MLC

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.

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

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

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

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.

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?

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.

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.

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.

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.

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.

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.

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!!

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.

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.

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.

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.