Dave Woodall

MLC Super has bolstered its leadership team with three new appointments, further strengthening the business to support its ambition to become Australia’s most trusted and fastest-growing super fund.

These appointments bring together deep expertise and diverse perspectives that will accelerate the ability to deliver on our strategy and create exceptional outcomes for members.

Craig Weber will commence as Head of Education and Advice on 24 November delivering best-inclass education, advice and communication engagement initiatives to members. Craig brings more than 20 years’ experience across a range of senior roles at AMP, CFS, Zurich Financial Services and, most recently, as Head of Advice at Ignition.

Alex Kleiman joined as Director of Corporate Growth in May, bringing more than 25 years’ experience in superannuation across a range of growth and distribution roles. Most recently, he was Head of Group Distribution at MetLife Australia and has also held senior positions at Mercer and Plum.

Mandy Rashleigh was appointed Head of Client Relationships in June, overseeing the client relationship team for Insignia Financials’ employer superannuation offerings and is responsible for the execution of MLC Super’s employer value proposition. Mandy previously held senior positions at KPMG, NAB, and most recently at Westpac, as their Global Head of Non-Bank Financial institutions.

These new appointments add to the MLC Super leadership team, which also includes:

• Jason Marler, General Manager, Product
• Amalie White, General Manager, Operations and Partnerships
• Lachlan East, General Manager, Risk

Dave Woodall, CEO MLC Super, said: “I’m delighted to welcome Craig, Alex and Mandy to the MLC Super leadership team. Their expertise and deep understanding of the industry will accelerate our ability to deliver on our strategy and provide exceptional outcomes for members around Australia. “As one of the largest workplace superannuation providers, with long-standing relationships with ASXlisted employers, MLC Super’s strong leadership team places us in good stead to help shape better superannuation outcomes for employers and members alike.

“These appointments bring together exceptional capability and vision and comes at an exciting time for MLC Super, following the completion of the first major milestone of our transition of a range of administration and technology functions to SS&C in July, and the relaunch of the MLC brand and an improved direct-to-consumer offering in October.”

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Jason Marler

MLC Super Fund has announced a significant reduction in the administration fees for the majority of members in its flagship superannuation and pension products, MLC MasterKey and Plum.

From 1 October 2024, headline administration fees for members in accumulation products will be halved from 0.30% to 0.15% per annum.

Administration fees for Plum Retirement Income and MLC MasterKey Pension Fundamentals members will be reduced from a maximum of 0.30% to 0.10% per annum.

Fee caps for Plum Retirement Income members will decrease from $2,500 to $800 per annum. From 1 April 2025, fee caps for MLC MasterKey Pension Fundamentals members will also drop to $800, and fee caps for MLC MasterKey Super Fundamentals will reduce from $2,500 to $1,000 per annum.

Additionally, a flat fee of $78 per annum will be consistently applied across all products in addition to the percentage fee.

As a result of these changes, most members will see their administration fees reduced by nearly $100 per annum. For superannuation members with an accumulation account balance of $250,000, they will see an average saving of $375 per year.

The investment fees and costs for the majority of the ready-made investment options are also reducing on 1 October 2024. For the MLC MySuper option, the total investment fees and costs will reduce by 0.10% p.a. from 0.91% p.a. to 0.81% p.a.

According to Jason Marler, General Manager Workplace Solutions, these changes will make fees simpler and more consistent for members.

“As the largest payer of pensions outside of the Government, we’re committed to providing better retirement outcomes for our members.

“We’re pleased to leverage our combined scale to significantly reduce administration fees associated with managing members’ superannuation. Effective 1 October, these changes allow members to benefit from simpler, more competitive fees that deliver better value at a time where cost of living pressures are affecting many.

“This fee reduction, combined with our MySuper portfolio’s consistent top quartile performance over 1, 3 and 5 years^[1], means members will receive even greater value for their retirement savings.

“We’re proud of our track record of strong performance, with MLC MySuper Growth portfolio in the top 10 MySuper funds for FY24 as reported by SuperRatings,” said Mr Marler.

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Notes:
[1] SuperRatings Fund Crediting Rate Survey, SR50 MySuper. Jun 2024

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Jonathan Armitage

MLC has changed its MySuper investment option to reflect member needs based on life stage.

Members invested in the current MySuper investment option, which has a 70 per cent growth/30 per cent defensive asset allocation, will be moved to the new MySuper where:

Members aged under 55 will now have a long-term allocation of 85 per cent growth assets and 15 per cent defensive assets. This provides them with greater opportunities for financial growth considering the

• longer time they have to retirement age.
• Members approaching retirement (55-64 year olds) will have their growth assets gradually reduced and have their defensive assets increased.
• Members aged 65 and over will have their balance maintained at a long-term allocation of 70 per cent growth assets and 30 per cent defensive assets.

Helen Murdoch, GM of Corporate Super said the changes enable MLC to cater to member needs at different stages in their life and work journey.

“Our focus continues to be on providing support for almost 600,000 of our members to achieve long-term benefits and sustainable growth. With that in mind, we engaged with our various stakeholders to receive their feedback and conducted detailed modelling and extensive analysis of the changing default super landscape.

“Our research* shows that 40 per cent of Australians have never reviewed their super fund strategy to ensure it’s right for them. Moreover, 73 per cent of Australians do not know the right risk profile for their age but 66 per cent would change their asset allocation if they knew they were missing out on tens of thousands in retirement savings.”

“The changes we introduced will help our members invest in higher growth investments when they’re younger which gives their super more of an opportunity to grow. At the same time as delivering growth opportunities, we have looked to reduce the impact of potential adverse market movements as members approach retirement age,” added Murdoch.

“We will maintain the underlying MySuper investment philosophy. We will also continue to leverage our in-depth expertise in multi-asset investing to achieve better performance outcomes for our members while maintaining a strong focus on risk management,” said Jonathan Armitage, GM Asset Management and Chief Investment Officer.

The transition of all members invested in the current MySuper to the new updated MySuper was completed between 22-25 March. All assets invested in the current MySuper were transitioned at the same time with no transaction cost to members.

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