MLC MasterKey disclosure updates

On 1 October 2025, we updated our Product Disclosure Statements (PDS) for the following products:

• MLC MasterKey Super & Pension Fundamentals (MKSPF)
• MLC MasterKey Business Super (MKBS)
• MLC MasterKey Personal Super (MKPS)

The new PDSs are available to view at mlc.com.au/forms_and_brochures

We also updated the MLC MasterKey Unit Trust (MKUT) PDS on 30 September 2025.

What’s changing?

• Lower investment fees and costs and transaction costs for MLC High Growth – MKSPF, MKBS, MKPS
  The investment fees and costs and transaction costs have reduced by 0.20% pa for MLC High Growth and by 0.19% pa for MLC High Growth (Pension). MLC High Growth has strong performance, with 5-year returns of 11.33% pa*, and we want to make it more affordable for all our members. Past performance is not an indicator of future performance.
  * 5-year returns to 31 August 2025.
• Administration fee cap reduction and removal of insurance fee cap – MKBS, MKPS
  On 1 April 2026, we’ll reduce the administration fee cap from $2,500 pa to $1,000 pa*.  We’ll also remove the insurance fee cap of $300 pa. The insurance fee is calculated at a rate of up to 8% pa of insurance premiums.
  * The administration fee cap doesn’t apply to the fixed fee or the trustee levy.
• Updates to investment fees and costs – all products
  There’s been changes to investment fees and costs effective 1 October 2025 (30 September 2025 for MKUT), based on the actual costs incurred for the financial year to 30 June 2025. Administration fees and cost paid from reserves reduced from 0.05% pa to 0.04% pa for super and pension products.
• Investment updates – MKSPF, MKBS, MKPS
  MLC MySuper and all of our Ready-made portfolios have had Strategic Asset Allocation adjustments. MLC Stable and MLC Aggressive also had their Standard Risk Measure updated.
• MLC IncomeBuilder investment objective change – MKUT
  The MLC IncomeBuilder investment objective was updated to align it to its minimum suggested time to invest and nature of the underlying investments. It will be the same as its objective in our super and pension products.
• Beneficiary nomination changes – MKSPF, MKBS, MKPS
  We made it easier to make a non-lapsing binding nomination by removing the need for someone to act as a witness when members make a nomination. Members can make a non-lapsing binding beneficiary nomination simply by logging in online and completing the online form. From 1 October 2025, we’ll no longer offer the option of making a non-binding beneficiary nomination. However, all existing non-binding beneficiary nominations will remain in place for the time being.
• Insurance changes – MKSPF
  From 1 October 2025, new members are not able to select MLC Lifestage insurance at the time of applying. This change doesn’t affect any cover options available after a member joins, which will continue to be subject to underwriting.
• Insurance changes – MKBS, MKPS
  We’ve made changes to premium rates and improved the TPD definition for MKBS and MKPS. You can find details of these changes at the following links:
  • For MLC MasterKey Business Super standard premium rates, visit mlc.com.au/mkbspremiumrates2025
  • For MLC MasterKey Personal Super premium rates, visit mlc.com.au/mkpspremiumrates2025
  • For TPD definition changes, visit mlc.com.au/TPDdefinition2025
  • For terms and condition changes, visit mlc.com.au/insured2025
• MLC Life Insurance now trading as Acenda – MKSPF, MKBS, MKPS
  MLC Life Insurance recently announced that it has rebranded to Acenda. References to MLC Life Insurance in our PDSs have been updated to reflect this change. The legal entity name of MLC Limited (which used the MLC brand under licence) has also changed to Nippon Life Insurance Australia and New Zealand Limited (Insurer). The Insurer is part of the Nippon Life Group and is not part of the Insignia Financial Group.
• Multi-Factor Authentication (MFA) – all products
  We’ve added extra security to online accounts by introducing MFA. Members will now need a mobile phone number linked to their account in order to access it online.
• Target Market Determinations (TMDs) – all products
  TMDs have been updated and reissued on 1 October 2025 (30 September for MKUT) to ensure currency with the PDS.

You can view each PDS from the following links:

• MKSPF is available at mlc.com.au/pds/mkspf
• MKBS and MKPS is available at mlc.com.au/pds/mkbs
• MKUT is available at mlc.com.au/pds/mkut