MasterKey Repricing and Disclosure Updates
On 1 October 2024, we updated the disclosure for the following products:
- MLC MasterKey Super & Pension Fundamentals
- MLC MasterKey Business Super
- MLC MasterKey Personal Super
The new Product Disclosure Statements (PDS) can be viewed online at mlc.com.au/forms_and_brochures
Whats changed?
Super/Pension – Administration fee changes
Administration fees for our super and pension products came into effect from 1 October 2024. The simpler and more consistent fee approach includes a significant reduction in administration fees for the majority of clients with MLC MasterKey super and pension products. The changes include:
- A reduction in the percentage Administration fee to 0.15% pa1 for super accounts and 0.10% pa for pension accounts,
- Notification that the maximum percentage Administration fee for MLC MasterKey Super and Pension Fundamentals accounts will reduce to $1,000 pa for super accounts and $800 pa for pension accounts ($1,000 maximum overall) from 1 April 2025, and the fixed fee of $1.50 per week2 ($78 pa) now applies to all MLC MasterKey Super and Pension Fundamentals accounts regardless of account balance from 1 October 2024, and
- As part of the fee changes from 1 October 2024, we’ll be deducting an amount from the general reserve (estimated at 0.05% pa of fund assets). As it’s coming from the general reserve, it’s not charged to members’ account.
Super/Pension - Investment option changes
Some investment options changed effective 1 October 2024. For more information on the investment option changes, please refer to the investment menu in the relevant PDS from 1 October 2024:
| Changes | Investment options |
Strategic Asset Allocations |
|
Growth/Defensive split |
|
Standard Risk Measures |
|
Minimum suggested time to invest |
|
Investment benchmark |
|
Super/Pension - Investment fees and costs
There have been some changes to investment fees and costs effective 1 October 2024 (based on actual costs incurred for the financial year to 30 June 2024). For more information on the updated investment fees and costs, please refer to the relevant PDS:
- MLC MasterKey Super and Pension Fundamentals is available at mlc.com.au/pds/mkspf
- MLC MasterKey Business Super is available at mlc.com.au/pds/mkbs
We’re here to help
If you’d like to talk to us about this or you need more information, please call us on 132 652 between 8am and 6pm (AEST/AEDT) Monday to Friday.
1 The percentage Administration fee for MLC MasterKey Business Super employer plans already at or below 0.15% pa doesn’t change.
2 The fixed fee for MLC MasterKey Business Super employer plans below $1.50 per week doesn’t change. Fixed fees continue to be charged monthly.
