MLC Super is one of Australia’s oldest and most established retail super brands. Previously owned by National Australia Bank (NAB), MLC Wealth was sold to Insignia Financial (then IOOF) in 2021. MLC continues to operate under its own brand within the Insignia group.
Key Facts
| Feature | Detail |
|---|---|
| Fund type | Retail |
| Current owner | Insignia Financial (as of 2021) |
| Previous owner | National Australia Bank (NAB) |
| Website | mlc.com.au |
MLC Super Products
MLC operates several super products:
- MLC MySuper — default accumulation fund
- MLC Wrap Super — investment platform with extensive investment options
- MLC MasterKey — older employer and personal super platform
- MLC Horizon — blended investment options
Fees
MLC’s fees are typical of retail super — generally higher than industry funds. Fee levels vary significantly by product:
- MySuper: Administration fee + investment management costs
- MLC Wrap: Platform fee + investment management (depends on options selected)
For current fees, check the relevant MLC PDS or the ATO’s YourSuper comparison tool.
APRA Performance Test
Some MLC MySuper products have been subject to the APRA Annual Performance Test. Members in failing products were notified and required to be given information about switching options. Check the YourSuper tool for current performance data on your specific MLC product.
Insurance
MLC provides death, TPD, and income protection cover. MLC Life (the insurance arm) was sold separately to Nippon Life — so MLC’s insurance is provided by a different entity from the super product.
What Current MLC Members Should Do
- Identify which specific MLC product you are in (check your statement)
- Compare fees and performance using the YourSuper tool
- Check your insurance cover remains appropriate
- Consider whether consolidating to an industry fund with lower fees makes sense
For advice on MLC Super or whether to switch, speak with a licensed financial adviser — ask about any conflicts of interest, particularly if the adviser has a commission or commercial relationship with MLC. Find an adviser via MoneySmart. For more: Insignia/IOOF Review, Super Fund Comparison Table.