The changes outlined below are being made to support ongoing investment to enable a more competitive offer to meet the evolving needs of advisers and their clients.
On this page you’ll find more information about the changes - along with some common client scenarios, a fee calculator and answers to frequently asked questions.
We're also planning a new investment menu with lower administration fees which will be designed for clients whose investment needs can be satisfied with a limited menu. The proposed menu is subject to Board approval and we expect to be sharing more information with you later in the year.
Expected timeline
July 2025 |
We’ll get in touch with you again, ahead of communicating the changes to your clients. To support client conversations, we'll share a summary with you showing the estimated impacts on your clients. |
|---|---|
August 2025 |
We plan to send your clients a Significant Event Notice (SEN) outlining all the changes, including pricing changes and information on the additional Compact menu investment options. |
October 2025 |
Changes planned to take effect. |
Fee calculators
Not sure how the new pricing impacts your clients?
Use the BT Panorama administration fee calculator as a guide to estimate fees based on the new pricing, including any possible impacts from applying account grouping.
To give you a view of impacts across all of your clients, we'll share a summary showing the estimated changes per client in July.
- Refreshing our pricing
- Changes to our Compact offer
- Changing fees for related groups
- Updated disclosure about expense recovery
- Other changes planned from October 2025
Expanding our Compact menu
We’re proposing to expand the number of managed portfolios on the Compact menu to over 120. We’ll let you know more in the coming months once we finalise the managed portfolios to be added to the Compact menu.
Compact menu fees
We’re making changes to the administration fees that apply to the Compact menu as follows:
- the account based administration fee will increase from $180 p.a. to $240 p.a.
- a minimum asset based administration fee of $150 p.a. will also now apply (including accounts with only a transaction account balance).
Your clients have the opportunity to group related accounts to reduce fees, as in the case of a couple or family – sometimes known as ‘aggregation’.
The updated administration fees, for new and existing related groups are outlined below.
Account based administration fee for each grouped account
- Full menu - $400 p.a.
- Compact menu - $240 p.a.
Asset based administration fee for grouped accounts
|
Investment balance (excl. transaction account) |
Fee rate (p.a.) |
|---|---|
|
$0 to $500,000 |
0.15% |
|
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 accounts with the Compact menu.
To help you understand how these changes to grouping related accounts may impact your clients' fees, there are examples below.
Currently, expense recovery is disclosed as amounts of up to $80 p.a. for BT Panorama Investments and up to $95 p.a. plus 0.03% p.a. of the account balance for Panorama Super.
From October 2025, we’ll disclose an estimate using the amount charged for the previous financial year.
Product |
Current disclosure of expense recovery |
Proposed disclosure of expense recovery from October 2025 (EXAMPLE) |
|---|---|---|
|
Panorama Investments |
Up to $80 p.a. per account. |
There was no expense recovery charged for the financial year ended 30 June 2024. |
|
Panorama Super |
Up to $95 p.a. per account, plus 0.03% of the account balance for the Operational Risk Financial Requirement (ORFR), capped at a maximum of $300 per account. |
Expense recovery charged for the financial year ended 30 June 2024 was $15.07 per account, plus 0.0135% p.a. of the account balance for the Operational Risk Financial Requirement (ORFR), capped at a maximum of $300 per account. |
Minimum transaction account balance requirement
Scheduled pension payments for clients often rely on the sale of investments. In the event of delays to investment redemptions, particularly during the end of financial year period, pension payments can be delayed.
To reduce the likelihood of these delays, from October 2025, the minimum transaction account balance for pension members will increase from $2,000 to $4,000.
The $2,000 minimum transaction account balance requirement will apply from October 2025 for non-pension accounts.
If the transaction account balance is below $4,000 for pension accounts, or $2,000 for non-pension accounts, from October 2025, a drawdown may occur, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account to the account’s minimum transaction account balance requirement.
New death benefit nomination option
We’re planning to add a new option for clients when nominating beneficiaries, by adding lapsing 3-year binding death benefit nominations to Panorama Super. We’ll let you know more in the coming months.
All other fees in the standard pricing schedule will stay the same and we’ll continue to exclude transaction account balances, in calculating asset based administration fees (except a minimum asset based administration fee of $150 p.a. will now apply to the Compact menu, including accounts with only a transaction account balance).
Frequently asked questions
Overview
Why are we making these changes?
These changes are being made to support ongoing investment to enable a more competitive offer to meet the evolving needs of advisers and their clients. These changes also enable a simpler fee arrangement and fairer contribution to the cost of providing our platform services.
