Westpac seeks receiving fund for BT Super MySuper product
Westpac is expecting to sign a heads of agreement for its underperforming BT Super MySuper product by the end of the financial year.
In an announcement to the Australian Securities Exchange (ASX) of its interim financial results, parent company Westpac said the firm was assessing the options for two products.
These were the AESA MySuper and BT Super MySuper products which both failed the inaugural Your Future, Your Super performance test last year.
In late 2021, members of AESA MySuper were transferred to BT Super MySuper but Westpac said it was now exploring options should the BT Super fund fail the performance test for a second time.
“Consistent with its obligations and APRA’s expectations, the BT trustee is assessing the potential implications of these circumstances and exploring options to ensure the financial interests of members continue to be promoted.
“This includes investigating whether a potential transfer of MySuper and personal super members (non-platform) and their assets to an external superannuation fund, as permitted by the superannuation legislation, is in members’ best financial interests.
“This is well advanced and through a competitive process the BT trustee is expected to reach a decision on a preferred receiving fund and sign a heads of agreement by the end of the financial year.
“If the process does not result in a transfer to another fund, APRA could further review the performance test outcome of the BT Super MySuper product.”
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
Recommended for you
Super trustees need to be prepared for the potential that the AI rise could cause billions of assets to shift in superannuation, according to an academic from the University of Technology Sydney.
AMP’s superannuation business has returned to outflows in the third quarter of 2025 after reporting its first positive cash flow since 2017 last quarter.
The major changes to the proposed $3 million super tax legislation have been welcomed across the superannuation industry.
In holding the cash rate steady in September, the RBA has judged that policy remains restrictive even as housing and credit growth gather pace.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
