Lost $9K in 3 years through insurance and fees
Was with this super fund for 3 years and lost $9K in fees and insurances. This product was sold to me by a dodgy financial advisor, obviously only interested in lining his own pockets. In fact I was pretty much harassed by him daily from starting with my new employer, until I agreed to speak to him about my super and insurances. Luckily after watching the news and hearing about people being ripped off through super fees and insurances, I checked my statement and realised I was being charged exorbitant fees and paying through the roof for insurances that I will probably never even need. I wish there was some way I could get this money back. What a waste of my hard earned and deserved money.
Worst Super fund I have ever invested in
I transferred my superannuation into MLC a few years ago at the recommendation of a financial adviser. Admittedly I am cautious, being over 60, so I invested conservatively, which of course means lower returns.
But the fees! My fund started to steadily haemorrhage money away. My financial planner kept jiggling the investment mix, making wishy washy promises to me about new financial product streams within the fund that would give me better returns, but the losses persisted. I would have lost less by withdrawing the lot and putting it in a term...deposit, even allowing for tax liability! Then the fund my wife is in, a highly rated, leading industry fund for university employees, allowed employee spouses to join. So I eagerly transferred out of my MLC pension fund to this industry fund. Within a couple of months I noticed my fund, now a pension fund, growing again even taking into account regular pension withdrawals. The other problem with MLC Super is that you only get limited reporting. With my new industry fund, everything is transparent, available online and updated regularly. So easy and inspires trust. Avoid MLC!!!!
20 Business Days for an Intention to Claim a Tax Deduction
We are mid-way through August and I get this super late form which is incorrect. How hard is it to tell where the funds come from? I clearly paid for it myself. Not my employer. So I had to request an amendment.
Absolutely appalling turn around times. I called and they said 20 business days to process.
No notice is given as to time frames. You send an email and nothing. You need to follow up.
They allow you to email but then you will receive a letter? This isn't the 90s.
SunSuper you can do this online and it takes a few days. AustralianSuper turn around time is a few days.
Left hand doesn't know what the right hand is doing
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.
You cannot get them on the phone. I mean it is actually impossible to speak to them on the phone.
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?
what a shambles
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.
Extremely slow processing. Constant follow up required
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.
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.
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.
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!!
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.
- Verified customer
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 retireme...
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Questions & Answers
What are your fees on $600.000. and your returns for the last 5 years please
-$100,000 and your sanity. These people literally are the devil. Forged documents. Stolen pension annuity and given to my employer. $120,000 annual salary and git 30,000 and a year and half off work. Some income protection if I had kept my member number to myself I would have defaulted to my employer default Fund with MLC!!! At 85%. Royal commission they have not refunded anything, or and to answer your question -1.7% earnings date when I started and charged me $1600 in fees on $4000 in super. Doubled my premiums while Ive been in claim and dont forget the 90 days waiting period and no other benefits...
Has anyone had any success claiming back their principle investment with mlc master key super?
Looking to change super funds sick of MLC
Sunsuper is pretty good but check your strategy dont stay on the default plan wherever you go. MLC defaults me to year one rates but how can they steal a lifetime annuity from Philip Morris Employees?? I couldnt even update my income even though I was actively at work at time of claim. Oh yah Club Super is awesome but check the industry your in they may have a fund just for your industry, they are the best and if you dont change your policy right away update your income, if they actually process it!!! :( I hope they rot in hell
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