MLC Superannuation

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MLC Super is a retail super fund which describes itself as a market leader in providing super solutions. Membership is open to all Australian residents.

Types of MLC Super accounts

MLC MasterKey Super Fundamentals

MLC MasterKey Super Fundamentals is the main superannuation product available to members. Members have access to a range of investment options, including:

  • MLC Inflation Plus: Aims to deliver returns above inflation over a defined timeframe. MLC says this option may suit members who are concerned about losing money over the next few years and prefer to rely on investment experts to deliver expected returns.
  • MLC Horizon: Aims to deliver returns above the portfolio’s benchmark and reduce risk in the portfolio. May suit members who prefer to rely on the market for return, and who prefer to reduce risk in their portfolio.
  • MLC Index Plus: Aims to deliver returns that meet the portfolio’s benchmark and achieve long-term capital growth. May suit members who want to keep costs down and rely largely on the market for returns.

Some of the other features offered by MLC MasterKey Super Fundamentals include:

  • No minimum account balance to open your account.
  • Unlimited free investment switches.
  • Life insurance, TPD insurance, and income protection insurance available within super. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs.
  • The ability to view and manage your account online.
  • Access to term deposits within super.

MLC Wrap Super

MLC Wrap Super is an adviser-managed portfolio available to members looking to achieve greater diversification within their investment portfolio. When you open a MLC Wrap Super account, you must select from two investment options – the full Investment List or the Core Investment List.

  • Investment options for the full Investment List include:
    • Separately Managed Account (SMA) – Listed security model portfolios
    • Separately Managed Account (SMA) – Multi-asset model portfolios
    • Managed Investments
  • Investment options for the Core Investment List include:
    • MLC multi-asset funds, including the MLC Horizon, MLC Index Plus and MLC Inflation Plus portfolios.
    • Six multi-asset SMA model portfolios (the MLC Managed Account Strategies)
    • The Antares Income Fund

Some of the other features offered in MLC’s Wrap Super product include:

  • Life insurance, TPD insurance, and income protection insurance available within super. As with any insurance product, consider checking the cover amount, any exclusions, limitations or other conditions that may apply, as well as the premiums you would be charged before deciding whether it suits your needs.
  • Over 350 managed investments.
  • The ability to view and manage your account online.

How to join MLC Super

Before committing to a particular fund, consider comparing your options with Canstar and checking out our choosing a super fund checklist. You can also read MLC’s product disclosure statement (PDS) and other applicable documentation, which could help you decide whether its product offering is suitable for your needs.

If you decide to join MLC Super, you can sign up for an account online. Online applications for the MLC MasterKey Super Fundamentals account can take less than 15 minutes, according to MLC. For help, you can request a call back or phone MLC.

Finally, remember to tell your employer that you’ve joined MLC Super. Your employer should give you a Superannuation Standard Choice Form to fill out, sign and return to them.

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MLC FAQs

MLC is part of IOOF Holdings Ltd (IOOF), an Australian wealth management group providing financial advice, investment, superannuation and trustee services. It was previously owned by National Australia Bank (NAB) until it was sold on 31 May, 2021.

MLC Super offers a choice of four super products at the time of writing, each with a number of investment options:

  • MLC MasterKey Super Fundamentals
  • MLC Wrap Super
  • MLC MasterKey Business Super
  • MLC Navigator Retirement Plan

You can choose to invest in one of the available options. You can also switch investment options at any time for no fee, according to MLC.

For more details on what each MLC investment option entails, you can contact MLC Super or read the product disclosure statement (PDS), target market determination (TMD) and other applicable documentation on its website.

MLC charges a variety of fees to its members in return for managing their superannuation savings. At the time of writing, some of its fees on the MasterKey Super Fundamentals product include:

  • Investment fees, which may vary depending on the investment option you choose. These fees reflect the fees and costs associated with the purchase, sale and ongoing management of investments of the fund and underlying investment vehicles, MLC says.
  • Administration fees of 0.30% per year (for the first $150,000 of your balance, and 0.10% per year on the remainder), plus a fixed fee of $1.50 per week if your account balance is below $50,000 when the administration fee is deducted. Additionally, a Trustee Levy of 0.02% p.a. is deduced monthly, to cover costs related to running the MLC Super Fund.
  • Insurance fees, if you have insurance cover through your super. The cost will depend on the level and amount of cover you have, your age, and the type of work you do, MLC says.

Bear in mind that other fees may apply. Consider checking MLC’s product disclosure statement (PDS) and other applicable documentation for details. You can also compare the annual fees for MLC’s default investment option to other super funds’ fees on Canstar’s database.

Yes, with MLC Super you can consolidate your super in three steps:

  1. Login and provide consent for MLC to find your super
  2. Complete a security check
  3. Choose the accounts that you would like to transfer to MLC and submit.

It’s important to check with your current super fund(s) for information regarding any related costs you may incur and any insurance cover you may lose if you switch super funds. Also consider whether consolidating your super is a suitable decision for your life stage and retirement goals.

For members looking for an ethical investment option, MLC offers the Perpetual Wholesale Ethical SRI Fund. This fund aims to provide long-term capital growth and regular income, through investment predominantly in quality shares of Australian ethical and socially responsible companies, and seeks to outperform its benchmark over rolling three-year periods.

MLC was founded in 1886 and today has one of Australia’s largest financial planning networks, providing investments, superannuation and financial advice to corporate, institutional and retail customers.

This content was reviewed as part of our fact-checking process.

Written by: Tom Letts | Last updated: October 21, 2021