At BT, we’ve been working on simplifying and enhancing our super products. Across 2020, we’ll be moving most of our members to a single product and technology platform – BT Super. BT Super offers more choice, flexibility, some great new features and an improved online and mobile experience.

As a result of these changes, we’ve identified ways to reduce the cost of managing our members’ super. And we’re sharing these savings with our members by making changes to our Standard Administration fees – a move which will see the majority of our members paying lower fees.

In December 2019, we announced that we’d be changing the Standard dollar-based and Standard percentage-based Administration fee on both the BT Lifestage investment option and all other investment options for our BT Super and BT Super for Life products.

Due to COVID-19 the implementation date for this fee change is being postponed from 1 July 2020 to 1 October 2020.

What are the fee changes?

From 1 October 2020, we will reduce the percentage-based Standard Administration fee from 0.45% to 0.28% per annum on the BT Lifestage Investment Option and Choice investment options, and increase the dollar-based Standard Administration fee from $6.50 to $9.00 per month.

Calculate your new Standard Administration Fees

Enter your information to see an estimate of your super account’s Standard Administration fees.

Log in to your super account online to view your current super balance.

This calculation only factors in the Standard Administration Fees associated with your BT Super or BT Super for Life account as detailed in the Product Disclosure Statement dated 20 May 2020. This calculation is an estimate only of the administration fee changes effective from 1 October 2020 and actual results may vary from the estimate displayed. The calculation assumes your account balance remains the same over a 12-month period and that the applicable standard administration fees remain unchanged. Any changes to your account balance or subsequent changes to the Standard Administration Fees will impact the actual amount of Standard Administration Fees charged to your account in a 12-month period. BTFM will inform you of any fee increases before they are implemented.

This calculation does not include investment fees, indirect costs, buy-sell spreads, insurance fees and any employer negotiated discounts you may be receiving. Please refer to the ‘Additional explanation of fees and costs’ section of the Additional Information Booklet for BT Super or BT Super for Life.

Lower fees for the majority of members

The majority of our members will pay lower fees as a result of the changes to the Standard Administration fees.

For example, a member, on Standard Administration fees, invested in a BT Lifestage Investment Option with an account balance of $50,000 currently pays $628 per year in total fees and costs. From 1 October 2020, their total fees and costs will reduce to $573 per year i.e. they’ll pay $55.00 less a year with the same balance.

Under the new fee structure, if your balance is: 

  • more than $17,647, you will pay a lower Standard Administration fee and your total fees and costs will be less.

  • less than $17,647, the changes mean that you’ll pay a higher Standard Administration fee and your total fees and costs will increase (as a result of the increase in the dollar-based Standard Administration fee).

  • less than $6,000, a 3% cap on total fees and applies. More information about this is available in the Product Disclosure Statement.

Here’s some more information on what these fee changes mean for a range of account balances.

Member super
account balance

BT Super and BT Super for Life members
Standard Administration fee change
from 1 October 2020

$10,000

Member pays $13.00 p.a. more

$25,000

Member pays $12.50 p.a. less

$50,000

Member pays $55.00 p.a. less

$100,000

Member pays $140.00 p.a. less

$250,000

Member pays $395.00 p.a. less

To check your super account balance and understand more about what the changes mean to you, log in to your account via our Login page.

Because of this deferral:

If you are invested in the BT Lifestage investment option or are a MySuper member, we’ll extend the current investment fee rebate of 0.10% per annum (currently from 1 April 2020 to 30 June 2020) on the BT Lifestage investment option for an additional three months through to 30 September 2020.

OR

If you are 100% invested in investment options other than the BT Lifestage investment option between 1 July 2020 and 30 September 2020, and your balance is above $17,647 and you are paying Standard Administration fees, you’ll receive an approximate 50% reduction in the standard dollar-based administration fee for three months through to September 2020. We’ll make a one-off payment of $9 into your account in September 2020.

What do the changes mean for me?

If you have a personal BT Super for Life account – these changes will apply to you as you pay our Standard Administration fees.

If you are a member of your employer’s BT super plan, how these changes affect you will depend on the current fees you pay i.e. you may already receive a discounted fee rate that your employer has agreed with us. We’ll be in contact with you closer to the 1 October 2020 fee changes to let you know the details on what the changes mean to you and your account.

What do you need to do?

You don’t need to do anything. We’ll make these changes to your account if they apply to you.  

The information is current as at 20 May 2020. The information is prepared by BT Funds Management Limited ABN 63 002 916 458, AFSL Number 233724, RSE Licence No. L0001090 (BTFM). This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to your personal objectives, financial situation and needs having regard to these factors before acting on it. BTFM, is the trustee and issuer of interests in BT Super and BT Super for Life which are a part of Retirement Wrap ABN 39 827 542 991. A product disclosure statement (PDS) is available for these Plans and can be obtained by calling 132 135. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in the Plan. An investment in the Plan is not an investment in, deposit with or any other liability of Westpac or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment or loss of income and principal invested. Westpac and its related entities (including the trustee) do not stand behind or otherwise guarantee the capital value or investment performance of any investment options or any related assets of the Plan.