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MLC

MLC Questions & Answers

1.3 from 109 reviews

7 questions from our users

JohnK

JohnKasked

We do not have much in Super ... we are both pensioners but have always been self employed. We had everything in MLC Navigator retirement plan.
We had around $260000 between us & recurve an income stream of $1300/ month
Just received statements we are down
$37000 since Nov 2019!
Is this normal or bad management?

1 answer
Pedro B.
Pedro B.

John,
A combination of extremely bad management, bad investment choices, over paid brokers, high fees, etc.. If I was you I would get my money out as fast as you can. They are a sinking ship. The NAB is doing everything to remove their association from them.
I was shocked when I started investigating and read so many bad reviews.

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

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.

linda

lindaasked

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
Trevor
Trevor

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!

PeterC
PeterC

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.

Jack

Jackasked

Are MLC investments a good idea?

5 answers
Gabriel
Gabriel

Well personally I would not recommend using them. They have poor support and this shows that they lack the capabilities to provide good financial advises because they simply do not care about you.
No support nor follow up for my situation. Just pushing the issue around without solving it and so I am back to the same spot.

I definitely would never have gone with them if I knew what they were going to put me through.

Jack
Jack

I have not invested with MLC yet, but I will through a financial planner. Hopefully any issues I have can be sorted out by the financial planner.

anonymous
anonymous

No they are the worst super company or should i say worst company in general. Mlc have takin 90% of my employers super contributions which were high premimums and fees, to which i never asked for, might i add that when i signed up to Mailcall Couriers ( Worst Courier company ) i nominated my super to go to BT super for life ( Which is the best company ever ) my super at BT doubled in one year. MLC are so bad they deserve to be written off verbally by word of mouth ! Spread the word and stay clear.

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