Important message
For Annual Benefit Statements, please visit: Statements - Your statement centre
Important message
For Annual Benefit Statements, please visit: Statements - Your statement centre
Retiring with MLC could mean a bonus to your retirement savings. We call it a Pension Bonus – a kick-start to your-retirement lifestyle.
On average, eligible pension members receive a $6,1991 Pension Bonus.
You don't need to apply. If you're eligible, it's paid automatically into your new MLC retirement pension account.
There's no tax payable on the Pension Bonus credited to your account.
Chat to a financial coach* to better understand your retirement options and set up your account for retirement.
The Pension Bonus is a tax saving we pass on to members who have met eligibility criteria. The amount of Pension Bonus received depends on:
You're eligible for the Pension Bonus if:
You’ve met a full ‘condition of release’ to access your super (such as retirement or reaching age 652),
You transfer some or all of your MLC MasterKey super account3 and/or Plum Super account to start your first retirement pension,
You’ve been invested in an MLC MasterKey super account3 and/or Plum Super account for a continuous period of at least six months before starting your first retirement pension,
You haven't previously started a retirement pension with us,
You haven't previously received the Pension Bonus, and
The rate set for the Pension Bonus is more than zero.
How much you transfer from your super with us, into your new MLC retirement pension account, impacts how much of a Pension Bonus you could get.
$200,000
$400,000
$600,000
$1,000,000
$1,500,000
$2,500
$5,000
$7,500
$12,500
$18,750
Assumes a Pension Bonus rate of 1.25%, which is accurate as of 6 July 2026 (subject to change). The Pension Bonus rate is reviewed regularly and may change. To view the latest rate, visit our Investment prices & performance page.
Jamie is 62 and is about to retire. She wants to access her MLC super savings as an income stream in retirement, which she can do by setting up an MLC MasterKey Pension Fundamentals account. Jamie can then draw an income stream while paying no tax on investment earnings on her retirement pension balance. Jamie also meets eligibility criteria (of being an MLC Super Fund member for more than six months) for the Pension Bonus.
Jamie had
$270,000
in her MLC super account
at retirement
She transferred
$264,000
into an MLC MasterKey
Pension Fundamentals to
start her retirement pension
And received
$3,300
Pension Bonus payment
Jamie’s story assumes a Pension Bonus rate of 1.25%, which is accurate as of 6 July 2026 (subject to change). The Pension Bonus rate is reviewed regularly and may change. To view the latest rate, visit our Investment prices & performance page.
We can help you continue to grow your retirement savings while also providing you with an income in retirement. MLC MasterKey Pension Fundamentals is an award-winning4, easy-to-manage retirement pension account. Check out the Product Disclosure Statement (PDS) to see if it’s right for you.
Here are some frequently asked questions about our Pension Bonus. Before you make any changes to your retirement strategy, we recommend that you speak with a financial adviser.
Pension Bonus is available to members with an MLC MasterKey super account and/or Plum Super account.
An MLC MasterKey super account includes any account (including a transition to retirement (TTR) pension in the pre-retirement phase) that you may have within MLC MasterKey Super Fundamentals, MLC MasterKey Business Super or MLC MasterKey Personal Super.
If you’re eligible for the Pension Bonus, it’ll be automatically credited to your account, generally within one month of starting your first retirement pension in MLC MasterKey Pension Fundamentals.
If you have an investment allocation in Term Deposits, Investment Protection investment options or suspended investment options, any applicable Pension Bonus will be paid into MLC Cash rather than these options. You can choose to switch part, or all, of the Pension Bonus payment into a different investment option at any time. We do not charge a fee for you to do this. However, buy-sell spreads may apply.
The Pension Bonus is calculated as a percentage of your starting balance in MLC MasterKey Pension Fundamentals. The Pension Bonus rate is based on the MLC Super Fund’s tax position at the date the bonus is processed. This rate is determined by the Trustee or its delegate.
It is a one-off pension bonus payment, and there is no cap.
The Pension Bonus rate is generally reviewed on a monthly basis and is adjusted to reflect the MLC Super Fund’s tax position. The Pension Bonus rate will be the same regardless of the investment option(s) your super is currently invested in, including MLC Cash.
We reserve the right to claw back the Pension Bonus if you withdraw 50% (or more) of your starting retirement pension balance within the first 12 months, or due to regulatory changes. Withdrawals include income payments, commutations, and rollovers.
Clawbacks will not apply to Death, Terminal Illness or Total and Permanent Disability (TPD) payments.
No, the Pension Bonus will not count towards your concessional contributions cap.
As the Pension Bonus is an earnings adjustment after your retirement pension in MLC MasterKey Pension Fundamentals starts, it won’t count towards your transfer balance cap.
Your Pension Bonus will only be included in the calculation of your age-based minimum pension payments from the financial year after the Pension Bonus is credited into your retirement pension.
Yes, but you must meet the eligibility criteria. This includes being invested in an MLC MasterKey Super and/or Plum Super accumulation account for a continuous period of at least six months before commencing your first retirement pension.
Important information and disclaimer
1 Over a 12-month period to 19 December 2025. Assumes a Pension Bonus rate of 1.25% of a members balance, which is accurate as of 6 July 2026 (subject to change). To view the latest rate, visit our Investment prices & performance page.
2 There are important ‘conditions of release’ to be aware of before you can access your super. Read more here.
3 MLC MasterKey super account includes any account (including a transition to retirement pension in the pre-retirement phase) that you may have within MLC MasterKey Super Fundamentals, MLC MasterKey Business Super or MLC MasterKey Personal Super.
4 Awards are only one factor to take into account when choosing a super fund. Find out more about MLC Super Fund’s awards.
* The Financial Coaches provide financial advice under the Australian Financial Services licence (AFSL) of Actuate. Actuate is part of the Insignia Financial group of companies, comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). No other entity within Insignia Financial Group, including any entity within the Insignia Financial Group that is a trustee for a regulated superannuation fund, is liable for or responsible for any work, action or advice provided by Actuate.
This information is provided by NULIS Nominees Australia Limited ABN 80 008 515 633 AFSL 236465 (NULIS) as Trustee of MLC Super Fund. NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group).
The information on this web page is general in nature and does not take into account your objectives, financial situation or needs. Because of that, before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs, plus consider the relevant Product Disclosure Statement (PDS). We recommend you obtain financial advice tailored to your own personal circumstances.
You should obtain a PDS relating to the financial product mentioned in this communication and consider it before making any decision about whether to acquire or continue to hold the product. Target Market Determinations (TMDs) for relevant products are also required to be made available and considered by distributors. A copy of the PDS and TMD are available upon request by phoning 132 652 or by searching for the applicable product on our website at mlc.com.au
