The employer notifies MLC via the EmployerPay portal or manually of the date left employment (DLE) when the employee ceases to be employed. This date is applied to the members MKBS account. The member is ported/transferred to a MLC MasterKey Personal Super (MKPS) account as a result of the DLE.

The member's existing balance, investment options and strategy including insurance (subject to PMIF requirements) are transferred across to the new MKPS account. The member is sent a Welcome Kit which will provide them with a new account number.

Adviser Service Fee (ASF)
Any existing ASF arrangements under MKBS will transfer to MKPS, subject to the ASF rules for MKBS/MKPS members.

Family Members
Any family member/s linked to the employees MKBS account will also be transferred to MKPS when the employee is ported/transferred to MKPS.

Insurance
Any existing death and Total and Permanent Disablement (TPD) benefits will be transferred to the MKPS account (subject to PMIF rules) and may be subject to annual reductions.

Any Income Protection insurance will be cancelled the day we transfer the members super to MLC MasterKey Personal Super. Members can apply to reinstate their Income Protection insurance cover if they complete a form at mlc.com.au/reinstateIP within 60 days of transferring to MKPS.

Insurance Premiums and Fees
MKPS insurance premium rates and standard MKPS fee structure (which is different to MKBS fee structure) will be applied to the account.

Discounted fees
The discounted fees that the members were eligible for under the MKBS plan will cease when they are transferred to their MKPS account.

Reimbursement of insurance premiums and/or fees
The reimbursement of insurance premiums and/or fees arrangement the members were eligible for under the MKBS plan will cease when they are transferred to their MKPS account. The member will still receive any outstanding reimbursements of insurance premiums and/or fees if they have left their employer prior to receiving the credit provided the employer pays the reimbursement for that period.

Large plan rebates
In some cases, a large plan rebate is able to be negotiated by the employer depending on the size of their employer plan. These large plan fee rebates apply to the percentage of the members balance held outside of MySuper. The large plan rebate will no longer apply when to a member when transferred to MKPS.