Administration fees and costs relate to the administration of your account and the operation costs of running the MLC Super Fund. They are made up of administration fees charged to your account and other administration costs paid from fund reserves.

Administration fees for MLC super and pension products have three components.

From 1^st October 2024 our administration fees and costs will be as follows:

1. A fixed fee: this fee is deducted monthly from your account regardless of your account balance and equates to $78 pa, or $1.50 per week.
2. A percentage administration fee:
   -  Super: this fee is charged monthly based on your account balance invested in each super investment option at 0.15% pa.
   -  Pension: this fee is charged monthly based on your account balance invested in each pension investment option at 0.10% pa.
3. The Trustee Levy: this fee is charged monthly at 0.02% pa of your total account balance.

Other administration fees and costs:

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).

These fees and costs are not charged to your account. However, they reduce the level of the reserve remaining available to the trustee to use for the benefit of members generally. It is made up of:

1. Estimated administration fees which are expected to be met from the MLC Super Fund general reserve; and
2. Administration costs which were met from the MLC Super Fund general reserve during the financial year to 30 June 2024 and were not covered by the Trustee Levy paid into the reserve in that year.

If you are an MLC MasterKey Business Super member, your employer may have negotiated a discount on your fixed fee and/or percentage administration fee, depending on the size of your employer’s plan, or your employer may pay some or all of your fees. To view your fees, log into your account and navigate to the Statements and Documents section.

You can also view the fees and costs deducted from your account on your annual statement. You can also find out more about our fees and costs in the letter we sent you regarding the fee changes effective 1 October 2024.

Investment fees and costs include investment fees charged by us, which cover the costs of investing the underlying assets, and certain costs incurred by underlying investment managers and management costs associated with derivatives.

These costs include performance fees which are fees paid to investment managers when their performance exceeds a specified level. Different performance fees may apply to different investment managers and performance fees vary depending on each investment manager's performance.

The total investment fees and costs you pay will depend on the investment option/s you’re invested in. This is because each investment option may have different investment fees and costs, depending on the asset allocation and investment managers used.

If you’re unsure where your super is invested, log into your account or get in touch on 132 652.

You won’t see these fees and costs as direct charges to your account. They’re reflected in the daily unit price of each investment option and will reduce the net return on your investment.

Investment fees and costs may vary from year to year. Past investment fees and costs therefore aren't a reliable indicator of future investment fees and costs.

When assets in an investment option are bought or sold, costs such as brokerage, stamp duty, settlement costs and buy-sell spreads (when transacting in certain underlying investment products) are incurred at the time investments are purchased or sold. These are known as gross transaction costs.

Some or all of the gross transaction costs may be recovered by a buy-sell spread charged to members. Buy-sell spreads are fees charged to transacting members to recover transaction costs incurred in relation to the sale and purchase of the fund assets. They are charged whenever there's a transaction on a member’s account, such as a contribution, withdrawal, rollover or investment switch.

The buy-sell spreads may change daily and in certain circumstances, increase or decrease significantly. View the current buy-sell spreads of an investment option.

You won’t see these costs as direct charges to your account. They’re reflected in the daily unit price of each investment option and will reduce the net return on your investment.

Insurance fees

If you have insurance cover through your super, you’ll pay insurance fees for that cover. They’re deducted from your super account. How much you pay may depend on the cover you have, your age, gender and occupation.

Insurance fees, for MLC Super Fundamentals members, consist of an insurance premium charged by the insurer. If you’re an MLC MasterKey Business or Personal Super member, insurance fees consist of an insurance premium charged by the insurer and may also include an insurance fee charged by us to cover the cost of administering insurance including underwriting, policy renewal and claims processing.

You can log into your account to view your insurance cover and monthly insurance fees.

Adviser Service Fee

If you wish to consult a financial adviser, you may pay a fee for the services you receive and choose how to pay for these services. You can consent to us deducting an Adviser Service Fee from your account to pay for advice solely in relation to your super and/or pension account. Your financial adviser cannot change the Adviser Service Fee without your consent. You don’t need to consult with a financial adviser to use our services.

For more information on other fees and costs that may apply, please refer to the Product Disclosure Statement relevant to your product. You should read all the important information about fees and other costs because it is important to understand their impact on your investment.

The ASIC super calculator can be used to calculate the effect of fees and costs on account balances.