Plum: Superannuation Solutions to Medium and Large Australian Organisations

Plum: Chant West fund of the year 3 years running.

Plum is more than just a funny name. Plum is a superannuation and financial services division of MLC. Plum is represented in more than 80 Australian workplaces, which gives the fund a membership of more than 200,000 with about $25 billion in assets.

Plum used to offer a Personal Plan; however, this isn’t open to the public anymore. If you’d like to join Plum, it must be your employer’s choice of fund, or your spouse must already be a member.

There’s a pension product too. It’s MLC branded. Apply directly if you’ve reached your preservation age. Read on for information about Plum’s super and pension accounts.

A closer look at Plum

If your employer is one of the 80+ companies which use Plum as their nominated superfund, you, and your spouse if desired, become a member when you become an employee. Plum’s Personal Plan division is no longer open to the public. If you’re an existing member, you can also apply for a pension product when you reach your preservation age.

What’s internet banking like for Plum?

Register for Plum online using your Login ID or email after you become a Plum member. You can monitor your account balance, insurance cover, change your investment options and update your personal details anytime you want. All you need is an internet connected device to logon to Plum online.

What super funds are offered by Plum

Plum provide an Employer Plan superannuation fund. As the names suggest, Employer Plan members are employees who have joined Plum via their employer. The Personal Plan division which was open to the general public is now closed. The terms and conditions of Plum’s Employer Plan are different for each employer. Ask your employer or a copy of the relevant Plum Super PDS.

Investment options

Choose one of the following investment options:

• MySuper. Plum’s default investment option. MySuper provides a single diversified investment option.
• Simple Choice. This investment option gives you a selection of 5 pre-mixed investment options.
• Flexible Choice. A combination of single sector assets and pre-mixed investments.
• Specialist Choice. Select different single asset class investments.

Plum Super Personal Plan

READ ME: This fund is no longer open to the general public.

• Fees. Administration fees, investment fees, insurance premium charges and indirect cost ratio charges can apply. These fees can vary depending on your choice of investments. Consult the product disclosure statement for a full list of fees and charges you’re likely to pay.
• Insurance. You can apply for cover within your Plum Super Personal Plan, Death, Total & Permanent Disablement (TPD) and Salary Continuance Insurance (SCI) can be included within this fund for an additional premium.
• Minimum investment. You must make an initial contribution of at least $2,000 to join this fund.

What pension accounts are offered my Plum Super?

MLC and Plum provide a pension account to members which can be used to distribute a regular income from a superannuation lump sum payment.

MLC MasterKey Pension Fundamentals Account

If you’ve reached your preservation age, Plum can help you manage your retirement finances by opening a MLC MasterKey Pension Fundamentals account on your behalf.

• Investment options. MLC offer over 30 different MLC managed and non-MLC managed portfolios you can invest in. For example, NAB term deposits, MLC Global Property, MLC Australian Shares and diversified portfolios such as the MLC Horizon Balanced Portfolio or the MLC Index Plus Growth Portfolio.
• Insurance. If you’re under 65, you’re eligible to apply for disability insurance when you open a Pension Fundamentals Account.
• Fees. Pay no establishment fees, transaction and termination fees. Management costs are charged on a tiered basis depending on your account balance.
• Tax. If you’re over 60, investment earnings, regular and lump sum pension payments are tax free.
• Pension payments. Choose the frequency of your pension payments: monthly, quarterly, half yearly or yearly. The minimum pension payment limits are set by the government.

How to apply for Plum super funds?

Plum’s Personal Plan is no longer opened to public members. The only way you can join is through one of their 80+ corporate employers or if you are a spouse of a current member.

Am I eligible for a Plum pension?

If you’re an existing Plum member, speak to a customer service representative to open a MLC pension account. You can apply for a pension account if you have access to non-preserved funds from your super fund. If you’re still working, you can activate the transition to retirement facility.

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