MasterKey insurance changes, effective 1 October 2025

MasterKey fee cap changes, effective 1 April 2026

This article is relevant for the following products:

• MLC MasterKey Personal Super
• MLC MasterKey Business Super

You’ll receive one communication about these changes if you have a super account in one of these products. We encourage you to take the time to read this information and understand what the changes mean for you.

Our insurance – new standard premium rates and other changes

From 1 October 2025, there are some changes to the insurance offer in your superannuation.

We regularly review this to ensure it continues to be fair and provided at a competitive cost.

Premium rate changes:

• reducing the standard premium rates for Death and Total and Permanent Disablement (TPD), and Income Protection (IP) cover in MLC MasterKey Business Super
• reducing the cost per week for standard Fixed Premium Death and TPD cover, in MLC MasterKey Business Super seeing an increase in the sum insured amounts for the same cost
• reducing the premium rates for Death and TPD cover in MLC MasterKey Personal Super, and
• maintaining the premium rates for IP cover in MLC MasterKey Personal Super, except for male premium rates for a 2-year benefit period, which are increasing.

Other changes from 1 October 2025:

• We’re improving the TPD definition used to assess a TPD claim to be less restrictive, if your date of claim is on or after 1 October 2025 and you had not worked in paid employment for at least 16 months before your date of claim.
• The insurer is changing the way it assesses your eligibility for an Interim Accident Benefit, if you apply for voluntary TPD cover on or after 1 October 2025.
• If an account is set up without salary details in a tailored* insurance design requiring a salary, we’ll try to contact your employer to get the salary information. If we don’t receive a response, your salary based, Death & Total and Permanent Disablement (TPD) insurance cover will automatically switch to MLC Lifestage cover. You won’t be eligible for default Income Protection (IP) cover, even if a salary is provided later.

*If you belong to a large Employer plan, you’re generally charged a tailored premium rate and not a standard premium rate. We provide these rates in your Welcome Kit or you can call us to find out more.

• We’re providing an option in MLC MasterKey Personal Super to change your occupational ratings classification to Light Blue, if you’ve retired and it benefits you to have this ratings classification.

Fee cap changes on or around 1 April 2026

Insurance fee cap removed

• We’re removing the Insurance fee cap for those members with insurance cover in their super where a cap applied before 1 April 2026.
• If you take up insurance cover and your insurance fees are more than $25 per month (or $300 per year), this change affects you.
• From 1 April 2026 if you have insurance cover, you won’t receive a refund if your insurance fees go over the previous cap. This means higher insurance fees will be deducted from your account.

Reduced percentage Administration fee cap

• We’re reducing the annual cap on the percentage Administration fee charged to each account (this doesn’t include the fixed fee or Trustee Levy).
• The cap is dropping from $2,500 per year to $1,000 per year.
• If your percentage Administration fee is currently above $1,000, it will reduce and won’t go over $1,000 starting from 1 April 2026.