Important Information about your BT Active Balanced PST
BT Active Balanced PST (APIR: RFA0823AU)
We are writing to let you know that the BT Active Balanced PST (ABN 28 200 793 048) (PST) in which you are invested will be terminated on 30 October 2020.
In a recent review, of the PST the Trustee noted that the PST has a small number of investors and low funds under management. This means it is becoming less viable and, as a result, a decision has been made that it is in the best interests of investors for the PST to be terminated.
Further, from 30 September 2020 we’ve changed the trustee for the PST to BT Funds Management Limited ABN 63 002 916 458, AFSL No. 233724 (BTFM). This is to ensure compliance with draft legislation to implement one of the Royal Commission Recommendations, under which the trustee of a registerable superannuation entity will be prohibited from holding any other role or office.
What does this mean for me?
From 29 September 2020 any request for an application or withdrawal from the Active Balanced PST will be assessed by the Trustee on a case by case basis and will depend on whether the price would be fair and reasonable for unit holders. If this cannot be satisfied, then the Trustee of the PST may not be able to process your request. If you have arranged regular scheduled contributions to be made into your investment, they may be returned to you.
Payment of the proceeds of your investment holding will be made by the end of November 2020 and credited to the nominated bank account we have on file for your PST account. A separate letter confirming this payment will be sent to you.
A small proportion of your holdings will be withheld to meet outstanding tax payments. If there are residual amounts owed to you after any outstanding taxes are paid, we expect to pay these to you by October 2021.
We understand that this is an important change and encourage you to seek independent financial advice from your financial adviser and specific tax advice from a registered tax agent.
What do I need to do?
To ensure that the proceeds of your investment are credited to your preferred bank account, and that you don’t miss out on important communications about your investment(s), please contact us if your bank account or mailing details have changed. To do this, you can write to us at the following address:
BT for Pendal Fund Services Limited
Attn: Corporate Accounts Team
GPO Box 2675
Sydney NSW 2001
Your letter should include the following details:
− Your investor number: the C number found at the top of this letter
− Your investment name: BT Active Balanced PST
− What you would like to change e.g. your address or bank details
− Authorised signature(s) for your account: this has to be what was nominated at the time of your investment application (i.e. authorised signatories must sign either individually or any two jointly)
We’re here to help
If you have any questions about the PST termination, and your investment with us please call our Customer Relations team on 1800 813 886 between 8.00am and 6.00pm (Sydney time) Monday to Friday – we’d be happy to help.
We can also help if you need historical transaction, to assist your financial adviser or tax agent to determine your taxation position (e.g. any likely capital gain impact) resulting from the termination.