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.

What are the fee changes?

From 1 April 2020, all members who are invested in the MySuper Lifestage Investment Options will receive a temporary fee rebate of 0.10% per annum on their account balance for three months – through to 30 June 2020.

From 1 July 2020, we will reduce the percentage-based standard Administration fee from 0.45% to 0.28% per annum on both the MySuper Lifestage Investment Options and Choice investment options, and increase the dollar-based standard Administration fee from $6.50 to $9.00 per month.

Lower fees for the majority of members

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

For example, a member invested in a MySuper Lifestage Investment Option with an account balance of $50,000 currently pays $648 per year in total fees and costs. From 1 July 2020, their total fees and costs will reduce to $593 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 $17,648, you will pay a lower Administration fee and your total fees and costs will be less.

  • less than $17,648 (and more than $4,000) the changes mean that you’ll pay a higher Administration fee and your total fees and costs will increase (as a result of the increase in the dollar-based Administration fee).

  • less than $4,000, caps on fees apply. More information about the caps on fees for low balance accounts 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

MySuper members
0.1% fee discount
1 April – 30 June 2020

MySuper members
and Choice members
standard Administration
fee change from 1 July 2020

$10,000

Member discount of $2.50

Member pays $13.00 p.a. more

$25,000

Member discount of $6.25

Member pays $12.50 p.a. less

$50,000

Member discount of $12.50

Member pays $55.00 p.a. less

$100,000

Member discount of $25.00

Member pays $140.00 p.a. less

$250,000

Member discount of $62.50

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.

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 July 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 03 February 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.