorama Super, part of Asgard Independence Plan Division Two ABN 90 194 410 365. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714 (Westpac) is the issuer of the BT Cash Management Account (BT CMA), the BT Invest Cash Management Account (BT Invest CMA) and the BT Cash Management Account Saver (BT CMA Saver) (together, the Panorama products).
This information does not take account of your individual objectives, financial situation and needs. A Product Disclosure Statement and other disclosure documents (PDS) for the 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 PDS before deciding whether to acquire, continue to hold or dispose of the Panorama products.
BTPS, BTFM and WFSL are subsidiaries of Westpac. Apart from any interest investors may have in Westpac term deposits, Westpac securities, the BT CMA, the BT Invest CMA, the BT CMA Saver or underlying Westpac bank accounts through the Panorama products, the Panorama products are not a deposit with, investment in, 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 Panorama products.
For the Target Market Determination for these products please refer to www.bt.com.au/tmd.