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1.3 from 91 reviews

rip off

I had 12 months worth of superannuation with MLC totally $2,000. I changed job and forgot about that super for 2 years. When I enquired it was all gone on fees.


MLC "On Track" premium discount prejudice

Just joined due to recommendation by super fund manager. First interaction with MLC was an email to join the "on track" tracker program to receive an ongoing 5% discount which i was very happy to know more. The only caveat is i need to track my steps via a fitbit/apple watch or something similar. I dont own one, not interested in buying one as i keep fit, go to the gym, surf and general outdoor activities. I eat healthy, dont smoke nor drink excessive alcohol. Yet they are happy to exclude me from any ongoing discounts (even though they would be making a good profit from me even in the first 12 months) so I would strongly tell anyone who may be considering MLC to not sign up with them.

Customer Service
Insurance Options
Income Protection

Is rollover/transfer subject to chargeable fee

I have been with MLC for well over 10 years. Upon review now (closer to retirement), I notice that MLC that on the commencement of my fund (around 2005) they took 5% off my rollover amount as fee. Does anyone that have MLC superannuation (Masterkey) know if rollover is subjected to chargeable fee ? They claim it is chargeable but yet to provide the relevant disclosure statement to backup this statement.

Crooks, Theives, Scammers.

Mlc would have to be the most dishonest business in Australia.
Their premiums are more the ten times greater than inflation.
I don't know where they find the scum that work for them.
When you ring them up they basically say how stupid you are for dealing with them. You should have looked at the reviews, before dealing with them.

Customer Service
Insurance Options
Income Protection

They have really improved!!

Since NAB has taken over MLC Super, there has been a huge difference!! Their customer service has improved tremendously!! They are friendly and helpful! Their computer interface is very easy to use and understand. They are quick to respond to your queries. And there appears to be more transparency about fee structures. They really seem to want to help you grow your super instead of stealing it like so many other superfunds!! Thumbs up to MLC for their greatly improved customer service!!

Customer Service

Signed up by default for something you didn't ask for

Check you super fund because they signed up for MLC by default without telling you. All of your super will be lost without you knowing it. They will suck you dry for something you don't need and never asked for.

Insurance blunders - don't deal with them

Just like to weigh in with my opinion of MLC in that their credit card insurance is as bad or worse than their superannuation packages mentioned here. Enough loopholes to keep a circus act going for a long while.

Believe they may have been successfully sued over selling people bogus insurance with major banks too recently.

MLC Just Thieves

They are the most dishonest company we have ever dealt with. They keep increasing their fees by at least 20% a year. If you opt out you've lost everything you have contributed. Talk about bad advice, the policy was supposed to be a maturing policy not a death only, absolutely pulled the wool over our eyes. If you go with MLC you need psychiatric help.

Customer Service
Insurance Options
Income Protection

Fees, bad advise and lies. A must read if you want to invest with nab or mlc

As I was a NAB customer for some ten years I thought that trusting my retirement funds with an Australian company as large as NAB was a good choice. I could not have made a worse choice if I tried.
I met with a NAB 'financial adviser' just prior to my retirement and discussed all my financial details and my desired outcomes. The advise I received was that they will take all my funds that was well over the purchase cost of a very good house in a very good suburb and will manage these funds with the promise of excellent management f my retirement funds and very good returns.
A week later I met with the NAB 'financial adviser' and together we went through his proposal. His advise was that they would invest my life savings with MLC (a company owned by NAB) and MLC would spread my money over a number of investments. At this meeting I was told by my NAB 'financial adviser' that NAB is asking all advisers to promote a new NAB financial stream that is now operating called Northward Capital and would invest around 25% of my funds. The rest was spread over numerous investments. Entry into Northward cost $0.9307 cents per unit and 18 months later was $0.7656. At this point NAB advised me that they will be not investing with Northward any longer so sold my investment at a loss of $43,400. Obviously I was not happy with his outcome however NAB refused to take any responsibility and my complaints to the Ombudsman was not taken any further as it was deemed a share performance issue.
I decided to continue with NAB until I was advised by NAB in May 2018 that they will be disposing of MLC and it will be up for sale. At this point I decided to move to another fund. That was the best decision I could have made, my fees with the new fund is only $53.00 per month, compared to MLC fees of $425.00 per month. I have also found the revenue of my investments increased from 4.8% to 10.9%.
I will never deal with the major banks again as I found out the expensive way that they do not care about their customers whom they treat as though they are doing us a favour by taking our money and doing what they please with it. The Banking Royal Commission may deal with some of these grievances.
My advise to future investors is stay clear from the big banks.