What do clients need to do?
There’s nothing your clients need to do today. We’ll contact you again in July 2025, ahead of communicating the changes to your clients in August 2025.
What do I need to do to prepare?
We’d recommend you read the information on this page to help you understand the proposed changes.
You may wish to discuss these changes with your clients, if appropriate. And you can always call us on 1300 784 207, if you need help with understanding how these changes impact your clients.
In July 2025, we’ll also share a summary that shows estimated impacts on your clients to support client conversations in preparation for October 2025. At this stage, you may wish to also consider whether your clients would benefit from making other changes, such as changing their menu or being grouped with other related accounts.
What happens if my clients and I do nothing?
The changes are planned to be automatically applied to accounts from October 2025.
What communication will my clients receive?
In early August 2025, we plan to send clients a Significant Event Notice (SEN) explaining all the changes including pricing changes and information on the additional Compact menu investment options.
Refreshing our pricing
How will I be able to understand how this impacts my clients?
In July 2025, we’ll send you an email with a summary that shows estimated impacts on your clients. In the meantime, you can read the example scenarios available on this page and use our fee calculator.
Changes to our Compact offer
When will the updated Compact menu be available?
We’re proposing to expand the number of managed portfolios on the Compact menu to over 120. We’ll let you know more in the coming months once we finalise the managed portfolios to be added to the Compact menu.
Can my clients change their menu?
Your clients can request to change their menu at any time.
How do I change clients to a different menu?
To change a client between menus, complete and submit the ‘Change of account menu or badge’ form. This form is available when you log in to the BT Panorama website via Service 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 and client digital consent.
If my client wants to change their menu, but they hold an asset that is not part of the target menu — can those assets be retained?
If a client holds assets that aren’t on the target menu, they’ll need to be sold prior to changing menus (which may incur transaction costs and have tax implications).
Changing fees for related groups
Will the updated account grouping fees from October 2025 apply to existing related groups?
Yes, the updated account grouping fees will automatically apply to all existing related groups from October 2025.
How can I calculate the difference for my client by grouping their related accounts?
You can use the BT Panorama administration fee calculator, to estimate the fees by grouping multiple accounts.
How do I set up a new related group or view/edit an existing related group?
Once logged in to the BT Panorama website, select Clients > Related groups. Here you can create a related group or use the dropdown menu options to view/edit existing groups.
Other changes planned in October 2025
What if my client’s pension transaction account balance is below the new $4,000 minimum requirement?
Your clients can voluntarily increase the transaction account balance at any time by selling investments held in the account. From October 2025, if the transaction account balance is below $4,000, a drawdown may occur, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account balance to $4,000.
What happens if my clients and I do nothing?
If you do nothing and the transaction account balance for a pension account is below $4,000, or $2,000 for non-pension accounts, a drawdown may occur after October 2025, where investments held in the account will be sold (in accordance with the account's drawdown strategy) to increase the transaction account to the accounts minimum transaction account balance requirement.
How do I view an account's drawdown strategy?
Once logged in to the BT Panorama website, select the client’s account > Transacting > Cash management.
Client scenarios
Grouping accounts for a couple on the Full menu from 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 October 2025 | |
| $1,137 p.a. | $1,947 p.a. |
| Administration fees for each account if accounts are grouped together from 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 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 October 2025
Let’s look at the fees for a family group from 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 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 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 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 October 2025 and compare the fees as a related group from 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 October 2025 | |
| $390 p.a. | $1,737p.a. |
| Administration fees for each account if accounts are grouped together from 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 Full menu to Compact menu
Let’s look at how a client’s fees can be reduced by moving from Full menu to Compact menu from October 2025 (assuming their existing investments are available on the Compact menu):
| Full menu | Compact menu |
|---|---|
| Panorama Investments (Full menu) $500,000 |
Panorama Investments (Compact menu) $500,000 |
| Administration fees for each menu from October 2025 | |
| $1,287 p.a. | $987 p.a. |
| This results in a saving of $300 per annum for the individual by moving to the Compact menu. | |
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. The Administration fee rates applicable in these examples are those set out in the upcoming BT Panorama Investments and BT Panorama Super disclosure documents that will be dated 1 October 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, please speak to your BDM, email professional@panorama.com.au or phone 1300 784 207 from Monday to Friday, 8:30am to 6:30pm (Sydney time).
1 Excluding a limited number of guaranteed fee waivers
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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).
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