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.
Industry fund
First Super has a compact investment menu and offers super, transition-to-retirement and retirement income accounts. Members can get help with their investment choice without a separate advice charge.
The fund accepts new members through its public joining process. Read the relevant PDS and target market determination before opening an account.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
| Measure | Choose an investment option | Balanced - accumulation |
|---|---|---|
| Return basis | Choose an option | MySuper net return after administration costs, $50,000 representative member |
| 3-year return, per year | Choose an option | 8.35% |
| 5-year return, per year | Choose an option | 6.94% |
| 7-year return, per year | Choose an option | 6.62% |
| 10-year return, per year | Choose an option | 7.25% |
| APRA strategic growth allocation | Choose an option | 79.50% |
| Reported total fees, net of tax, at $50,000 | Choose an option | $560 a year (1.12%) |
| Administration and advice costs, net of tax (included in total) | Choose an option | $175 a year |
| 2026 performance test | Choose an option | Pass |
| New-member status at reporting date | Check the current product eligibility rules | Check the current product eligibility rules |
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 | First Super |
|---|---|---|
| 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 fund accepts new members through its public joining process. Read the relevant PDS and target market determination before opening an account. Sources1234 |
| Accounts and products | Panorama Super and BT Super Invest. Sources123 | Accumulation super, transition-to-retirement account and Retirement Income account. Sources1234 |
| Investment choices | Shares, ETFs, managed funds, managed portfolios and other permitted investments, depending on the selected product and menu. Sources123 | Balanced is the MySuper default. The other options are Conservative Balanced, Growth, Shares Plus and Cash. Members can split their balance across options. Sources1234 |
| Insurance | Check the insurance offering in the precise platform PDS; it should not be inferred from a former BT employer account. Sources123 | Insurance through super is available. Check the current insurance guide for the cover offered to your membership category and the cost at your age. Sources1234 |
| Retirement income | Super and pension account types are available. Minimum transaction-account balances differ by account phase. Sources123 | A Retirement Income account allows a choice of investment mix and payment frequency. Pension payments can be fortnightly, monthly, quarterly, half-yearly or yearly, subject to the required annual minimum. Sources1234 |
| Advice and support | Panorama supports adviser use; Super Invest is marketed to self-directed investors. Sources123 | The fund says advice about its investment options is available to members at no extra cost. A wider advice request needs a separate scope and cost check. Sources1234 |
| 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 | The current fees page gives a $50,000 Balanced example of $465.80 a year, including administration, investment and transaction costs, before any additional applicable fees. This is an example for that option and balance, not a universal member bill. Sources1234 |
| Comparing investment performance | There is no single BT platform return. Compare the selected portfolio after platform, investment, transaction and advice costs. Sources123 | Compare Balanced with portfolios carrying a similar growth allocation, over the same dates. Shares Plus and Cash have different risk profiles and should not be ranked as though they pursue the same outcome. Sources1234 |
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
A useful shortlist candidate for someone who wants to choose among a small number of diversified strategies rather than manage individual securities.
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 First Super 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.