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Important updates

We’re making some changes to your super and pension fees

We’re committed to providing better outcomes when it comes to your retirement. As such, we’re pleased to let you know that we’re updating the fees on several of our products.

What are the fee changes?

Administration fee reductions

This section applies to you if you have an MLC MasterKey Super & Pension Fundamentals account.

From 1 April 2020, we’re reducing the administration fee to 0.10% pa on balances over $150,000 for members in MLC MasterKey Super & Pension Fundamentals. 

Variable to fixed investment fees

This section applies to you if you have an MLC MasterKey Super & Pension Fundamentals, MLC MasterKey Business Super (including Personal Super) or MLC MasterKey Super & Pension account.

From 7 May 2020, the investment fees on the MLC investment options listed below will change from a variable investment fee to a fixed investment fee.

  • MLC Horizon 1 Bond Portfolio
  • MLC Horizon 2 Capital Stable Portfolio
  • MLC Horizon 3 Conservative Growth Portfolio
  • MLC Horizon 4 Balanced Portfolio
  • MLC Horizon 5 Growth Portfolio
  • MLC Horizon 6 Share Portfolio
  • MLC Horizon 7 Accelerated Growth Portfolio
  • MLC Inflation Plus - Assertive Portfolio
  • MLC Australian Share Fund
  • MLC Diversified Debt Fund
  • MLC Property Securities Fund
  • MLC Global Property Fund
  • MLC Global Share Fund
  • MLC Hedged Global Share Fund
  • MLC - Vanguard Australian Share Index

From 1 April 2020, these changes will be reflected in the relevant Product Disclosure Statement (PDS) available on forms and documents on mlc.com.au

Fee changes for some investment options

MLC Index Plus portfolios

This section applies to you have an MLC MasterKey Super & Pension Fundamentals, MLC MasterKey Business Super (including Personal Super) or MLC MasterKey Super & Pension account. The reduced investment fee will also apply on the MLC Index Plus Wholesale investment options available on MLC Wrap and MLC Navigator platforms (including badges).

From 1 April 2020, the investment fee for the MLC Index Plus portfolios will reduce to:

MLC Index Plus investment portfolio

Current Investment fee (pa)

Investment fee (pa)
from 1 April 2020

Change (pa)

MLC Index Plus Conservative Growth

0.36%

0.29%

0.07% decrease

MLC Index Plus Balanced

0.38%

0.29%

0.09% decrease

MLC Index Plus Balanced

0.38%

0.29%

0.09% decrease

MLC Cash Fund

This section applies to you if you have an account in one of the following products:

  • MLC MasterKey Super & Pension
  • MLC MasterKey Personal Super
  • MLC MasterKey Superannuation (Gold Star and Five Star)
  • MLC Allocated Pension (Gold Star and Five Star)
  • MLC MasterKey Term Allocated Pension

On 2 March 2020, two fee changes were applied to the MLC Cash Fund. The Administration fee was reduced to 0.30% pa for balances invested in the MLC Cash Fund and the investment fee was changed from a variable to fixed fee and reduced to 0.24% pa.

For MLC MasterKey Super and Pension Fundamentals and MLC MasterKey Business Super, only the investment fee reduced to 0.24% pa.

Closure of NAB Fixed Rate Funds for MLC MasterKey Term Allocated Pension members

The NAB Fixed Rate Funds were closed to new investments from 14 February 2020. Given the very low interest rates on offer, we felt it was in members’ best interest to close these funds to new investments. We believe that the MLC Cash Fund is the most appropriate replacement for the NAB Fixed Rate Funds, as the asset allocation is similar. If you are invested in the NAB Fixed Rate Funds, you may want to consider revising your investment strategy, with the assistance of a financial adviser.

What this means for you

You don’t have to do anything as the changes will be applied automatically from the dates indicated.

We’re here to help

If you have any questions, please speak with your financial adviser or call us on 132 652 between 8am and 6pm (AEST/AEDT) Monday to Friday.