Solid superannuation fund
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.
- Verified customer
Current claim for TPD 08/01/18 incident date
I want to post my Ongoing claim status... was victim of crime, gunshot through door left forearm surgery ongoing rehab dealing with mental trauma....and more..... 6 months est claim settlement told by mlc???had permanent job can't return due to incident physical and mentally unsure on recovery results... Time frame.???.....policy cover as written from cost payments made .. 270,000
Updates soon as there are any
August 06 2018...... Still on going waiting on hospital results for proof of incident (not confident on 6 month timeframe.... But we see)
More updates as they happen .........
- Verified customer
Trauma Recovery insurance The peace of mind you don’t have
Had a heart attack apparently not severe enough to receive a payment. My problem is how do they make that decision when they have told me they don't even have a copy of my policy as I took it out in 1995 and the guy who sold me the policy passed away! How do they even know what to charge me monthly without a copy of my policy! I’m gutted by the dealings I have had with this company and am undergoing treatment for severe depression through the hospital public system I will be seeking legal advice today! I would not ever recommend MLC to anyone a...s the company have made changes to definitions since I signed on apparently. Shame I wasn’t aware I was not covered or I would’ve changed to a more reputable company I’m now charged $290 per month for cover that isn’t even real and to think I’ve been blindly paying these premiums for 23 yrs just devastated!!
Absolutely avoid this absolute horrendous company
Every single time you call them it’s an absolute palavar. You wouldn’t think you could do badly on an index fund but MLC manage to stuff even that up. They employ people who don’t know basics, who make mistakes left right and centre, who double down on their errors, who give you repeated misinformation and drive you absolutely crazy when you question them. You have to drag an apology out of them and it’s a flippant one with excuses and blame of the customer attached to it. It’s an absolute waste of my time and mental health dealing with them - Avoid at all costs.
Put your super elsewhere.
I left the country for five years and when I came back my super balance had gone DOWN due to the administration fees (even though they didn't even have to do anything whilst I was gone!). Then I rolled my super over into another account, and about 3 years later I get a letter from MLC saying they had over-charged me with the fees back when I was a customer and were terribly sorry but they owed me $100. When I went to collect my $100 (out of principle) I had to fill out a 10 page form with another fund which I was told the money had rolled into ...about 8 months prior. This included getting my passport verified by a JP, etc etc. I then received a message from the other fund to say they didn't have any record of my money, because MLC hadn't bothered rolling it over yet! To cut a long story short, eventually MLC rolled my money into the second fund and I manage to extract it only to find they have charged a $45 fee for closing my account that I didn't even want in the first place. So that leaves me with $55 of the money owed to me, having spent 4-5 hours of my time chasing it. How is that fair?
Dont trust anyfinance advisers on MLC
I am preserve age MLC finance adviser said I can retire all I have to do is leave my job I left my job that was biggest mistake I have made now they saying you cant retire and I cant access my account I was very sick for days I am not happy I wish I never roll over to MLC they have played with my life I have diabetes no income coming don't trust what ever they say there finance advisers don't care all they care they get paid to do trick you so don't ever leave your job even if you are in preserve age wait till your full retirement age I wish I never roll over to MLC I am not happy they have ruined quality of my life
MLC Income Protection Insurance Not Worth The Premiums
I have been paying thousands of dollars into an Income Protection Insurance Fund with MLC for many years and have never made a claim. I was very careful to select a policy which I was assured was very good and would provide coverage for me if I needed.
I had an operation and needed time off work, and thought I could submit a claim as I was unable to work and needed to heal...
Think again, as they sent reams of forms and were determined to make it next to impossible to make any worthwhile claim.
I cancelled my policy straight after I realised...
Went to transfer my super and found it was all gone ???
Upon calling to transfer my super I noticed the amount had dwindled down to nothing. When asked why? I was told that when I left my previous company the super defaulted to a disability insurance and that payments had been made monthly from my existing super??? Thankfully I had tracked down this lost super in time to cancel it as they had used all of my super and had only $60 left? Is this legal?
Take control of your Superannuation and your future
So in case people who are reading this are wondering if I've been paid by MLC to write this review or am affiliated with them in some way so I can rate them positively, I can assure you that I'm not. I also have no experience in making a claim through one of their Insurance products, so I cannot comment on that experience. Hence my review solely relates to their Superannuation products and Customer Service. I consolidated my Super with MLC some 5 years ago, and have enjoyed good returns during that time. As an example, my rate of return ...over the last 12 months was 17.41%. I think a lot of the negativity surrounding the MLC Superannuation products is that people simply do not realise you can take an active role in tailoring your investments to your own personal investment style and outlook. MLC offer a huge range of investment options through their 'Fund profile Tool' that gives you access to global investment options for you to invest in - you just need to take the time to research and understand them, and decide which one is best for you. I view my Super as an investment (obviously), and like anything worthwhile it takes effort, maintenance and patience to get the most out of it. If you buy a new bmw and then don't do any maintenance or servicing on it for 5 years, then is it any surprise that it constantly breaks down and doesn't drive the way you expect it to? If you haven't chosen a fund (and most people rarely deviate from their Employers default fund), then Superannuation providers had until 1st July 2017 to transfer your Super into a "MySuper" account - a low cost, default option for people who prefer to take a passive role with their investments. But just because this legislation has been passed doesn't mean you are permanently locked into this option - get busy and start doing your homework, there are a multitude of other options available to you as I already explained above. As far as fees and Insurance premiums are concerned, my combined TPD and Death Insurance premiums are $68.78 p/month, and my monthly admin fee around $80 p/month. If I really wanted to, I could perhaps save around $15-20 per month on these premiums and fees, but in my case the effort involved in switching to a new fund which may offer less functionality and diversity outweigh the savings I would be making. I have never had a problem with their Customer Service staff, and have only needed to contact them on occasion. i can accomplish most of what I need to do through the MLC website.
