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MLC

MLC

1.3 from 105 reviews

Reviews

(2)
(2)
(5)
(5)
(91)
  • Transparency
    1.1 (14)
  • Customer Service
    1.3 (15)
  • Rates and Fees
    1.0 (3)


Pedro B.

Pedro B.South East Queensland, QLD

Seems I'm ripped off too!

published

Like so many reviews here... Seems I have been scammed too by this company. Had consistently about 10k with them in Super for years, it never went up, decided to transfer out into a SMSF, they gave me 7k!!
No explanation, no statement, nothing.
There shouldn't have been any exit fees.
Will be following up with ACCC, Banking Ombudsman if I don't get satisfaction.
Oh, but please remember, the government is here to help and protect us from such practices. What a joke.


Havent lost as much as others.

published

I Had $750.00 in my account from back in 2017, and now i have $120.00 left due to administration and fees. Biggest rip off superfund.
Not satisfied in the slightest.

Transparency
Customer Service
Rates and Fees
Insurance Options
Income Protection
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Thieves

published

We have been with MLC super for 18 months $1044 was put in there 1 year ago went to get it out today $194 was left thieves just thieves ...what is the government doing about this

Jasmine S.

Jasmine S.Greater Melbourne (Metropolitan), VIC

Lost $9K in 3 years through insurance and fees

published

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.

Transparency
Customer Service
Rates and Fees
Insurance Options
Income Protection
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Tony

Tony

  • 4 reviews

Worst Super fund I have ever invested in

published
Transparency
Customer Service
Rates and Fees

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

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.

Transparency
Customer Service
Insurance Options
Income Protection
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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
  • 1 like

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

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
See all answers

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.


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Questions & Answers

Smithy

Smithyasked

What are your fees on $600.000. and your returns for the last 5 years please

1 answer

-$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...


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

1 answer

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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