MLC: NAB’s Wealth Management Division

MLC is the wealth management division of the National Australia Bank, and has over 125 years of experience in this field. It services around 1.7 million customers, it has over 5,000 employees, it has $171 billion in funds under management, 38 fund managers look after its portfolios and its network comprises of 1,800 advisers.

MLC provides an array of products and services which include superannuation and retirement products, investment and insurance solutions as well as financial advice. It services institutional, corporate and retail customers alike.

It provides awareness, funding and advocacy to a number of charitable foundations in communities in which it operates through the MLC Community Foundation.

A closer look at MLC

MLC aims to tailor wealth solutions to meet its customers’ individual requirements. It structures its multi-asset investment portfolios to deliver returns in varied market conditions, working in managing new risks and identifying new opportunities. As a super fund member you get to choose from options in different asset classes.

MLC has amongst the largest financial planning networks in the country, where you benefit through the combined experience and expertise of names such as MLC Financial Planning, NAB Financial Planning, MLC Advice, Garvan Financial Planning, Godfrey Pembroke, Meritum and Apogee Financial Planning.

As an MLC super fund member you can use its platforms to change your investment and protection options depending on your objectives and life stage. Its retirement solutions offer competitive investment returns as well as a tax-efficient income stream.

What’s internet banking like for MLC?

If you provide a valid email address with your application, MLC registers you for secure online access automatically, and you get your username and password via email. You can register for online access at a later time as well.

The online platform lets you carry out a variety of tasks such as making additional investments, consolidating your super, switching investments, changing your investment strategy, making a withdrawal request and adding investment protection.

What super funds are offered by MLC?

MLC offers different superannuation products to suit diverse needs.

• MLC MasterKey Super Fundamentals. This plan lets you take your super with you from one job to another. You can join directly or through a financial adviser. Life insurance is optional. Transferring from this super account to an MLC pension account is seamless. You can access transaction history and different kinds of reports online. You get discounts and special benefits through the MLC Member Rewards programme.

This super fund lets you choose from a variety of investment options based on your appetite for risk and your investment objectives. Your options include MLC Horizon Portfolios, MLC Inflation Plus Portfolios, MLC Index Plus Portfolios, MLC multi-manager sector funds, MLC single manager sector funds, MLC single manager index funds, externally managed funds, NAB Term Deposits and the MLC Cash Fund. There is no minimum initial investment requirement.

• MLC Wrap super solutions. The MLC Wrap super solutions include MLC Wrap Super Series 2 and MLC Navigator Retirement Plan Series 2. Transferring between super and pension phases is easy. You get access to estate planning solutions as well as comprehensive investment reporting and tax-management tools. You can tailor your portfolio using an extensive investment menu. Your investment options include over 300 managed investments, around 500 ASX-listed investments, a range of separately managed accounts and term deposits.

The minimum initial investment with a regular investment facility is $3,000, and without a regular investment facility is $20,000.

• MLC MasterKey Business Super. This superannuation plan is for employers looking at super options for their employees. If you’re an employee under this plan you automatically invest in MLC MySuper, unless you wish to choose a different investment alternative. Death and Total and Permanent Disability insurance is part of your super. You can also benefit through MLC Member Rewards. If you switch employers, the fund automatically transfers to MLC MasterKey Personal Super. There is no minimum initial investment requirement.

You can read more about the insurance options offered by MLC Super here.

What pension accounts are offered by MLC?

If you’re turning to MLC for a pension account, you get two basic options to choose from.

• MLC MasterKey Pension Fundamentals. This pension account gives you considerable control over your income stream, while allowing you to make the most of your investments. As with the MLC MasterKey Super Fundamentals, this pension account gives you a bunch of investment options from which to choose. You can consider adding MLC MasterKey Investment Protection and MLC Insurance based on your needs. There is no minimum initial investment requirement with this account.
• MLC Wrap retirement solutions. If you’re looking at building a diverse portfolio that can help support your investment objectives while also providing you with regular pension, this option may work well for you. You get access to over 300 managed funds, as many as 500 ASX-listed investments, a range of separately managed accounts and a selection of term deposits. Life cover, total and permanent disability (extension to life cover), accidental death and income protection are added extras. The minimum you need to open this account if you opt for a regular investment facility is $3,000. Otherwise, it is $20,000.

What you need to know if you want to apply

You can apply for the MLC MasterKey Super Fundamentals account and the MLC MasterKey Pension Fundamentals account online. To apply for other accounts, you can download an application from the MLC website, complete it, and send it across via mail. You can open an MLC MasterKey superannuation account at different stages of life.

• When you start working
• When you switch between jobs
• When you start planning for retirement

Opening a super account with this service provider requires that you meet some basic eligibility criteria.

• You meet the minimum investment requirement
• You are an Australian resident
• You have a valid tax file number

If you wish to open a pension account you should be at least 55 years of age. You'll also have to provide details of where your pension balance will come from as well as details of your bank account for pension payments.

After your new account is open, you can turn online to make changes to personal details, details of beneficiaries and investment options.

MLC offers good superannuation and pension alternatives, as do some other super providers. Don’t forget to compare a few before applying.