MasterKey fee cap changes, effective 1 April 2026

This article is relevant for the following products:

• MLC MasterKey Personal Super
• MLC MasterKey Business Super

Removal of Insurance Fee Cap

• The insurance fee cap will be removed for members who hold insurance cover in their super and were previously covered by the cap before 1 April 2026.
• Members who take up insurance cover and whose insurance fees exceed $25 per month (or $300 per year) will be affected by this change.
• From 1 April 2026, members with insurance cover will no longer receive a refund if their insurance fees exceed the previous cap. Higher insurance fees will be taken directly from their account.

Reduction of Percentage-Based Administration Fee Cap

• The annual cap on the percentage-based Administration fee charged to each account (excluding the fixed fee and Trustee Levy) will be reduced.
• The cap will decrease from $2,500 per year to $1,000 per year.
• For members whose percentage Administration fee currently exceeds $1,000, administration fees will be reduced and won’t exceed $1,000 from 1 April 2026.