Frequently Asked Questions

Got a question about BT Super for Life? Take a look below to see if it's answered here.

If you require further information, download more detailed FAQs (which should be read in conjunction with the BT Super for Life PDS) or call our contact centre on 1300 653 553.

Applying for BT Super for Life FAQs

  • What's involved in the application process for BT Super for Life?
    It only takes about 10 minutes and is easy to do if you have your Tax File Number on hand. It's done online (through Internet Banking) so it can be completed anytime, anywhere. Or you can call the BT Customer Contact Centre on 1300 653 553 to apply over the phone.
  • Why is BT Super for Life available online through Westpac, BankSA, St. George and Bank of Melbourne?
    BT Financial Group is part of the Westpac group of companies - one of Australia's largest financial organisations. Through this relationship, we are able to offer our investors the convenience of applying for and accessing the BT Super for Life product via a retail online banking portal - which means you can view your superannuation account balance, top-up your account, view your transaction history and fund performance all at the click of a button. Read more about banking and super together.
  • Do I need to be a Westpac, BankSA, St. George or Bank of Melbourne customer to apply?
    No. BT Super for Life gives you the convenience of online banking and super together, which is made available through the online banking services of Westpac, BankSA, St. George or Bank of Melbourne. If you are already a customer with one of these banks, you can apply using your unique online banking profile. If you are not already a customer with one of these banks, you can still apply online and you'll be set up with a profile with Westpac. Once you've applied, you'll log in to Westpac online banking to view your fund, but there's no obligation to hold any other accounts with Westpac.
  • Is there a cooling-off period for BT Super for Life?
    Yes, there is a 14 day cooling-off period during which you can reconsider your investment. If you change your mind, you should give BT a call on 1300 653 553.

BT Super for Life Product FAQs

  • Who is the BT Super for Life - Savings account for?
    If you're working and saving for retirement, a BT Super for Life - Savings account allows you or your employer to add money to your superannuation with ease. A BT Super for Life - Savings account can be held by anyone old enough to access Internet Banking. There is no maximum age, however conditions regarding contributions apply over the age of 65.
  • Can I hold more than one of the BT Super for Life sub-accounts?
    Yes. The fund is designed to cater to all your needs throughout life, and the account's you hold will depend on your goals and your stage in life.
    Example:
    • If you have a BT Super for Life - Savings account, you may be eligible for a BT Super for Life - Retirement account and withdraw money while you still work (and make contributions to your BT Super for Life - Savings account).
    • If you're between 55 and 65, you may hold a BT Super for Life - Transition to Retirement account and withdraw money while you still work (and make contributions to your BT Super for Life - Savings account).
  • When does a BT Super for Life - Transition to Retirement account change to a BT Super for Life - Retirement account?
    The account changes when you reach 65 or meet other criteria to be eligible for a BT Super for Life - Retirement account.
  • If I don't make an investment choice, is there a default investment option for BT Super for Life?
    Yes, it will be the Lifestage Fund appropriate for you (i.e. is determined by your decade of birth). Find out more about Lifestage funds.
  • When will the Administration Fee be deducted from my account?
    The BT Super for Life Administration Fee will be deducted on the first business day of each month. In the event that your 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.
  • Which biller code should I use to make BT Super for Life contributions via BPay?
    Biller code:
    • 31864 for Superannuation Guarantee
    • 31872 for Employer Additional
    • 31880 for Salary Sacrifice
    • 31898 for Member Voluntary
    BPay Reference: Your BT Super for Life Account Number
  • What are the types of life insurance available through BT Super for Life?
    Death cover, Death and Total and Permanent Disability and Salary Continuance Insurance are the main insurance products available through superannuation. Learn more about insurance through super.
  • Are medical checks needed for the Standard insurance cover (Death & Total and Permanent Disability) provided by BT Super for Life?
    No they are not. Cover is provided automatically with no medical checks and no questions asked. An exclusion applies for any claim directly or indirectly related to a pre-existing medical condition.
  • What is the BT Super for Life parental leave fee waiver offer?
    All BT Super for Life - Savings customers going on parental leave for a minimum period of 3 months will have their $5 per month administration fee waived for 12 months. To apply for this fee waiver simply send us a signed letter from your employer on company letterhead stating that you will be going on parental leave. The letter also needs to include your name and your BT Super for Life account number.
    If you are self-employed and going on parental leave, you'll need to post us a statutory declaration form (we cannot accept this via fax or email). You can download the statutory declaration form when you log in to your BT Super for Life account on internet banking, click on Forms and Publications and it's listed under Other.
    Please post your letters from your employer or statutory declaration to the following address:
    BT Super for Life
    GPO Box 3958
    Sydney
    NSW 2001
    If you would like to speak to someone regarding this offer please don't hesitate to call 1300 653 553.
  • Can I use credit card points towards my super?
    With BT Super for Life, you can turn the points that you earn on an eligible credit card into superannuation. You can even transfer your points on an eligible card to your spouse or child's BT Super for Life - Savings account. Plus, when you convert points into super dollars, it counts as personal after-tax contributions, which you could also use to count towards qualifying for Government co-contributions. Find out more about the eligible credit cards:
  • When will my annual statement be available?
    Usually your annual statement will be available via your internet banking at the end of July. We will notify you that your statement is available by sending a message to your internet banking. This covers the majority of customers with some statements issued later due to special circumstances.

