Important Update

BT Balanced Returns PST (ABN: 90 492 550 926) Termination

The BT Balanced Returns PST (ABN: 90 492 550 926) (PST) will be terminated on 29 January 2021.

Since the BT Balanced Returns PST was closed to new investors in 2012, there has been decreased demand from investors for the fund. In a recent review, the Trustee1 noted that the fund’s small number of investors and low funds under management 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 fund to be terminated.

What does this mean for investors?

From 29 October 2020 any request for an application or withdrawal from the Balanced Returns 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 February 2021 and credited to the nominated bank account we have on file for your superannuation account. A separate notice confirming this payment will be sent to the registered unit holder.

A small proportion of your holdings may 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 investors 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 Balanced Returns

− 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

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.

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.

[1] The Trustee of the Fund is BT Funds Management Limited (BTFM) ABN 63 002 916 458