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MLC

MLC (page 2 of 6)

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)


Insurance blunders - don't deal with them

published

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.


gkaye4

gkaye4Greater Melbourne (Outer), VIC

  • 4 reviews
  • 4 likes

MLC Just Thieves

published

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.

Customer Service
Insurance Options
Income Protection
Brian

BrianKings Beach

  • Verified customer

Fees, bad advise and lies. A must read if you want to invest with nab or mlc

published

FEES, FEES and more FEES - MLC Super.

published

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.


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

MaximusSouth East Queensland, QLD

  • 2 reviews

MLC Masterkey Superannuation Retirement Fund

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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

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


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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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