MLC is introducing three exciting initiatives to help our members reach their retirement goals. These include:
- Changing our MySuper investment option
- New communication and engagement channels through MLC Retirement and Ready Set Super
- The launch of our new MLC mobile app.
They’ll help ensure members’ super grows in the long term and make it more convenient for them to monitor their accounts.
1. We’re changing our MySuper investment option
Why are we doing this?
We’re making these changes to give members who are invested in MySuper more opportunity to grow their super while they’re younger.
What are the changes?
Currently, our MySuper option has a long-term allocation of 70% growth and 30% defensive assets. We’re changing the way MySuper works to provide members a long-term allocation mix of growth investments and defensive investments that changes as they age.
When members are younger, they’ll have a long-term allocation of 85% growth investments and 15% defensive investments — to allow their super to grow faster. As they get closer to retirement, we’ll gradually move some of their MySuper balance towards more defensive investments, which may help to reduce the impact of market ups and downs. When they reach 65, they’ll have a long-term allocation of 70% growth investments and 30% defensive investments.
The graph below shows the gradual change in asset allocation for members aged 55 - 64
We’ll be changing the way MySuper works by April. The changes only apply to members who are in the MySuper investment option and we’ll write to them ahead of the changes.
We’ll be writing to you in early 2019, before we communicate with impacted members, to provide you with more details and confirm the dates of the change.
2. Helping members take better control of their super and retirement
MLC Retirement is new content on the MLC website that provides members with all the retirement information they need in one place. Our goal is to help your employees who are MLC members to make more informed decisions by providing them with the education and tools they need when planning for retirement. With MLC Retirement they’ll be able to access:
- Articles and case studies to help them understand what the key considerations are when planning for retirement
- Explanations of changes in legislation to make the changes easier to understand
- Interactive calculators to explore their retirement income needs and grow their super, including:
o Retirement forecaster — which helps members understand if their retirement savings are on track to reach their goals
o Budget calculator — which can help members calculate their income needs in retirement
o Small change, big savings — how members could boost their retirement savings by adding to their super.
We’ve also launched MLC Ready Set Super, a new communication that aims to help members. By following simple, actionable steps that can be completed online, they get a personalised way to stay in control of their super.
3. Introducing the new MLC app
We’re launching the MLC app in 2019 — making it easier for members to stay up to date with their super.
The app will allow members to:
- Get secure access to their account on their smartphone, using a 4-digit PIN or fingerprint ID.
- View their MLC super, pension or investment balances — quickly and simply.
- Check transactions, nominated beneficiaries, insurance cover and their current mix of investment options for their MLC super account.
This is just the start — we’ll continue to enhance the features and functionality of the app in future updates.
The MLC app will be available on iPhone and Android devices.
To keep up to date with the rollout of these initiatives as well as any others we’re planning, visit MLC.