BT Super for Life

Why pay extra fees?

At BT we work hard to give your super the best chance to grow. No commissions, withdrawal or contribution fees means more money in your super account.

Example of annual fees and costs:

This table gives an example of how the fees and costs for the 1980s BT Lifestage investment option for BT Super for Life can affect your superannuation investment over a 1 year period. You should use this table to compare BT Super for Life with other superannuation products.

^{The above is a summary only of the fees and costs and current as at 1st March 2022. Other fees and costs may apply depending on investment, insurance and advice decisions. Please refer to the PDS and Additional Information Booklet for further information.}

^{2 The Administration fee for the Cash investment option is currently $4.66  +  0.19% p.a. Refer to the Additional Information Booklet for further information.}

^{3 The fees and costs payable depend on the investment option you choose - refer to the Additional Information Booklet for further information.}

^{4 Estimated indirect costs above include an estimated Regulatory Change Expence Recovery of 0.01% p.a., estimated performance-related fees of 0.00% p.a. and estimated other indirect costs of 0.09% pa. Please see 'Performance-related fees' in the Additional Information Booklet for more information.}

Insurance cover

There are two insurance options available to eligible members of BT Super for Life.

1. Standard cover

Eligible members⁵ will receive pre-approved Standard cover when they open a BT Super for Life account – this provides insurance cover for Death and Total and Permanent Disablement (TPD) insurance. There is no need to complete medical checks. The amount of insurance cover when activated is based on the member’s age, and the cost of the insurance cover is based on both the member’s age and gender.

NOTE: Please be advised that this insurance cover, and the payment of an eligible insurance claim, is subject to a Pre-existing condition clause. Other exclusions may also apply. Please refer to the PDS and Additional Information Booklet for more information about exclusions that apply to Standard Cover.

^{5 Eligible members will need to have an account balance over $6,000 and will need to be 25 years or older.}

2. Customised cover

Eligible members can apply for up to three insurance options based on a combination of Death Only, Death and Total and Permanent Disablement, plus Salary Continuance Insurance cover (sometimes referred to as Income Protection insurance). The member is given flexibility regarding the amount of insurance cover they can apply for, however approval is not guaranteed and is dependent on the results of a medical assessment and acceptance by the insurer. The cost of the insurance cover when activated will be based on the member’s age, occupation, gender, smoker status, pastimes and pursuits, and the type and amount of cover requested.

^{NOTE: Please refer to the Product Disclosure Document (PDS) and Additional Information Booklet for details about insurance, the eligibility terms and conditions, and when insurance cover is activated.}

Fund codes 

Documents

Performance and investments

It’s not compulsory to provide your tax file number (TFN), however by having your TFN, we can accept personal after-tax superannuation contributions into your BT Super for Life account, and ensure you don’t pay more tax than you otherwise would on your contributions and the payments you receive from your 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 TFN online by amending your personal details on your BT Super for Life account accessed through Internet Banking.

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 superannuation account for those working, a Transition to Retirement account and a Retirement account.

Example: If you're between your preservation age (55 to 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 superannuation 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 investment option 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 superannuation account 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.

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 account, use our online Rollover Tool¹.

Death cover, Death and Total and Permanent Disability (TPD) and Salary Continuance Insurance (SCI) are the main insurance products available through superannuation.

No they are not. You receive Standard cover insurance 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). Standard insurance 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'.