POWERED BY MOMENTUM MEDIA
BT to streamline super offerings ahead of Mercer merger
BT has confirmed the closure of Retirement Wrap super fund was part of a streamlining process of its remaining super business not part of the merger.
It would be changing the registrable superannuation entity (RSE) for BT Panorama Super, which was currently the Retirement Wrap super fund.
The accounts would be moved via a successor fund transfer (SFT) to Asgard Independence Plan Division Two superannuation fund, whose trustee BT Funds Management Limited was the trustee of Retirement Wrap.
As at September 2022, BT Panorama Super had $46.5 billion funds under management.
According to BT, the trustee made the decision to complete the transfer by considering any potential risks and taking into account the best financial interests of all fund members as a whole.
It would be the underlying fund that was changing, not the members’ super product or experience, the firm added.
Kathy Vincent, chief strategy and product officer, told Super Review: “With our corporate and personal superannuation business merging with Mercer, BT is simplifying the way we operate by moving to one fund for our platforms’ super members.
“Retirement Wrap members will continue to experience equal rights and benefits after the transfer, as they do now.
“The Trustee, BT Funds Management Limited, remains the same and there are no changes to BT Panorama Super members’ account numbers, features and functionality.”
Per the firm’s announcement mid-2022, BT’s personal and corporate superannuation funds including BT Super and BT Super for Life would be part of the merger with Mercer Super to create a $65 billion superannuation fund.
However the agreement would not include superannuation held on Westpac’s BT Panorama and Asgard platforms.
The merger was expected to take place on or around 1 April 2023.
Post the merger, BT would essentially operate as a platforms business, it said.
AUTHOR
Rhea Nath
Rhea L Nath is a journalist on Super Review and InvestorDaily, with a focus on funds management, superannuation, and institutional investment. Previously, she covered small business and entrepreneurship news at Dynamic Business and multicultural issues at Indian Link Media Group. In 2022, she was named Young Journalist of the Year at the NSW Premier’s Multicultural Communications Awards.
Recommended for you
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
Qantas Super has officially merged with ART over the weekend, with its CEO describing the “bittersweet” decision as being in the best financial interests of its members.
The super sector has apologised and vowed to fix widespread delays, poor service, and systemic failures in processing death benefit claims, following an ASIC review.
Long-term investors face a critical decision – stay the course or pivot, says leading economist Shane Oliver.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
