End-of-year wrap up from Dave Woodall, CEO Superannuation

As we approach the end of another year, I want to take a moment to thank you for your continued partnership and support. The festive season is a time to reflect, recharge, and reconnect – and it’s also a chance to acknowledge the important role you play in helping your employees build financial security for the future.

2025 has been a year of transformation and momentum. Together, we’ve navigated regulatory change, embraced new technologies, and continued to put members’ best interests at the heart of everything we do. I’m proud of the progress we’ve made – and even more excited about what’s ahead.

Before we all take a well-earned break, I’d like to share a few important updates to help you and your teams close out the year with confidence.
 

Strong performance from MLC MySuper Growth and High Growth options

MySuper Growth performance

Our MySuper Growth Portfolio – where most of our MySuper members are invested - returned 10.5% over the year to 30 September 2025, and 9.5% p.a. over five years.

This strong performance was mainly driven by the Portfolio’s exposure to global share markets, which have continued to perform well despite ongoing economic uncertainty.

But it’s not just share markets driving performance. The Portfolio also includes a mix of alternative assets and unlisted infrastructure, which help spread risk and support long-term growth. This diversified approach means your employees’ super savings aren’t relying on just one part of the market to deliver results, making the Portfolio more resilient through different market conditions.

MLC High Growth performance

The High Growth Option returned 11.5% over the past 12-months, thanks to its significant exposure to global share markets. The option also returned a strong 11.7% p.a. over 5-years to 30 September 2025.

While the option is primarily focused on traditional growth assets like shares, it also includes some exposure to unlisted investments — such as private equity, property and infrastructure — which add an extra layer of diversification and long-term growth potential.

This option is designed for members who are comfortable with a higher level of risk and are looking for strong long-term growth over time. It’s about aiming for higher returns, while still having some balance to help manage market ups and downs.

Read more about MLC's performance.

Payday Super – supporting you through the change

In August, we shared early insights into the proposed Payday Super legislation. Since then, the Payday Superannuation Bill has passed through both houses of the Australian Federal Parliament – meaning that from 1 July 2026, by law, employers must pay superannuation guarantee at the same time as they pay the wages to their employees.

We’ve been focused on helping employers prepare for this important change and will continue to do so over the coming months.

Our mid-November webinar brought together employer clients to explore what the change means in practice, and how to manage the transition smoothly. If you weren’t able to join us, the session recording and support materials are available on our dedicated Payday Super page.

We know this change may require adjustments to your payroll processes, and we’re here to support you in making it as seamless as possible – for your business and your employees.

A New Era: Reshaping the Future of Super & Retirement

In October, we welcomed over 200 attendees to our Employer Events in Melbourne and Sydney, sharing MLC’s renewed vision for super and retirement and our commitment to helping members achieve better outcomes.

These sessions marked a key milestone in our transformation journey, highlighting our reinvestment in brand, technology and advice. Through the lens of our 2030 Vision, senior leaders from across Insignia Financial outlined how we’re evolving to deliver more personalised, connected member experiences.

Speakers included:

• Dave Woodall, reinforcing the strength of the MLC brand and our family of super funds
• Renee Howie, showcasing data-driven member engagement
• Ashton Jones & Andrew Howard, sharing our focus on retirement innovation
• Dan Farmer, providing a market and economic update

If you'd like to learn more about these events you can visit the A New Era: Reshaping the Future of Super & Retirement article page.

Nominating a beneficiary is now easier than ever

In our August letter, we highlighted the importance of helping employees nominate a beneficiary – an often-overlooked step that can make a meaningful difference in ensuring their super is passed on according to their wishes.

I’m pleased to share that our updated beneficiary nomination page is now live. This webpage is designed to make the process simpler and more accessible for members, with clear guidance and online tools to support them when making a beneficiary nomination.

We encourage you to remind your employees to review or update their nominations, especially as they reflect on their financial goals heading into the new year. Please find beneficiary nomination resources and links to share with your teams.

MLC Life Insurance is now Acenda

This year, MLC Life Insurance rebranded to Acenda – a change that reflects a broader transformation focused on modernising the business and improving member outcomes. As part of this, the name of the legal entity has changed from MLC Limited to Nippon Life Insurance Australia and New Zealand Limited, effective 26 September 2025.

So what does this mean for your employees? While references to MLC Life Insurance and MLC Limited will be progressively updated across our website, forms, and materials, the good news is that the rebrand does not affect the insurance cover provided, including product features, fees or services. Everything your employees rely on remains unchanged.

To find out more, please visit acenda.com.au/acenda
 

Further enhancements to cyber security

Earlier this year, we introduced multi-factor authentication (MFA) for your employees to strengthen protection against unauthorised access and safeguard their accounts. We’re now extending the same level of security to you.

As part of this additional MFA, from time to time, you will be prompted to complete additional authentication checks by entering a one-time verification code sent by SMS or email, when logging into MLC online via the secure website. This extra layer of security helps protect your organisation’s data and reduces the risk of fraudulent activity.

For more information about online security visit our cyber security page.
 

We’ve recently updated the MLC MasterKey Business Super PDS

We’ve made some important updates to the MLC MasterKey Business Super Product Disclosure Statement (PDS), effective 1 October 2025, to incorporate several changes and update investment fees and costs.

These updates are part of our ongoing efforts to deliver better value and clearer information to members.

You can view the updated PDS at mlc.com.au/pds/mkbs

Here’s a quick snapshot of what’s changed:

• Lower investment fees and costs and transaction costs for the MLC High Growth investment option
• Administration fee cap reduction and removal of insurance fee cap
• Updates to investment fees and costs
• Investment updates
• Beneficiary nomination changes
• Insurance changes to standard premium rates and improved Total and Permanent Disability (TPD) definition for MKBS and MKPS
• MLC Life Insurance now trading as Acenda
• Multi-Factor Authentication (MFA)

We’ve summarised these changes in a short article to help you understand what’s new and what it means for your employees.
 

Supporting members on their retirement journey

In September, we launched two new member engagement programs designed to support your employees as they approach retirement — and the results are already strong.

These always-on campaigns target members aged 60–64 and 65+, using timely, personalised communications to guide them toward Financial Coaching and the benefits of Transition to Retirement (TTR) and Pension accounts.

By connecting your employees with our no-extra-cost advice offer, we’re helping them make more informed decisions about their future.

Now live and engaging over 6,000 members with marketing permissions, these initiatives are a key part of our strategy to improve retirement outcomes.
 

Finding investment opportunities beyond the United States

In a year marked by change and opportunity, it’s important to pause and consider where the investment landscape is heading – and what that means for your employees’ retirement savings.

Our Chief Investment Officer, Dan Farmer, has shared a thoughtful update on global investment trends, with a particular focus on the evolving role of US markets. While American innovation continues to drive growth and attract capital, Dan highlights why it’s equally important to look beyond the US – especially as valuations rise and market concentration intensifies.

His note explores emerging opportunities in other regions, the risks of over-reliance on a handful of tech giants, and the implications of passive investing in today’s environment. Read more in Dan's full update.

Looking ahead with optimism

As the year draws to a close, I want to thank you again for your trust and collaboration. We’re proud to work alongside you in helping Australians build better retirement outcomes – and we look forward to continuing that journey together in 2026.

On behalf of everyone at MLC, I wish you and your teams a safe, joyful, and well-deserved festive season.

Warm regards,
Dave Woodall
CEO, Superannuation