BT Superannuation

About BT Superannuation
BT is a wealth management company that offers superannuation, insurance and investment products. It is part of the Westpac Group.

Types of BT superannuation accounts

BT offers three super products that range from simple to self-managed super:

  • BT Super for Life is designed for people who want a simple online super account. By default, your investments will be managed for you based on your age. Alternatively, you can choose your own investment mixes.
  • BT Super Invest is designed for people who want access to a wider range of investments. It allows you to choose and manage your own investments.
  • BT SMSF is designed for those who want to take full control of their super. Through BT SMSF you can choose and manage your own investments, but as with any self-managed super fund (SMSF), you will be responsible for running it and ensuring it complies with the law.

Features on offer as part of these products include:

  • A range of investment options to choose from, including ready-made investment mixes and investment classes such as managed funds, shares, ETFs, managed portfolios, cash and term deposits, depending on which BT super product you choose. BT says it also offers sustainable investment options across its super products.
  • Life insurance cover ranging from pre-approved standard cover to tailored cover.

How to join BT

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist.

Compare Superannation

If you decide to join BT for your superannuation needs, you can open a BT Super for Life or BT Super Invest account online. You can apply for a BT SMSF account online or over the phone. An optional set up service is also available for BT SMSF. You will need to provide BT with information such as your personal details and tax file number, regardless of which of its products you choose, if you want to make full use of your super account.

BT Super FAQs

Yes, BT Super for Life members can manage their super online through their Westpac, St.George, Bank of Melbourne or BankSA online banking portal. If you are not already a customer of one of these banks, you can apply for a Westpac online banking profile to view your super account details, including your balance and performance history.

BT Super Invest and SMSF members can manage their investments online through the BT Panorama Investor website or app.

BT Super offers different investment options depending on the product you choose:

  • BT Super for Life invests your super for you by default according to your age. This is done through its Lifestage Fund. Alternatively, you can choose to invest in 38 different options, including managed funds and cash.
  • BT Super Invest allows you to choose and manage your own investments. You can choose from over 2,300 options, BT says, including managed funds, shares, ETFs, managed portfolios, cash and term deposits.
  • BT SMSF also allows you to choose and manage your own investments via a self-managed super fund that BT says it will help you set up and maintain. The product offers a broad range of options including managed funds, shares, ETFs, managed portfolios, cash and term deposits. It also supports property and other investments.

BT says it also offers sustainable investment options across its products.

BT charges a range of fees on its super accounts, including administration and investment fees and costs. The exact cost can differ depending on factors such as the particular super product you choose, your super balance and your investment choices. Check BT’s product disclosure statements (PDS) for more details. You can also use Canstar’s comparison tables to compare BT’s fees on its BT Super for Life product to the other super fund fees on our database.

Compare Superannation

To help you stay on top of your super, it may be beneficial to check your regular super statement closely. Here are some of the factors that could be worth paying attention to:

  • Are your personal details up-to-date?
  • Are your nominated beneficiaries up-to-date?
  • Is your Tax File Number (TFN) correctly recorded?
  • Are the super contributions from your employer and/or your voluntary contributions correct?
  • Are your investment asset class choices appropriate for your life stage?
  • Are you happy with the amount you’re paying in fees?
  • Is your insurance still adequate for your needs, if you decide insurance within super is right for you?
  • Have you decided whether to consolidate your super, after checking whether there is insurance or any other benefits attached to the account you may lose and if you’re comfortable to do so?
  • The big picture – are you happy with your super fund overall?

Compare Superannation

BT says you can consolidate your super accounts using its online Rollover Tool. BT says it will contact your other funds to arrange a full rollover into your BT super account.

You can also consolidate your super through the Australian Taxation Office (ATO) via the myGov website.

It’s important to check with your current super fund(s) for information regarding any related costs and any insurance cover you may lose if you switch super funds. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.

BT was established in 1969 as the Australian subsidiary of the Bankers Trust Company of New York. In 2002, BT became a part of the Westpac Group. It provides a range of investment, super and insurance products.

This article was reviewed by our Sub Editor Tom Letts before it was updated, as part of our fact-checking process.

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Written by: Tamika Seeto | Last updated: July 9, 2021