Important business updates for MLC

Security upgrade and planned system outage

As part of our separation from NAB, we’re now moving all MLC Superannuation functionality into our own Insignia Financial business environment. This transition will enable us to better service and support you and your employees into the future.

While we undergo this transition, we’re also uplifting account security and authentication processes for our secure websites, which may require some actions from you or your employees.

November planned system outage

There’s a planned system outage that will impact the ability to access and transact online from 5pm (AEDT) Friday 22 November until 9am (AEDT) Tuesday 26 November 2024.

During the outage period, you and your employees will be unable to access online services for accounts. In addition, our customer service teams will be unable to access accounts.

Account security and authentication uplift

As part of the account security and authentication uplift, each member number will require a unique email address to login to MLC online.

Please note, any new employee accounts created between now and 22 November 2024, should be set up using a unique email address that is not connected to any other MLC account.

Impacts for your employees

Unique email requirement: Any employees using the same email address for more than one account will need to update their email address by 20 November 2024 so it is unique to only one account.

Employees can update their email address by logging onto mlc.com.au and navigating to personal details.

Employees without a unique email address who’ve recently logged in to their MLC online account, may have already seen a website pop-up notification about the need to update their email.

If email addresses are not updated by 22 November 2024, your employees will be required to re-register for online account access on or after 26 November 2024.

We will notify your employees late September and inform them of the planned changes.
 

Fee Repricing and Product Disclosure Update

The MLC MasterKey Business Super (MKBS) Product Disclosure Statement (PDS) was updated 1 October 2024 to reflect the Administration fee changes to investment fees and costs and updates to investment options.

Administration fee changes

The MKBS percentage-based Administration fee reduced to 0.15% pa on 1 October 2024. The fees for MKBS employer plans already at, or below 0.15% stayed the same.

The percentage-based Administration fee for MLC MasterKey Personal Super also reduced from 0.30% pa to 0.15% pa.

There’s no change to the fixed dollar fee, Trustee Levy and the percentage-based Administration fee cap of $2,500 pa.

Changes to investment fees and costs

The investment fees and costs of all investment options were updated on 1 October 2024 (based on actual costs incurred for the financial year to 30 June 2024).

Importantly, the MySuper Growth Portfolio, where most of our MySuper members are invested, reduced by 0.08% pa from 0.84% pa to 0.76% pa. And the MySuper Conservative Balanced Portfolio also reduced by 0.08% pa from 0.79% pa to 0.71% pa.

There were also reductions across the majority of our Choice menu. For full details see the updated PDS.