It only takes about 10 minutes and is easy to do if you have your Tax File Number on hand. It's done online (through Internet Banking) so it can be completed anytime, anywhere.
It’s not compulsory to provide your TFN, however by having your TFN, we can accept personal after tax contributions into your account, and ensure you don’t pay more tax than you otherwise would on your contributions and the payments you receive from your BT Super for Life account. Where a personal contribution has been made in respect of insurance cover, and we are obliged to return the contribution, then your insurance cover will automatically lapse without further notification to you. It may also be more difficult to find or consolidate your superannuation benefits in the future. These consequences may change in the future.
You can provide your tax file number online by amending your personal details on your BT Super for Life account accessed through Internet Banking.
BT is part of the Westpac Group – one of Australia's largest financial organisations. Through this relationship, we are able to offer our investors the convenience of applying for and accessing the BT Super for Life product via a retail online banking portal – which means you can view your superannuation account balance, top-up your account, view your transaction history and fund performance all at the click of a button.
No. BT Super for Life gives you the convenience of online banking and super together, which is made available through the online banking services of Westpac, BankSA, St.George or Bank of Melbourne. If you are already a customer with one of these banks, you can apply using your unique online banking profile. If you are not already a customer with one of these banks, you can still apply online and you'll be set up with a profile with Westpac.
Once you've applied, you'll log in to Westpac online banking to view your fund, but there's no obligation to hold any other accounts with Westpac until you wish to withdraw from your BT Super for Life account. Once you decide to withdraw from your BT Super for Life account, we can pay into any eligible bank account outlined in our Detailed FAQs document.
Yes, there is a 14 day cooling-off period during which you can reconsider your investment. If you change your mind, you should give BT a call on 132 135.
If you're working and saving for retirement, a BT Super for Life – Super account allows you or your employer to add money to your superannuation with ease. A BT Super for Life – Super account can be held by anyone old enough to access Internet Banking. There is no maximum age; however conditions regarding contributions apply from the age of 65.
Yes. The fund is designed to cater to all your superannuation needs throughout life, and the accounts you hold will depend on your goals and your stage in life. BT Super for Life offers a general super account for those working, a Transition to Retirement account and a Retirement account.
Example: If you're between your preservation age and 65 and you have a BT Super for Life – Super account, you may also be eligible for a BT Super for Life – Transition to Retirement account, allowing you to withdraw money from your super while you still work (and make contributions to your BT Super for Life – Super account).
The account changes when you reach 65 or meet other criteria to be eligible for a BT Super for Life – Retirement account.
Yes, it will be the Lifestage Fund appropriate for you (i.e. is determined by your decade of birth).
The BT Super for Life Administration Fee will be deducted on the first business day of each month. In the event that your balance is insufficient to deduct the administration fee, the fees will accrue until the balance, on the first business day of the month, becomes sufficient to draw the accrued fees. Any remaining outstanding accrued administration fees will be deducted at the time that a full withdrawal from BT Super for Life is processed.
Usually your annual statement will be available via your internet banking at the end of July. We will notify you that your statement is available by sending a message to your internet banking. This covers the majority of customers with some statements issued later due to special circumstances.
By choosing to roll your other super funds into BT Super for Life, you could save on multiple account keeping fees – which can make a big difference to your retirement savings over time.
To rollover your super into your BT Super for Life fund, use our online Rollover Tool1.
BPay Reference: your BT Super for Life account number
Death cover, Death and Total and Permanent Disability and Salary Continuance Insurance are the main insurance products available through superannuation.
No they are not. You receive standard insurance cover for Death and Total & Permanent Disability (TPD), without the need for a medical assessment, when you open a BT Super for Life – Super account (subject to eligibility criteria and you having money in your account). Cover is subject to a pre-existing conditions exclusion. Other exclusions may also apply.
Please refer to the Additional Information Booklet for more information about ‘What exclusions apply to Standard Cover'.
With BT Super for Life, you can turn the points that you earn on an eligible credit card into superannuation. You can even transfer your points on an eligible card to your spouse or child's BT Super for Life – Savings account. Plus, when you convert points into super dollars contributed to your own account, it counts as personal after-tax contributions, which may help you qualify for a Government co-contribution (other conditions apply).
Find out more about the eligible credit cards:
If you've changed your name or your address a few times, your previous super funds may not have been able to get in contact with you – so you may have super you've lost track of.
Finding super money that you may have lost track of or didn't know you had is a great way to boost your super.
To find out if you have lost track of any super, contact BT with your tax file number and consent – so we can find your lost super for you.
Super has two key restrictions which differ to other forms of investment.
For more information about superannuation as an investment, click here, or talk to a financial adviser.
From 1 April 2009, if you are, or were, a temporary resident and are not an Australian citizen, New Zealand citizen or permanent resident, or a holder of a retirement visa (Subclass 405 or 410), you can generally only access your preserved superannuation benefits in the following circumstances:
You may also be able to access your benefit if you satisfied another condition of release under superannuation law before 1 April 2009.
After you leave Australia, you can claim your superannuation from BT Super for Life under the Departing Australia Superannuation Payments (DASP) regime. Working holiday makers are subject to a higher rate of tax on DASP than other temporary visa holders. Applications to claim your benefit can be made using the ATO DASP Online application system. To access this system and for full information regarding DASP and current taxation rates can be found at www.ato.gov.au.
However, the Australian Government requires BT Super for Life to pay temporary residents' superannuation to the Australian Tax Office (ATO) after at least 6 months have passed since the later of:
The ATO will identify and inform BT Super for Life of the impacted members twice each year.
Once your benefit has been transferred to the ATO you will need to claim it directly from the ATO.
Note: A temporary resident is a holder of a temporary visa under the Migration Act 1958.
A working holiday maker is a sub-category of temporary visa holder who holds:
We are permitted under, and rely on, ASIC relief under Class Order CO 09/437 to not notify or provide an exit statement to a non-resident in circumstances where we pay unclaimed superannuation to the ATO under Division 3 of Part 3A of the Superannuation (Unclaimed Money and Lost Members) Act 1999.
1This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider the appropriateness, having regard to your objectives, financial situation and needs. There is no charge for accepting any rollovers, however before requesting the rollover, you should consider where your future employer contributions will be paid (if your employer contributions are currently being paid to another fund) and check with your other fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, of other loss of benefits (e.g. insurance cover), noting that you may not receive the same type or level of benefits after the rollover. You may not be covered for injuries or illnesses that have arisen since you took out previous insurance, and you may lose loyalty benefits.