BT Super for Life will become the default employee superannuation fund for Westpac employees.
Six of Westpac’s superannuation funds will be transferred to BT by next year, Westpac said in a statement.
BT says it is the largest administrator of superannuation, retirement and investments in Australia. It has about $95 billion under management, according to its website. BT says it manages the corporate superannuation plans of more than 23,000 Australian employers.
The funds that will be transferred to BT include Westpac Staff Super fund, BT Lifetime Super Employer Plan, RAMS Employee Super Fund, Hastings Employee Super Fund and Qvalent Employee Super Fund.