“Helping you create your best possible future.”
What MLC offers
The inclusions below represent a selection of what is covered. Additional conditions may apply to different features. CANSTAR is not making any suggestion or recommendation to you about this product. Please ensure that you read the product disclosure statement to determine all the current policy options and inclusions for the product you are considering.
MLC MasterKey Super Fundamentals
- 48 managed funds available. Access to term deposits available within super.
- Unlimited free investment switches.
- Life insurance, TPD insurance, and income protection insurance available within super.
- Online access to account details.
- Financial advice available.
How to join MLC Super
You can sign up for an MLC super fund online and MLC says it takes around 15 minutes. For help, you can request a call back or phone 132 652 (open Mon-Fri).
Keep our tips in mind for how to choose a super fund, and always read the product disclosure statement (PDS) before you sign up for any superannuation product.
Remember to consider consolidating all of your super savings into one account. Find out how to find your lost super and how to consolidate your super. Before consolidating, check what insurances you have with each fund. Moving super from one fund to another could mean you lose some insurances, some of which you might not have known about but could really find handy if something were to happen to you.
Finally, tell your employer that you’ve joined MLC Super. Your employer will give you a choice of super fund form that you will need to sign and return to them.
How do the fees on MLC Super compare to other funds?
The table above shows the total fee cost to have an MLC Super account per year. Compare these fees to the average super fund fees on our database.
Does MLC Super offer an ethical investment option?
It depends on which super product you are eligible to join.
At the time of writing, the MLC Wrap Super product offers ethical investment options such as Australian Equity: Responsible Investment. This investment option includes managed funds dedicated to ethical investments.
Meanwhile, at the time of writing, the MLC MasterKey Super product does not include an ethical investment option. This super fund product leaves it at the discretion of fund managers as to whether or not they consider environmental, social, or governance (ESG) factors when making investment decisions.
How can I track the growth of my MLC Super account?
Members can track and manage the growth of their super account using MLC Online. Members can also find out the current balance of their super account in their annual statement, or by calling MLC Super on 132 652 (open Mon-Fri).
What should I check on my MLC Super statement?
Be sure to check these 9 things on your superannuation statement:
- Personal details are up-to-date
- Nominated beneficiaries are up-to-date
- Tax File Number (TFN) is recorded
- Super contributions from employer and/or your voluntary contributions are correct
- Investment asset class choices are appropriate for your life stage
- Amount paid in fees
- Insurance still adequate
- Super is consolidated, after checking whether there is insurance or any other benefits attached to the account you may lose and you’re comfortable to do so
- The big picture – are you happy with your super fund overall?
When can I access my MLC Super?
You can access your super at age 65, but it could be earlier at what’s known as your preservation age, which can be from 55 years up to 60 years depending on what year you were born. To access your super, typically you need to have permanently decided to stop working, or have left an employer after turning 60. Earlier access to your super is possible in certain circumstances, such as:
- If your home is being repossessed
- Cases of severe financial hardship
- On compassionate grounds if you or your dependant is diagnosed with a terminal illness needing palliative care, or if you are temporarily or permanently unable to work or need to work less hours due to a physical or mental medical condition, or if you are disabled and need to modify your home or car to meet your needs, or if you need help to pay for the funeral expenses of a dependant
- If your super balance is less than $200
Can I get the Age Pension as well as MLC Super?
You may be able to receive a full or part-pension from Centrelink depending on your level of assets (including super and account-based pension balance) and income (including from any account-based pension you may have and how much income your super is assumed to be able to pay you).Find out how the Age Pension works and how much you can receive in super before your pension is affected.
MLC was founded in 1886 and has one of Australia’s largest financial planning networks. MLC is NAB’s wealth management partner and provides financial advice through MLC Financial Planning, MLC Advice, NAB Financial Planning, and more.
MLC ran an interesting campaign called Let’s Save Retirement, with information about how much you may need in retirement savings, how much inflation will affect your savings, and more things to get you thinking – and acting. You can watch the “Let’s Save Retirement” TV ads on YouTube:
Source: MLC Australia
MLC supports the community through its parent organisation NAB and the NAB Foundation. Since 2008, the NAB Foundation (formerly the MLC Community Foundation) has invested $8.1 million in not-for-profit organisations such as Lifeline Australia, R U OK?, and Suicide Prevention Australia (as of February 2017).
Since 2016, the NAB Foundation has also been providing grants to community organisations for 4 key needs: youth, rural and remote Australians, social inclusion, and research.
This information has been prepared without taking into account your individual investment objectives, financial circumstances or needs. Before you decide whether or not to acquire a particular financial product you should assess whether it is appropriate for you in the light of your own personal circumstances, having regard to your own objectives, financial situation and needs. You may wish to obtain financial advice from a suitably qualified adviser before making any decision to acquire a financial product. CANSTAR provides information about superannuation products. It is not a superannuation provider and in giving you information it is not making any suggestion or recommendation to you about a particular credit product. Please refer to CANSTAR’s FSG for more information.