A letter from Jason Marler, General Manager Workplace Solutions
Top quartile performance for MLC MySuper Growth Portfolio
As part of our continued commitment to financial wellbeing and dedication to members’ best interests, it’s my pleasure to update you on our FY24 investment performance results and assure you of our commitment to regularly reviewing and enhancing our product and services offering.
In the financial year ending 30 June 2024, MLC's investment team delivered top quartile performance with a strong 9.8% return for the MySuper Growth Portfolio – where most of our MySuper members are invested. The strong investment return for the financial year is great news for members, and places the MySuper Growth Portfolio in the top 10 MySuper options for the financial year, outperforming the median returns as reported by SuperRatings1. The 3 and 5-year returns for the MySuper Growth Portfolio also remain competitive, delivering 5.39% p.a. and 6.75% p.a. to 30 June 2024, respectively, and again placing the MySuper Growth Portfolio in the top performers over these time periods2.
Members in our ready-made portfolios also enjoyed healthy returns for the financial year ranging from 7.8% for the MLC Conservative Balanced option; a strong 12.2% return for the MLC High Growth option; and a return of 16.1% for the MLC Aggressive option.
We’re committed to investing in our member offerings and providing better retirement outcomes for you and your employees.
Record Pension Bonus rate & enhanced security
The MLC Pension Bonus rate reached 1.25% (as at 1 July 2024) - the highest it has ever been! The Pension Bonus is paid to eligible members moving from an MLC MasterKey superannuation or Plum Super account to MLC MasterKey Pension Fundamentals account.
As part of our ongoing transformation journey, we’re getting closer to separating our super business from NAB. By the end of this calendar year, we’re on track to move the technology that supports your employer plan from NAB’s to Insignia Financial’s technology platform. This move will also facilitate improved account security and allow us to better service and support your plan in the future. We’ll keep you and your employees updated on these technology changes over the coming weeks.
It’s another star performance
Once again following the Heron Partnership’s annual review of superannuation products, we have been awarded the highest rating with 5 Quality Stars for 2024/25:
- MLC MasterKey Business Super
- MLC MasterKey Super Fundamentals
- MLC MasterKey Business Super – MySuper (separate assessment of MySuper options)
Further, we were identified as a top 10 provider for the quality of our insurance features in MLC MasterKey Business Super and also a top 10 provider for the investment features of MLC MasterKey Business Super.
Commenting on the rating our General Manager, Workplace Solutions, Jason Marler said “We’re incredibly proud of this recognition as it acknowledges our focus on a quality member experience and our drive to deliver financial wellbeing in retirement. It is a privilege to be able to deliver exceptional outcomes to our members.”
The primary goal of the Heron rating process is to provide a realistic and objective representation of product strengths and weaknesses. 5 Heron Quality Stars represents an “outstanding” product with a great depth of features, and hence flexibility for members. View latest Heron ratings here.
Positive insights around how your employees are feeling
Our recent NPS customer research, conducted through our Member Advocacy Research Program, has provided us with invaluable insights into how our members experience our products and services. By applying the key findings to our Insight 2 Action Framework, we were able to identify crucial areas for improvement and have already begun implementing changes to enhance the member experience.
The 2024 results show a significant improvement in both our Net Promoter Score (NPS) and Customer Satisfaction (CSAT) compared to 2023, reflecting the positive impact of these initiatives across various aspects of our business, including product offerings, marketing communications, and digital experience.
Strengthening member engagement and experience
Over the past 12 months, we have implemented several key improvements that directly address the feedback from our members. For instance, we optimised our pre-retiree email campaigns to better engage members approaching retirement and launched welcome calls alongside updated journeys for employer super members, which have significantly enhanced member engagement and retirement outcomes. We've also focused on clear and transparent communication around fees and performance, improving accessibility and readability across our digital platforms.
Additionally, we've enhanced our online tools and calculators with user-friendly interfaces and redesigned journeys, while our Client First Call Centre has seen over 20 service improvements, including better fraud protection and more efficient payment processes. These efforts have not only boosted our performance but also strengthened our engagement with younger audiences, ensuring we meet the diverse needs of our members and deliver a more positive overall experience.
As always, we appreciate your continued support. If we can help you in any way, please reach out to your Relationship Manager directly.
Best regards
Jason Marler
GM, Workplace Solutions
1 MySuper Growth Portfolio is ranked in the top 10 MySuper options surveyed in the SuperRatings Fund Crediting Rate SR50 MySuper Index, June 2024. Past performance is not an indicator of future performance.
2 SuperRatings Fund Crediting Rate Survey, June 2024. Based on SR50 MySuper Index Survey. The MLC MySuper Growth Portfolio ranked in the top 10 investment options surveyed over the 1, 3 and 5-year periods to end 30 June 2024. ‘Net Returns’ is after investment fees and taxes.
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This information is provided by MasterKey Business Super (MKBS) and issued by NULIS Nominees (Australia) Limited ABN 80 008 515 633, AFSL 236465 (NULIS) as Trustee of the MLC Super Fund ABN 70 732 426 024 (RSE Licensee). NULIS is part of the Insignia Financial group of companies comprising Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate (Insignia Financial Group). MasterKey Business Super (MKBS) is part of the MLC Super Fund.
The information contained in this communication is general in nature and does not take into account your employees’ objectives, financial situation or needs. Because of that, before acting on any of this information your employees should consider whether it is appropriate to their objectives, financial circumstances and needs. We recommend your employees obtain financial advice tailored to their own personal circumstances. Your employees should not rely on this information to determine their personal tax obligations. We recommend your employees consult a registered tax agent for this purpose. It is recommended that your employees consider the relevant MKBS Product Disclosure Statement (PDS) before they make any decisions about their superannuation or insurance. A Target Market Determination (TMD) is also available for consumers to better understand products. The latest copy of the PDS (or other disclosure documents) and TMD can be obtained by calling us on 132 652 or on the website at mlc.com.au.
While care has been taken in the preparation of this information, NULIS nor any member of the Insignia Financial Group accept responsibility for any loss or liability incurred by you in respect of any error, omission, or misrepresentation in the information in this communication. Past performance is not an indicator of future performance.
The Heron Partnership (Heron) ratings are based on analysis of information such as product disclosure statements provided by third parties, as well as general market knowledge. Such information is considered to be accurate at the time a particular product is rated by Heron. However, Heron gives no guarantee or warranty and makes no representation as to the accuracy or correctness of any third-party information and accepts no responsibility for any inaccuracy or incompleteness in the third-party information provided to it. Heron makes no guarantee or warranty in relation to the investment component or rate of return of any product that it rates. For details about The Heron Partnership’s ratings methodology refer to www.heronpartners.com.au
