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MLC

MLC (page 2 of 6)

1.3 from 101 reviews

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

Reviews

Review distribution

5 star
2
4 star
2
3 star
5
2 star
5
1 star
87

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.


They charge administration fee every month

published

I have been with MLC since last year August. When I opened my superannuation account with them, they didn't tell me that there will be a monthly charge of an administration fee. They can't chase who paid me superannuation. My tiny super money already has half left now.

Eeondm

EeondmGrovedale

MLC super Poor performance

published

I have been with this fund since 1994 and in the early years returns were ok but compared to other retail funds performed well down the list. This last year performance was woeful and particularly since July 2018 recorded a negative 2.5% return.!!!! Then there are the fees - high admin and advisor fees for no service. Then when I changed the composition to the Horizon type (for growth) I later found out that this fund was created on borrowings with my account debited with $15000 ( my capital was reduced by this amount.). If I could change I would but I am trapped. The only conclusion I can reach is that this Fund is a cash cow for NAB - customers come a sad last.

Maximus

MaximusBrisbane

  • 2 reviews
  • 9 likes

MLC Masterkey Superannuation Retirement Fund

published

Kiwi B

Kiwi BCentral Highlands and Goldfields, VIC

  • 4 reviews
  • 3 likes

Worst service ever

published

Followed up a refund today 6 weeks after I was told it would turn up in 3-4 weeks. After speaking to three different people and on hold for more then 30 minutes during this time finally have been told It has just been processed today. I doubt this would have happened if I hadn't called. When i first contacted MLC 6 weeks ago spoke to 7 different people over a five day period and got 7 different answers. the company is the worst second only to centrelink.


Retired NAB staff member ripped off.

published

Retired in April and new retirement plan was delayed until Oct.Had to pay an unreasonable fee for plan not suited to my future needs.Planner fought hard to retain my money not in my best interests.Whose I wonder?? Having investigated the super and pension accounts recommended by Senior financial planner found exhorbitant fees had been charged over the years. Concluded that fees a lot less in Plum. Do not leave your retirement super funds with MLC you will run out of money.After 29 years with NAB the lack of service provided by MLC was marred somewhat by what I considered a fantastic career.


Iritz

Iritz

  • 6 reviews
  • 6 likes

WORST COMPANY IN AUSTRALIA

published

I have lost trust and faith!!!!

published
Major Label

Major Labelnowhere special

Stay far away from this mob

published

These thieves skillfully drained half of my super account by forcing on me their "opt out only" junk disability and death insurance with premiums that balloon out at over $1300 per year, yet I could never qualify to make a claim or get any benefit for. The super trustee has a duty to look after your superannuation for retirement, but not these guys, they're happy to have your funds dwindle away to nothing via this disability death insurance scam. MLC you guys belong in jail.

Unhappy ant

Unhappy antGold coast

Real crap lousy insurer

published

My hubby was with Nab bank n he was put on funeral insurance with MLC where he pays $40 a wk n if he dies, we can claim only $5,000 for funeral expenses. The amount paid over the years already amounted to $11,500 n wen we tried to surrender the policy we were rudely told we can't, only his estranged son (Not on speaking terms for 25 yrs,) can do it. We told MLC we wouldn't pay the weekly premiums anymore yet they kept sending us a reminder that fees are due. Only after we wrote in big red pen "Not interested, u cheated us enuf" did MLC finally get the message! Real CHEATS!


Dangles

DanglesBroad Arrow

  • 3 reviews
  • 1 like

Thieves

published

This mob have drained what little super I had in an employer started account for some temp work with unsolicited premium for TPD. I never received a welcome package or signed any paperwork for them to even allow them to accept my contributions let alone insurance premiums. I received a check the other day for $7.52, what a joke, they may as well of taken the lot. Would love to see some these high flying prickles go to jail and do some time. Theft is theft and these mongrels are good at. Beware if your employer or future employer uses this company, very dodgy, steer clear.


Graham.

Graham.AU

  • 6 reviews
  • 5 likes

Not Happy Jan.

published

Just got my June 2018 statement and find that the fees and charges are $700 plus more than what has gone in for the year. Will be rolling what is left into an Industry Super Fund ASAP. I've been with MLC since 1987.


Thieves

published

Lost thousands

published

No good !! Lost 10 thousand out of my gold nest super !! They had no answers !! What a joke MLC are !!

Mehdi Asgharzadeh

Mehdi AsgharzadehPerth, WA

  • 4 reviews
  • 13 likes

Thieves

published

I had around 26000 AUD with them since 2015, nothing was added to that in last 4 years and they just took massive fees off my account. An example, without my consent or knowledge they'd insured me for death and disability for a premium about 1600 $ per annum. The falsely say the return is 9 % but there was absolutely no return on my investment. Im going to sue them for misleading people. Stay away from this company they are being investigated by royal commissioner for their suspicious conduct.

John

JohnNewcastle

Been waiting 10 weeks to get the estate of my late Father refunded

published

This company should be closed down
Imagine the stress to my Mother
All we are asking for is our Investment back
now my Father has passed away


Alex

AlexSydney

THIEVES

published

They have stolen all my money. I didn't choose them, my employer did. When I wanted to move my super fund I discovered that my account is empty.


  • Verified customer

Worst company to deal with !!!!! Wont pay me my money!!!

published

If you are on a working holiday stay visa away from this company when you try to get your super back its an absolutely nightmare, nothing is easy with this company !!!!


These guys should be in jail for fraud

published

They put me in a Horizon portfolio which i never asked for it wasn't until recently when i looked into my super fund that I had it. Lost so much money over the years. These guys are fraud and should be in jail.


Pedro F

Pedro FSydney

Solid superannuation fund

published

I rolled my super over to MLC about 15 months ago and I've been very happy with the returns that I've had from the accelerated growth fund in particular. Admittedly it took a bit of time to get the insurance setup because of family health history, but since setting up it's been smooth from there.


Page 2 of 6

Questions & Answers

Smithy

Smithyasked

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

No 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

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