Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Retail platform
BT offers Panorama Super and the self-directed BT Super Invest product. These are investment platforms with costs determined partly by what the member holds.
BT Super Invest is currently limited to existing Westpac customers aged at least 18 in Australia. Panorama has its own application arrangements.
Closed public sector scheme
DFRDB is a closed Defence pension scheme with benefits determined by salary and service rules.
The scheme serves eligible existing members and pensioners.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
The costs and returns belong to the selected product, option or lifecycle stage.
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
| What to compare | BT | DFRDB |
|---|---|---|
| Membership and access | BT Super Invest is currently limited to existing Westpac customers aged at least 18 in Australia. Panorama has its own application arrangements. Sources123 | The scheme serves eligible existing members and pensioners. Sources1 |
| Accounts and products | Panorama Super and BT Super Invest. Sources123 | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 |
| Investment choices | Shares, ETFs, managed funds, managed portfolios and other permitted investments, depending on the selected product and menu. Sources123 | This detail has not been verified for this profile. Check the current product documents. |
| Insurance | Check the insurance offering in the precise platform PDS; it should not be inferred from a former BT employer account. Sources123 | Serving members have built-in death and invalidity protection. Sources1 |
| Retirement income | Super and pension account types are available. Minimum transaction-account balances differ by account phase. Sources123 | Service and super salary affect retirement pay. Eligible members can consider a pension and an optional lump-sum commutation under scheme rules. Sources1 |
| Advice and support | Panorama supports adviser use; Super Invest is marketed to self-directed investors. Sources123 | This detail has not been verified for this profile. Check the current product documents. |
| Fee details to check | Super Invest lists $540 a year plus a balance-based administration charge, then investment and transaction costs. Its quoted administration fee is not a total annual cost. Sources123 | This detail has not been verified for this profile. Check the current product documents. |
| Comparing investment performance | There is no single BT platform return. Compare the selected portfolio after platform, investment, transaction and advice costs. Sources123 | Keep the pension and ancillary accumulation account separate. Sources1 |
THE SUPERGURU VIEW
Most relevant when a person has a reason to use specific investments and will use the platform's extra control.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
DFRDB belongs in an explanation of retirement entitlements. It does not belong in a league table of funds to switch into. The value of pension income and any commutation decision needs individual calculation.
Sources1
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Use the membership rules to establish which accounts are available to you. Then compare the total price of the investment option and cover you need. A lower fee or higher historical return alone does not tell you which fund is suitable.
Ask both funds to confirm insurance acceptance, exclusions, waiting periods and whether cover would change when you leave your employer. Obtain advice before giving up a defined benefit or an insurance policy you may not be able to replace. ASIC Moneysmart explains the comparison checks.
Read the full BT profile · Read the full DFRDB profile · Choose another comparison
Checked 2026-09-11. Documents and product terms can change after this date.
Checked 2026-09-11. Documents and product terms can change after this date.