FEES, FEES and more FEES - MLC Super.

Just walked away from MLC after 17 years. Fees and more fees every month - much higher than an industry super fund. An advisor fee every month of over $175.00 then when advice is received once a year I had to pay additional thousands. No service - just fees.


Employer signed me up by default for about last 2 years. I have never seen so many different fees on a statement, meanwhile offering no investment growth. Online services lacking, they didn't respond to changes in investment option and the only way to cancel insurance is over phone.
PS: funds can now sign you up for TPD and Death insurance without your consent or even notification. You have to activley cancel if you don't want it, some make it as difficult as possible to do this.

They charge administration fee every month

I have been with MLC since last year August. When I opened my superannuation account with them, they didn't tell me that there will be a monthly charge of an administration fee. They can't chase who paid me superannuation. My tiny super money already has half left now.

MLC super Poor performance

I have been with this fund since 1994 and in the early years returns were ok but compared to other retail funds performed well down the list. This last year performance was woeful and particularly since July 2018 recorded a negative 2.5% return.!!!! Then there are the fees - high admin and advisor fees for no service. Then when I changed the composition to the Horizon type (for growth) I later found out that this fund was created on borrowings with my account debited with $15000 ( my capital was reduced by this amount.). If I could change I would but I am trapped. The only conclusion I can reach is that this Fund is a cash cow for NAB - customers come a sad last.

MLC Masterkey Superannuation Retirement Fund

An NAB Financial Adviser suggested MLC was my best option for my retirement plans. I invested a lot of money on her advice, I was advised the cost for her services would be $2500.00, it was closer to $3000.00, however that isn’t my gripe. What I wasn’t told was there was an advisory service fee, oh yes they snuck that one in. I blame myself for not monitoring my investment, however once I did, I noticed every month $208.33 was being debited for Advisory Service Fee, so since January 2018 to November I’ve been debited over $2000.00 for yes you guessed it, NO SERVICE ! Rang MLC they said I need to contact NAB, which I did of course. The original adviser from NAB left months ago, so her replacement was now getting this fee, and for what ? I received the usual spin you get, I was speechless, and demanded a refund. This is still under review from some resolution team within NAB. My savings are dwindling, and I wan furious, Once possible I will take all my money out, and find somewhere that isn’t ripping me off. Shocking service, no transparency on hidden fees, the Banks are still ripping us off.

Worst service ever

Followed up a refund today 6 weeks after I was told it would turn up in 3-4 weeks. After speaking to three different people and on hold for more then 30 minutes during this time finally have been told It has just been processed today. I doubt this would have happened if I hadn't called. When i first contacted MLC 6 weeks ago spoke to 7 different people over a five day period and got 7 different answers. the company is the worst second only to centrelink.

Retired NAB staff member ripped off.

Retired in April and new retirement plan was delayed until Oct.Had to pay an unreasonable fee for plan not suited to my future needs.Planner fought hard to retain my money not in my best interests.Whose I wonder?? Having investigated the super and pension accounts recommended by Senior financial planner found exhorbitant fees had been charged over the years. Concluded that fees a lot less in Plum. Do not leave your retirement super funds with MLC you will run out of money.After 29 years with NAB the lack of service provided by MLC was marred somewhat by what I considered a fantastic career.


