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MLC

MLC

1.3 from 100 reviews

See the Best Retail Funds in 2019 as rated by Australians on ProductReview.com.au.

Reviews

Review distribution

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87

Louise

LouiseSydney, NSW

  • 2 reviews

I wish I transferred out of there sooner.

published

My financial advisor recommended this firm. I now know why - fees! High fees, poor performance and pathetic customer service. Do yourself a favour and get into a well performing industry fund.

Transparency
Customer Service

Helzie

HelzieVictoria

  • 3 reviews
  • 1 like

So Bad

published

After 30 plus years with this fund we have been spoken to like fools treated badly and have now cancelled all policies . what a waste of money all those years

Matt

MattIpswich

  • 2 reviews

RIP OFF

published

Avoid this super fund like the plague, they take out copious amounts of money with out any return whatsoever, I will be taking this up with the A.T.O in the coming days

Transparency
Customer Service
Insurance Options
Income Protection
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Anomalous

AnomalousGold Coast, Queensland

  • 16 reviews
  • 7 likes

20 Business Days for an Intention to Claim a Tax Deduction

published
Transparency
Customer Service
Insurance Options

Anthony

AnthonyGreater Melbourne (Inner), VIC

  • 2 reviews

Do not bother with MLC

published

I have not been able to work properly for 2 years and they rejected my claim. Utter disgraceful company. Incompetent, arrogant and clueless, use anyone else except MLC. Never been treated like this all my life

Transparency
Customer Service
Income Protection

Alex

AlexPerth, WA

Left hand doesn't know what the right hand is doing

published

So Nippon Life bought a stake in MLC in 2016 and now the integration (or lack thereof) has affected their customer relationship system (even more)... you'll get pushed from pillar to post without anyone taking responsibility of a simple query. Poorly trained staff make phone calls long and painful. Online interface is also poorly designed - so whether you're on the phone or online - your experience will be a shambles.

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Customer Service
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You cannot get them on the phone. I mean it is actually impossible to speak to them on the phone.

published

Have been on hold for 30 mins four times with no answer. They simply don’t answer. Ever. Not sure about other aspects of the business, but how can their call centre be this overrun?

Transparency
Customer Service

Micky G

Micky G

  • 2 reviews

what a shambles

published

Mother had life cover connected to her Super policy. The claim has been ongoing for 3 months when the policy had named beneficiaries and a will. I have sent 50 emails trying to move the process forward with little to no help. The company is that poor that it cannot sort its own mail as documents could not be found when post was tracked to their PO box. Please do not have life insurance attached to your Super fund with MLC.

Transparency
Customer Service
Insurance Options

Extremely slow processing. Constant follow up required

published

MLC overcharged my late father in fees. Required documentation for reimbursement was submitted to MLC and accepted on the 11th April 2019. I have contacted MLC twice and have been assured payment will be processed in 24 to 48 hours. No payment has been received. Last follow up email received an automated acknowledgement stating at a response will be provided within 1 to 2 business days. 4 business days later I still have not received a response. Today is 17 June 2019. The service is far too slow. There's is no sense of urgency or accountability and is no way to operate. MLC overcharged in the first instance and now requires constant follow up to return what was not theirs. Do not use MLC unless you enjoy headaches.

Transparency
Customer Service
margaret hudston

margaret hudstonPerth, WA

  • 2 reviews
  • 1 like

rip off

published

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.

Transparency

devlin g.

devlin g.South East Queensland, QLD

MLC "On Track" premium discount prejudice

published

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.

Transparency
Customer Service
Insurance Options
Income Protection
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Pat

PatPerth, WA

Is rollover/transfer subject to chargeable fee

published

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.


gkaye4

gkaye4gkaye4@hotmail.com

  • 3 reviews
  • 1 like

Crooks, Theives, Scammers.

published

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.

Transparency
Customer Service
Insurance Options
Income Protection
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Elisha Y.

Elisha Y.South East Queensland, QLD

  • 2 reviews
  • 1 like

They have really improved!!

published

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

published

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

published

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.


gkaye4

gkaye4Greater Melbourne (Outer), VIC

  • 4 reviews
  • 4 likes

MLC Just Thieves

published

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

Brian

BrianKings Beach

  • Verified customer

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

published

FEES, FEES and more FEES - MLC Super.

published

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.


Dan

Dan

  • 3 reviews
  • 1 like

Parasites

published

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.


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Questions & Answers

Pat H.

Pat H.asked

Has anyone had any success claiming back their principle investment with mlc master key super?

No answers

Nick P.

Nick P.asked

Looking to change super funds sick of MLC

No answers

Diana Z

Diana Zasked

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
Digital D.
Digital D.

Hi - move your super and just drop the advisor. I mover from MLC late last year to sunsuper who have free financial advise.


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