Superannuation FAQs

  • How can I consolidate my super into my BT Super for Life fund?
    By rolling your other super funds into BT Super for Life, you could save on fees - which can make a big difference to your retirement savings over time. To rollover your super into your BT Super for Life fund, use our online rollover tool.
  • How can I find my lost super?
    If you've changed your name or your address a few times, your previous super funds may not have been able to get in contact with you so you may have lost super waiting for you to claim.
    Finding and reclaiming super money that you may have forgotten about or didn't know you had is a great way to boost your super.
    To find out if you have lost super, visit the ATO's Online SuperSeeker Tool
  • Are there any restrictions when investing through super (compared to other forms of investment)?
    Super has two key restrictions regarding access to your funds. Firstly, you cannot usually access your money until you reach your preservation age (currently 55 years of age, but increasing up to an age of 60 years for those born after 1 July 1960). Secondly, you cannot borrow money using your super as collateral. Other rules and regulations apply to super, and are updated frequently. For more information about superannuation as an investment, click here, or talk to a financial adviser.
  • What extra information do I need to know if I am a temporary resident of Australia?
    From 1 April 2009, if you are, or were, a temporary resident and are not an Australian citizen, New Zealand citizen or permanent resident, or a holder of a retirement visa (Subclass 405 or 410), you can generally only access your preserved superannuation benefits in the following circumstances:
    • if you become permanently incapacitated, or
    • if you have a terminal medical condition, or
    • if you have departed Australia permanently and your visa has ceased, or
    • your beneficiaries may access your benefits if you die.
    You may also be able to access your benefit if you satisfied another condition of release under superannuation law before 1 April 2009.
    After you leave Australia, you can claim your superannuation from BT Super for Life under the Departing Australia Superannuation Payments (DASP) regime. Full information regarding DASP procedures and current taxation rates can be found at www.ato.gov.au.
    However, the Australian Government requires BT Super for Life to pay temporary residents' superannuation to the Australian Tax Office (ATO) after at least 6 months have passed since the later of:
    • the date a temporary resident's visa ceased to be in effect; and
    • the date a temporary resident permanently left Australia.
    The ATO will identify and inform BT Super for Life of the impacted members twice each year.
    Once your benefit has been transferred to the ATO you will need to claim it directly from the ATO.
    Note: A temporary resident is a holder of a temporary visa under the Migration Act 1958.
  • What does the extension of the Government's reduction in Pension Minimums mean for the 2011/2012 financial year?
    Government superannuation legislation requires that a minimum percentage of the member's account balance is withdrawn from all Retirement and Transition to Retirement accounts by the end of each financial year.
    In 2009 the Federal Government announced that it would reduce pension minimums by 50%. The Federal Government has extended a 25% reduction in pension minimums for the 2011/2012 financial year. As a result of this extension, the minimum income amounts on all existing Retirement and Transition to Retirement accounts have been updated to the revised minimums for the 2011/2012 financial year.
    If you're an existing BT Super for Life customer you can see your minimum payment amount for 2011/2012, by logging on to your BT Super for Life account; clicking on Withdrawals, then Yearly minimum income.
    If you'd like more information, please give us a call on 1300 653 553.
  • What does the introduction of the 2011/2012 Government Flood Levy have on my payments?
    This year has been tough for many Australians - devastating floods, Cyclone Yasi and ravaging fires. In response to these natural disasters, the Government is introducing the Flood Levy to help affected communities recover. The Federal Government is bringing in the Flood Levy to help pay for the rebuilding of areas damaged by the floods and other disasters. This is a one-off levy and will only apply for 2011/2012.
    Who pays?
    You may have to pay if:
    • You're a resident or non-resident with a taxable income of more than $50,000 in 2011/2012.
    You don't need to pay if:
    • You're a resident or non-resident with a taxable income of $50,000 or less in 2011/2012.
    • You receive, or have received, an Australian Government Disaster Recovery Payment from the Federal Government relating to the 2010/2011 floods, Cyclone Yasi or the WA bushfires.
    If this is you, you need to complete a Flood Levy Exemption Declaration from the Australian Tax Office to make sure you don't get taxed. This is because people who were affected and eligible for the Disaster Recovery Payment are not expected to pay the levy.
    How much?
    The levy amount you pay depends on your taxable income:

    Taxable Income The levy you pay
    $0 to $50,000 Nil
    $50,001 to $100,000 Half a cent for each $1 over $50,000
    Over $100,000 $250 plus 1c for each $1 over $100,000
    How does the levy apply to super?
    For 2011/12:
    • If you're under age 60 and you take any of your super as a lump sum payment, we may need to deduct the levy from your payment if the taxable component is greater than $50,000
    • If you're under age 60 and you receive a pension from our fund, we will deduct the levy from your pension if the taxable component is greater than $50,000 for 2011/12
    • If you receive a death benefit and you are not considered the deceased's 'dependant' by law, we will deduct the levy if the taxable component of the death benefit is greater than $50,000
    Looking for more info?
    If you want to learn more about the flood levy, go to ato.gov.au and search for 'Flood Levy'.

1Conditions apply, see page 26 of the Additional Information Booklet for 'Exclusions and restrictions'.