Unfortunately, I have been with MLC for over 3 years and since then I just have issues and wasting my time. The company I was working for didn' provide my full name and since then it has been a nightmare. I can't do anything because they need me to proof my change of name which they only accept if you got married in Australia (which I didn't). Everything has to be posted by mail (which year they are???) and even when I offered to handle it in person because of their office and PO BOX its cross street from where I am, they still want me to post it. They have the worse process to help you, but when comes to a company to set you with them, they don't even bother to ask for a photocopy of an id to confirm the person they are setting up exist. Basically they want your money to go there and don't help you at all. If you are thinking to join them, re-think. I had over 15 phone calls and documents sent to them during those 3 years with the hope this would be sorted and keep having issues. No more. I am moving to somewhere else.

I have lost trust and faith!!!!

MLC life insurance--Sadly, at the time I was asked to sign a really important health insurance documentation I was suffering from clinical depression following a bout of glandular fever. At the time I was still working and managing a family. While I was unwell I was asked to sign documentation allowing MLC to deduct double the base premium. They did not inform me at the time that someone with clinical depression is twice as likely to suffer a heart attack or develop cancer -that was news to me when I enquired about the high premium. I am proactive in regards to my health. I am diligent about my diet and sport and physical activity are a big part of my life. My condition improved however, I neglected to tell MLC this. Consequently, they continued deducted the large premium from my account. They intimated that I was the idiot who should have been managing this. To date I have given MLC $50,000. I feel really sad that I allowed this to happen, however, apparently I am in the wrong. Am I really???

Stay far away from this mob

These thieves skillfully drained half of my super account by forcing on me their "opt out only" junk disability and death insurance with premiums that balloon out at over $1300 per year, yet I could never qualify to make a claim or get any benefit for. The super trustee has a duty to look after your superannuation for retirement, but not these guys, they're happy to have your funds dwindle away to nothing via this disability death insurance scam. MLC you guys belong in jail.

Real crap lousy insurer

My hubby was with Nab bank n he was put on funeral insurance with MLC where he pays $40 a wk n if he dies, we can claim only $5,000 for funeral expenses. The amount paid over the years already amounted to $11,500 n wen we tried to surrender the policy we were rudely told we can't, only his estranged son (Not on speaking terms for 25 yrs,) can do it. We told MLC we wouldn't pay the weekly premiums anymore yet they kept sending us a reminder that fees are due. Only after we wrote in big red pen "Not interested, u cheated us enuf" did MLC finally get the message! Real CHEATS!

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Questions & Answers

Looking to change super funds sick of MLC
No answers

my super portfolio is with MLC Until the end of last year I had a financial adviser but, because the fund was doing so poorly I switched her off now she had written me a letter telling me to take my portfolio somewhere else This will crystalise my loss and I will have to pay new fees to my new financial adviser. My adviser told me I should leave it where it is and now she tells me I have to take it somewhere else. Can she Make me take it somewhere else or can I just leave it there with her switched off? Many thanks Diana
1 answer
Hi - move your super and just drop the advisor. I mover from MLC late last year to sunsuper who have free financial advise.

I am with a financial advisor who has said to put money in Mlc fundamentals super. I am considering aust super over Mlc due to fees performance and then on top advisor fees. What is your birws.
2 answers
Definitely not. The worst customer service department that I've ever dealt with. Fees and time to process withdrawals are well in excess of other companies. They have no lnterest in assisting their so called CUSTOMERS!DO NOT put one cent of your money with MLC. Ever. They are a legalised racket. Customer service is absolutely appalling in that there is none. You can't get an answer to a valid enquiry, you are made to feel stupid when you don't understand their policy in taking your money and rudely talked over. I am very disappointed that the NAB has aligned itself with this deceitful, dishonest & immoral company "a subsidiary of Nippon Life Insurance Company". I wish I had never signed up with the snake oil salesman that got me into this decades ago & now I wish to withdraw I can find NO information on exit fees anywhere online but certainly not in plain sight.