Parliamentary committee told about BT’s Panorama super pricing
BT has provided an insight into its platform costs including what it is charging for access to its Panorama platform and what fund managers are receiving as a result of inclusion on that platform.
Providing answers to questions on notice to the House of Representatives Standing Committee on Economics, BT has outlined the position with respect to investment fees, administration fees and indirect costs.
The bottom line is that BT super fund members utilising the Panorama platform can pay up to $540 to access the full suite of investment options plus 15 basis points a year on their total account balance.
At the same time, it said that the average manage cost with respect to fund managers listed on the platform was approximately 96 basis points per year.
BT told the committee that, as a reference point, Panorama Super (BT’s flagship platform offering) charges the following administration fees:
• Compact menu – access to approximately 100 managed funds: $180 fixed dollar and15bps per annum on the total account balance up to $1,000,000.
• Full menu – access to full suite of investment options: $540 fixed dollar and 15bps per annum on the total account balance up to $1,000,000.
“Panorama Super provides access to a range of managed funds, managed portfolio, term deposits and ASX-listed securities. In relation to the unlisted managed funds, the responsible entity of each option charges a Management Cost (independently of the Superannuation Trustee),” it said. “The average Management Cost (which includes management fees, performance fees and indirect costs) across the range of unlisted managed funds is approximately 96bps per annum.”
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