What is MySuper?

MySuper is an initiative of the Australian Government that requires an employer’s default super fund to offer a MySuper product that is simple, cost-effective, and provides insurance cover. Watch this video to see MySuper explained in under two minutes.

Changes are coming for your employees who haven’t made an investment choice, unless they let us know otherwise.  Learn more.

BT Lifetime Super Employer Plan and BT Business Super received approval from the Australian Prudential Regulatory Authority (APRA) for its MySuper licence on 1 November 2013.


Broadly, for those employees who have not exercised choice of fund, from 1 January 2014 the employer’s Superannuation Guarantee (SG) contributions must be made to a super fund which offers a MySuper product.

 

If you’ve already nominated BT Lifetime Super Employer Plan or BT Business Super, you just need to make sure that you continue to make your required SG payments on behalf of your employees.

 

If you have not nominated one of these BT funds and are unsure of your company’s super arrangements, you will need to ensure that your employees’ SG payments are being made to a fund that offers a MySuper product, subject to award(s) or industrial agreements (or similar) which may apply.

 

  • We offer a MySuper product as part of our BT Lifetime Super Employer Plan and BT Business Super offerings. So BT Super ticks all the compliance boxes as well as offering other insurance and investment options.

  • Employers get access to QuickSuper to manage your SG payments. QuickSuper is a secure superannuation data and payment solution that makes it easy for employers to manage their staff superannuation efficiently and securely online.

  • The BT MySuper investment option is based on Lifestage investing. This approach offers a diversified portfolio designed and managed according to the member’s age-group. Automatic adjustments to the investment mix ensures it remains appropriate as the member ages.

  • When you invest in BT's MySuper your employees will automatically receive Death and Total and Permanent Disablement (TPD) insurance (subject to terms and conditions and occupation classes).

  • We select the best fund managers to deliver quality returns.

  • Our BT Lifetime Super – Employer Plan has been recognised by independent super ratings organisations and we have received the top ratings from Chant West, the Heron Partnership and Selecting Super.

  • As part of the Westpac Group, we have a network of over 1,500 financial planners and can offer different levels of advice and support to effectively meet the needs of our members. We also work with a range of external financial advisers.

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Still have questions?

Speak to one of our Super Specialists to learn more about MySuper products.

Call us on 132 135