Warning Nab And Mlc Are Thieves!!!
I am a casual employee working for NAB, when I signed my employment contract I ticked a box stating I would have my super paid into Plum, as I have previously held a Plum account I was happy with this, however, I later realised that as a casual I was shunted into an MLC account without my consent. When I received my yearly statement I discovered that I had had 80% of my super seized in fees, firstly because NAB failed to disclose to me the substitution of providers and then failed to pass on my tax file number and the beneficiary details I prov...ided. Worse still I was signed to a TPD policy without my knowledge which seized half of my super in fees, which had I been aware of, I would never have agreed to! When I enquired with MLC they informed me that it was my responsibility to inform them of my wishes (despite the fact I didn't consent to the account, let alone know they were ripping me off with fees) and advised me that if I wanted the money refunded I would have to prove that I did not have knowledge of the account, I pointed out that I could not prove a negative and the representative told me that if it said MLC on my payslip, them I was not entitled to claim no knowledge and that since I had acknowledged that I received payslips (doh!) then I had admitted on a taped phone call that I had knowledge of the fund, I feel that the representative was attempting to entrap me by getting me to admit that I received payslips and therefore voiding my claim, and in addition to this, she did not disclose the recording of the call at the start of our conversation. If I can give advice to any other casual relief bank staff, working for NAB or considering joining NAB it would be this DON'T, NAB are thieves and are complicit with their subsidiary company MLC in deliberately not advising casual employees beginning with their company that they will receive a different superfund policy to their permanent colleagues and they will be signed to a default TPD without their consent!
I have paid them to dwindle away my super!
Over a four year period my super balance has gone from over $2000.00 to less than $700.00! Their customer service is woeful. Whenever I call them there is an automatic message that says wait time is over 20mins and no call back is offered. When I finally got through a staff member told me I had come through to the wrong section but she could not redirect my call. She suggested I hang up call back and wait another 20mins! I searched their website to initiate a live chat but when you click on live chat all it says is that it is available between ...certain times. There is no icon to start a chat! I requested a callback from their website between certain hours. They rang back 24hrs late. The phone rang only once. I called it back and it said I couldn't contact them through this number and had to ring their 13 number another 20min wait! I am totally disgusted with their product and their service!!!
If I could rate a ZERO I would
DO NOT put one cent of your money with MLC. Ever. They should be referred to ASIC or APRA for investigation. Customer service is appalling in that there is none and this isn't a new situation. You can't get an answer to any valid enquiry, you are made to feel stupid when you don't understand their policy in taking your money and rudely talked over or they do not respond to email. I am very disappointed that the NAB has aligned itself with this deceitful, dishonest & immoral company. I wish I had never signed up with the snake oil salesman that got me into this decades ago & now I wish to get out I can find no information on exit fees anywhere online but certainly not in plain sight.
Disgraceful refund process for fees charged in error.
After rolling my super into a different fund from MLC last year I received a letter this week informing me that they had charged fees in error and sent a form for me to fill out to either roll it over or withdraw. So that's 2 forms and each was 8 pages long. They should just use the information already to hand about the rollover institution and be done with it, instead they are by stealth trying to dissuade people from retrieving funds by making it very difficult and time consuming. It's disgraceful. One wonders how many people this has affected and how much this is costing MLC to refund. I would have given no stars if I could.
5 yrs cut off
Whilst transferring over the NAB with my other bank the MLC 'Easy cover' Mortgage protection policy was strongly advised for protection (being a single woman) if in the event I became unemployed or unwell (could not work). I DID NOTICE THIS POLICY WAS NO LONGER OFFERED SHORTLY AFTER I SIGNED UP YET THEY STILL TOOK MY MTHLY PREMIUMS. Due to a devastating bullying situation, where I ended up totally collapsing, I made a claim with MLC whist work-cover (WC) as reviewing my situation. MLC did pay during this time and this eased once the WC accept...ed my situation (this took 18mths). Of course there were issues with WC, however, I was just given a payout to go away !!!!. MLC once again payed, however, they recently have told me I had reached my 5 YEAR PERIOD!!! At no time have I claimed for the full 5 yr period with MLC, yet, that's their view and policy guidelines.I have always been honest and recently submitted all documents my treating doctors have provided. Now they will no longer support me in anyway, calls constantly being transferred to consultants, who are unable to STOP THIS EXPENSIVE POLICY ($340 PER MTH). Personally I am not comfortable paying this amount for nothing. Buyer be ware.
Super is Ripped Off!
Once I signed the contract, I only received the list of fees and rates in 2 weeks... Why? I checked what my super was being ripped off on , and mostly on some kind of insurances I have no idea about.. If I need to I will get myself an insurance, in fact I have one, and I did not give permissions on what insurances i wanna be covered by if I have injuries or etc. Those money are not mean to go for any admin or to save their business fees.. Those money are mine to survive on when I have serious problems or when I'm old!!!! What the hell do we hassle for?? so that the super that we earned went on some insurances or admin fees I didn't choose to pay for??? Why Somebody else controls and decides what to do with my money!??? Pathetic!
Questions & Answers
What are your fees on $600.000. and your returns for the last 5 years please
-$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...
Has anyone had any success claiming back their principle investment with mlc master key super?
Looking to change super funds sick of MLC
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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