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MLC MasterKey Pension Fundamentals

An easy-to-manage pension account

Once you've retired or reached your retirement age, you can set up a Retirement Pension or Transition to Retirement (TTR) Pension account to start accessing your super and make the most of your retirement investments.

It's easy to choose an investment option that suits your investment objectives and risk appetite.

Product features

  • Receive a steady income stream in retirement
  • Choose from a range of investment options to suit your investment objectives and risk appetite
  • Access your account online for reporting and transactions
  • Transfer seamlessly from a super to pension account
  • Opt for life insurance if you're 65 or younger
  • You may be eligible for a Pension Bonus on your first MLC MasterKey retirement-phase pension.

For more information, download the Product Disclosure Statement (PDF, 25.1MB) opens in new window

Chantwest 5 apples pension rating 2020

Chant West has awarded MLC Master Key Pension Fundamentals with their highest ratings – 5 Apples Pension Rating 2024.1


Heron Partnership rated MLC MasterKey Pension Fundamentals as “outstanding” and awarded with their highest ratings – 5 Quality Stars.2

How to open an account

Existing customers

Download and complete the MLC MasterKey Pension Fundamentals application form (PDF, 25.1MB) opens in new window, or for a simple set up option, login and complete the application online.

Login and apply

New customers

We're here to help.

Download and complete the MLC MasterKey Pension Fundamentals application form (PDF, 25.1MB) opens in new window.

To apply over the phone, or just to find out more, call us on 132 652 between 8am to 6pm AEST, Monday to Friday or book an appointment.

Book appointment
  • The following are the types of investment options available in MLC MasterKey Pension Fundamentals.

    Ready-made portfolios, which include our:

    • Simple choice investment options
    • Low cost investment options
    • Flexible investment options
    • Socially responsible investment option.

    Build-your-own portfolio, which include our:

    • Cash and fixed interest investment options
    • Property investment options
    • Australian shares investment options
    • Global shares investment options.

    We provide a detailed explanation of what we mean by our Simple choice, Low cost, Flexible, and Socially responsible investment groups in our Investment Menu (PDF, 25.1MB), as well as full profiles of all our investment options.

    Minimum initial investment



  • MLC Insurance (Super) can provide cover against the financial consequences of injury, sickness or death.

    • Life Cover
    • Total and Permanent Disability (extension to Life Cover)
    • Accidental Death
    • Income Protection


    MLC MasterKey Investment Protection

    • Available if you're 50 or older.
    • Protected Capital - protects your super from negative market movements and grows your balance by locking in market gains each year.
    • Protected Income - provides a certain and secured amount of income each year in retirement. Available for 10 or 20 years.
    • Available on MLC MasterKey Super & Pension Fundamentals with eligible Simple Choice and Low cost investment options.
  • 1 The Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West rating (assigned February 2024) is limited to General Advice only and has been prepared without considering your objectives or financial situation, including target markets where applicable. The rating is not a recommendation to purchase, sell or hold any product and is subject to change at any time without notice. You should seek independent advice and consider the PDS or offer document before making any investment decisions. Ratings have been assigned based on third party data. Liability is not accepted, whether direct or indirect, from use of the rating. Past performance is not an indication of future performance. Refer to for full ratings information and our FSG.

    2 The Heron Partnership (Heron) ratings are based on analysis of information such as product disclosure statements provided by third parties, as well as general market knowledge. Such information is considered to be accurate at the time a particular product is rated by Heron. However, Heron gives no guarantee or warranty and makes no representation as to the accuracy or correctness of any third-party information and accepts no responsibility for any inaccuracy or incompleteness in the third-party information provided to it. Heron makes no guarantee or warranty in relation to the investment component or rate of return of any product that it rates. The Heron ratings have been produced without taking into account an individual’s financial needs, circumstances and objectives. To the extent that the Heron ratings may constitute financial product advice, they are general financial product advice only, and any person should, before acting on such advice, assess the appropriateness of the advice having regard to their own financial situation and consult a licensed financial adviser before making any changes to their financial affairs. The reference to Heron and the inclusion of the Heron ratings logo has been authorised by Heron. The Heron ratings logo is a trademark of Heron. For details about The Heron Partnership’s ratings methodology refer to