One fund for life

Conveniently take your super with you from job to job, and through each stage of your life

BT Super for Life is made up of three easy-to-use sub-accounts; each specifically designed to cater to your needs in every life stage. The accounts work together so you’ll only ever need the one super fund - to take you from job to job, and into retirement.

Open your BT Super for Life account as one of the following:

  • Savings Account: for when you're working and saving for retirement
  • Transition to Retirement Account: suitable if you're between 55 and 65, not yet retired, and you want to start withdrawing money from super
  • Retirement Account: You are now retired and ready to start withdrawing money from your super

BT Super for Life - Savings account

With a BT Super for Life - Savings account, accelerating your retirement savings is as easy as online banking.

  • One password to access your super and online banking together - anywhere, anytime
  • Top-up your super with a transfer from your bank account at the click of a button
  • Monitor your financial position at a glance with super and bank account balances on one screen
  • Manage your super with ease - check your balance, change your investment options, view your transaction history and fund performance

How does it work?

  • A BT Super for Life - Savings account, allows you and your employer to add to your super. This may include personal and spouse contributions, employer contributions, money from other super funds, or Government co-contributions.
  • Plus, with low fees and no commissions, and the ability to choose an investment strategy that suits you, the BT Super for Life - Savings account makes your super savings work even harder.

This account may suit you if:

  • You or your employer are adding money to your super on an ongoing basis and you haven't retired;
  • You have retired and you want to leave your money in a tax-effective super environment, and you do not want to withdraw regularly from your super.

Later, when you want to start making withdrawals from your super to live on, you can easily transition your funds to the specially designed BT Super for Life - Retirement account or the BT Super for Life - Transition to Retirement account.

BT Super for Life – Transition to Retirement account

The BT Super for Life - Transition to Retirement account is designed specifically for people aged between 55 and 65 years who are still in the workforce. Under the new Transition to Retirement rules you can now access part of your super while still working, instead of only being able to access it when you retire.

This means you could:

  • Continue adding to your retirement savings with pre-tax dollars via salary sacrifice to your BT Super for Life - Savings account, while withdrawing from your existing super to supplement the reduced income. It can be a tax-effective way to boost your super without sacrificing your lifestyle.
  • Cut your working hours without sacrificing your lifestyle, by accessing super to supplement your income. Using the two accounts, you can continue to work part-time while accessing your existing super from a BT Super for Life - Transition to Retirement account.

How does it work?

  • The account is opened with an initial sum from your super savings, from which you can make withdrawals as you need.
  • Government super rules mean you must withdraw between 4% and 10% of your account each financial year. We can set this up automatically for you so it's one less detail you'll have to worry about.
  • With features like low fees and no commissions, and the ability to choose an investment strategy that suits you, the BT Super for Life - Retirement account makes your retirement savings work even harder.

This account may suit you if:

  • You are aged between 55 and 65 years,
  • You have not retired (you may be semi retired).

When you stop working and retire, it's easy to change to a BT Super for Life - Retirement account where the 10% maximum restriction disappears.

BT Super for Life - Retirement account

With a BT Super for Life - Retirement account, accessing your money in retirement is easy. With your super and online banking together in one place, you can make regular and one-off withdrawals from your super straight into your everyday banking account at the click of a button - all the while minimising tax on your investment earnings.

How does it work?

  • The account is opened with an initial sum from your super savings, from which you can make withdrawals as you need.
  • The regulations also set a minimum percentage that needs to be withdrawn each financial year. We can set this up automatically for you so it's one less detail you'll have to worry about.
  • With features like low fees and no commissions, and the ability to choose an investment strategy that suits you, the BT Super for Life - Retirement account makes your retirement savings work even harder.

This account may suit you if:

  • You are 65 or over, or
  • You are 60 or over and have left an employment arrangement since turning 60. You may have already started working for another employer or plan to do so in the future, or
  • You are 55 or over, and do not intend to work more than 10 hours a week in the future, or
  • Regardless of age, your superannuation is unrestricted non-preserved.

Depending on your situation, you may be able to hold two account types at the same time. For example if you start working again you could open a BT Super for Life - Savings account so that you or your employer can still add money to your super.

 

Apply online

Other ways to open an account

You can also apply over the phone or in branch.

 

What you'll need

  • Your Tax File Number (TFN). We may already have your TFN on file. If not, finding your TFN is easy. You can find it on a recent payslip or you can call the ATO on 13 28 61.
  • Valid email address

The Detail

*The Commissioner of Taxation Annual report 2015-16, available at ato.gov.au, reported $16.2bn in lost super as at 30 December 2015.

^ Searches will be undertaken as long as your consent has been provided and your BT Super for Life account remains open.

# 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 fund(s) to determine whether there are any exit or withdrawal fees for moving your benefit, or other loss of benefits (e.g. insurance cover), noting you may not receive the same type or level of benefits after the rollover.

~ An exclusion applies for any claim related to a pre-existing medical condition you have when you open your BT Super for Life account.

BT Funds Management Limited ABN 63 002 916 458, AFSL No. 233724 is the trustee and issuer of interests in BT Super for Life which is a part of Retirement Wrap ABN 39 827 542 991. A Product Disclosure Statement (PDS) for BT Super for Life can be obtained by calling 1300 653 553, by visiting bt.com.au or at any of our branches. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose interests into BT Super for Life. 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. An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (Westpac), St.George Bank (which is a Division of Westpac) or any other company in the Westpac Group. It is 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 BT Super for Life.

© 2016 Bank of Melbourne - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.