Additional payment of funds to be made into closed accounts on the Navigator Platform
We’ve found errors relating to how income and/or tax charges were applied to some accounts on the Navigator Platform. We also found legacy processes that did not give the most fair and reasonable allocation of income and tax to clients. These date back to 2001 and happened before we acquired Navigator in 2009. This resulted in surplus monies being held within the Navigator Platform for the benefit of fund customers, rather than being attributed at the individual customer account level. All affected customers will receive their due allocations in the coming months.
We apologise for this and any inconvenience it may have caused.
Am I impacted?
If you closed your MLC Wrap or MLC Navigator account between 2001 and 2015 you may be impacted. A detailed list of products* impacted can be found below.
What issues were found?
|Type of Error||Summary Description|
|Missed Income||Between 30 September 2001 and 31 October 2014 some customers weren’t paid certain income due to them on the closure of their account. This specifically relates to how managed fund income and rebates were applied.|
|Tax||Between 30 September 2001 and 30 April 2015 some superannuation product accounts were charged tax provisions on account closure that were higher than fair or necessary.|
How have we fixed this?
Impacted customers will receive funds due to them, together with interest on these funds. We've also improved our processes, procedures and controls that led to these legacy errors.
If your address has changed since you closed your account and you’d like to know if you’ve been impacted, or if you have a current account and would like more information please call us on 132 652 between 8am and 6pm (AEST) Monday to Friday.
*Products impacted include:
DPM Investments, Enevita Platinum Invest, MLC Navigator Investment, MLC Wrap Investments, Portfoliofocus Investments, PremiumChoice Investments
DPM Growth Pension, DPM Pension, DPM Superannuation, Enevita Platinum Pension, Enevita Platinum Super, FC ONE Pension, FC ONE Super, MLC Navigator Access Pension, MLC Navigator Access Super, MLC Navigator Growth Pension, MLC Navigator Pension, MLC Navigator Super, MLC Navigator Rollover Service, MLC Wrap Pension, MLC Wrap Super, MLC Wrap Term Allocated Pension (TAP), Portfoliofocus Essentials Pension, Portfoliofocus Growth Pension, Portfoliofocus Pension, Portfoliofocus Super, St Andrew's Growth Pension, St Andrew's Pension, St Andrew's Super, blueprint Growth Pension, blueprint Pension, blueprint Super, myblueprint Pension, myblueprint Super, PremiumChoice Growth Pension, PremiumChoice Pension, PremiumChoice Super