BT Super / Westpac Class Action: How Much Will I Get?
This settlement is done and distributed. If you were covered and still held an account, the money went into your super — which is why most people never noticed it.
Settled, approved and distributed. The claim window is closed.
| Case | BT Super class action, Federal Court of Australia |
|---|---|
| Firm | Slater and Gordon |
| Respondents | BT Funds Management and Westpac Life Insurance Services |
| Settlement sum | $29.9 million (reported at $29.5m in some coverage) |
| Product covered | BT Super for Life — cash option |
| Period covered | 2007 to 2019 |
| Status | Settled, approved and distributed |
| Basis | No admissions; Westpac denied liability |
Who was covered
Members who invested their superannuation in the BT Super for Life cash-only option between 2007 and 2019. Read that narrowly — this is where most people's expectations break:
- ✓Not every Westpac customer. Holding a Westpac bank account, mortgage or credit card has nothing to do with this case.
- ✓Not every BT super member. It covers the specific cash option within BT Super for Life, not BT super products generally, and not members in balanced, growth, or other investment options.
- ✓Not outside 2007–2019. Holding the cash option only from 2020 onward puts you outside the class.
What the case alleged
Members who invested in the BT Super for Life cash-only option received lower returns because BT invested those funds through Westpac Life — an arrangement that allowed Westpac Life to earn fees without, on the applicants' case, providing a valuable service in return.
The structure is the point. Members choosing a cash option are typically the most conservative and often closest to retirement: people deliberately prioritising capital preservation over return. The allegation was that an intra-group arrangement skimmed returns from exactly that cohort. Westpac denied liability and the case settled on a no admissions basis.
How much did members get?
Individual figures were not published as a headline number, and the realistic answer is modest. $29.9 million, less legal costs and administration, divided across every member who held the cash option at any point across a twelve-year window. Someone with $200,000 in the cash option for a decade received far more than someone with $8,000 in it for eighteen months — and the second profile was far more common.
| Case | Settlement | Members' outcome |
|---|---|---|
| AMP Super | $120m | Average under $100 |
| QSuper | $67m | Not yet published |
| OnePath / ANZ | $50m | Stated in individual notices |
| BT Super / Westpac | $29.9m | Modest; credited to super accounts |
"I never received anything" — the three likely explanations
- 1It went into your super account and you did not see it. By far the most common. The payment appears as a transaction line on a super statement, not as money in your bank. Check your BT/Westpac super transaction history for the distribution period.
- 2You had left the fund. If you had rolled over or closed the account, your entitlement may have been transferred to the ATO as unclaimed superannuation. Check myGov → ATO → Super, including the unclaimed super section.
- 3You were not in the covered product. The cash option requirement excludes most BT Super for Life members.
Frequently Asked Questions
How much will I get from the Westpac class action?
If you mean this case: the settlement is closed and distributed, and payments were modest — most members received tens of dollars, credited into their super account. If you did not receive one, work through the three explanations above.
Is it too late to claim?
For this settlement, yes — it has been administered. What is not too late is checking whether an entitlement was paid to you and simply never noticed, or is sitting with the ATO as unclaimed super. Both are worth ten minutes.
Is there another Westpac class action?
Westpac and its subsidiaries have faced several separate proceedings over the years across different products and periods. This page covers only the BT Super for Life cash option case. If your issue concerns financial advice fees, insurance, or consumer credit, that is a different matter with different eligibility.
What do I do if I think I was covered but received nothing?
Contact BT/Westpac super and request your historical transaction records for the relevant period, then check your ATO unclaimed super via myGov. If both come back empty and you are confident you held the cash option between 2007 and 2019, contact Slater and Gordon.
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