POWERED BY MOMENTUM MEDIA
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
The Federal Court has ordered AustralianSuper to pay $27 million for failures to address multiple member accounts.
The country’s fourth-largest fund is targeting the “missing middle” of members with a new digital advice service in partnership with Ignition Advice.
The prudential regulator confirmed it is considering BUSSQ’s Federal Court appeal.
The Albanese government has put forward a bold proposal to tackle the challenges of Australia’s swelling retirement pool, in an effort to allow superannuation funds to play a more active role in shaping members’ retirement outcomes.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.78 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Global X GlobalX FANG+ ETF
30.80 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
28.31 3 y p.a(%)
