Changes to interest rates and Administration fees

1

Changes to interest rate

In response to the recent decrease in the RBA’s Official Cash Rate, interest rates on the below product’s transaction accounts will be reduced, effective 7 April 2020. 

Product Current rate
(%pa)
Change
(%)
New rates
(% pa)
Panorama      
BT Panorama Super, BT Super Invest,
BT Panorama Investments and BT Invest
0.25 -0.24 0.01
BT Panorama Managed Portfolio & Tailored
Portfolio Cash allocations
0.25 -0.24 0.01
BT CMA Saver 0.75 -0.25 0.50
Wrap      
BT Wrap & BT Super Wrap (including all badges) 0.25 -0.24 0.01
Asgard      
eWRAP Super/ Pension (including all badges) 0.26 -0.25 0.01
Infinity eWRAP Super/Pension 0.26 -0.25 0.01
Managed Profiles and Separately Managed
Accounts – Funds - Super/Pension and Investments
0.26 -0.25 0.01
Elements Super/Pension and Investments 0.26 -0.25 0.01
Asgard Employee Super Account* 0.26 -0.25 0.01
eCASH 0.43 -0.25 0.18
CASH Connect 0.25 -0.24 0.01

*This rate only impacts members invested in the Asgard SMA and Managed Profile investments. For Asgard MySuper Lifestage Investment, the cash balance is cleared at the end of each business day, and therefore interest is not earned.

Please note that interest rates are variable and may change at any time.

2

Temporary changes to the calculation of the Administration fee

For BT Panorama - changes to the Administration fees - asset based payable on Panorama products.

Effective 1 April 2020 and until further notice, a member’s transaction account balance will be temporarily excluded from the calculation of the Administration fee - asset based payable on BT Panorama Super and BT Panorama Investments accounts.  This means that the Administration fee - asset based ordinarily payable on transaction account balances in these products will be temporarily waived until further notice.

For BT Wrap -temporary changes to the calculation of the Account keeping fee (tiered amount) payable on the BT Open products.

From 1 April 2020 and until further notice, transaction account balances will be temporarily excluded from the calculation of the Account keeping fee (tiered amount) payable on BT Wrap Open and BT SuperWrap Open accounts. This means that that the Account keeping fee (tiered amount) ordinarily payable on transaction account balances in these products will be temporarily waived until further notice.

For Asgard - temporary changes to the calculation of the administration fee payable on Asgard Open eWRAP accounts.

From 7 April 2020 and until further notice, a member’s transaction account balance will be temporarily excluded from the calculation of the administration fee payable on Asgard Open eWRAP accounts.  This means that the administration fee ordinarily payable on transaction account balances in these products will be temporarily waived until further notice.

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Information current as at 7 April 2020.

This communication has been prepared for use by advisers only.  It must not be made available to any client and any information in it must not be communicated to any client. This document provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such.  This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness, having regard to these factors before acting on it.

BT Portfolio Services Ltd ABN 73 095 055 208 AFSL 233715 (BTPS) administers Panorama Super. BT Funds Management Limited ABN 63 002 916 458 AFSL 233724 (BTFM) is the trustee and issuer of Panorama Super, which is part of Retirement Wrap ABN 39 827 542 991. Westpac Financial Services Ltd ABN 20 000 241 127 AFSL 233716 (WFSL) is the responsible entity and issuer of interests in BT Managed Portfolios. BTPS operates Panorama Investments.  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) and the BT Cash Management Account Saver (BT CMA Saver). Together, these products are referred to as the Panorama products.  In addition, BTPS is the provider of the Panorama SMSF Establishment Service and the Panorama SMSF Administration Service. The Guide and Terms and Conditions for these services are available by contacting BTPS.  BTPS administers BT SuperWrap Personal Plan, SuperWrap Pension Plan, BT SuperWrap Open Pension and BT Compact SuperWrap Pension (collectively, SuperWrap Products). BTFM is the trustee of Retirement Wrap and issuer of SuperWrap Products.   BTFM is the trustee and issuer of Asgard eWRAP Super/Pension, Asgard Infinity eWRAP Super/Pension, Asgard Open eWRAP Pension, Asgard Infinity eWRAP Pension, Asgard Managed Profiles and Separately Managed Account – Funds Super and Asgard Elements Super (collectively, Asgard Products). Asgard Capital Management Limited ABN 92 009 279 592, AFSL Number 240695 (Asgard) is the administrator and custodian of the Asgard Products. 

A Product Disclosure Statement or other disclosure document (PDS) for the Panorama products and the SuperWrap products can be obtained by contacting BT on 1300 783 143 or by visiting bt.com.au.   A PDS for the Asgard Products can be obtained by contacting Asgard on 1800 731 804or by visiting asgard.com.au. A retail client should obtain and consider the relevant PDS before deciding whether to acquire, continue to hold or dispose of interests in a Panorama product, SuperWrap product or Asgard Product.

BTPS, BTFM, Asgard and WFSL are subsidiaries of Westpac. Apart from any interest investors may have in Westpac term deposits, Westpac securities, the BT CMA, or the BT CMA Saver acquired through the Panorama operating system, an investment acquired using the Panorama operating system or an Asgard Product or SuperWrap product is not an investment in, deposit with 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 any investments acquired through the Panorama operating system or any investments in, or acquired through, Asgard generally or through a SuperWrap product.

Superannuation is a means of saving for retirement, which is, in part, compulsory. The Government has placed restrictions on when you can access your investments held in superannuation. The Government has set caps on the amount of money that you can add to your superannuation each year and over your lifetime on both a concessional and non-concessional tax basis.  There will be tax consequences if you breach these caps.  For more detail, speak with a registered tax agent or visit the ATO website.

Each of BTPS, BTFM, WFSL and Westpac cannot give tax advice. Any tax considerations outlined in this document are general statements, based on an interpretation of current tax laws, and do not constitute tax advice. As such, you should not place reliance on any such taxation considerations as a basis for making your decision with respect to the product.

This information may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, the Westpac Group accepts no responsibility for the accuracy or completeness of, nor does it endorse any such third-party material. To the maximum extent permitted by law, we intend by this notice to exclude liability for this third-party material.