Renee Howie

We welcome last Friday’s consultation on the annual superannuation performance test and the Government’s openness to redesigning it to better represent Australians who invest their superannuation in non-MySuper investment options, including recognition that the current test was designed for ~$50k MySuper balances.

MLC has always been supportive of the intent of the performance test to help protect Australians from being invested in underperforming super products.

We have, however, been vocal with the industry, Treasury and Government about flaws with how the test is applied to non-MySuper investment options. We have two key concerns with the test, in its current form:

1. Of the current $20 billion platform trustee directed market (known as wrap platforms and referenced on page 25 of the consultation paper), only two providers make up ~80% of what is currently tested. Applying the test to such a small portion of the wrap platform market produces outcomes that misrepresent performance and may harm consumers.
2. It doesn’t effectively take into consideration that individual investment options within wrap platforms are generally held as part of a personalised and diversified investment portfolio that is agreed by a member with their financial adviser. In a wrap platform, a member may have their super balance invested across multiple investment options, whereas a MySuper member would typically have their entire super balance invested in one option.

As we’ve previously said, a one-size-fits-all performance test does not necessarily produce the best result for members who make an active choice in how their retirement savings are invested. We look forward to continuing to work with the Government to help address these flaws.

In response to the Government considering extending the test to retirement products, we would caution that a test designed for the accumulation phase does not take into account the nuances of an individual member’s retirement, and the fact that retirement is more than just a product.

By Renee Howie, Chief Customer Officer

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Renee Howie

MLC, part of Insignia Financial, has relaunched its iconic brand with a provocative campaign, fronted by cult comedian Matt Berry, telling Australians they don’t care about the future, because retirement is a lifetime in the making.

With 138 years of heritage, MLC is repositioning itself to meet the evolving needs of today’s consumers. The relaunch includes a new brand expression – featuring the beloved golden egg – and a provocative new advertising campaign, featuring Matt Berry, challenging Australians to not worry about the future.

Renee Howie, MLC’s Chief Customer Officer, said: “MLC is one of Australia’s most trusted and enduring financial brands. For generations, Australians have known and loved the golden nest egg MLC is renowned for, and have seen it as a symbol of quality, expertise and a pioneering spirit.

“We’re building on our 138 years of experience and expertise as one of the largest retirement providers to Australians, to relaunch MLC as a ‘super-into-retirement’ brand, as we believe retirement is a lifetime in the making.

“From the moment you start working, you’re retiring. But, to most Australians, retirement doesn’t feel like a choice they have now, it feels like something that happens to them later.

“Our new advertising campaign is the creative embodiment of this. We’re having fun, being a bit cheeky and calling out the fact that at MLC, we don’t care about the future – which is not something you hear a lot of super funds say.

“MLC’s new campaign opens with the very funny and talented Matt Berry saying, “We don’t care about the future”, which you might think is counterintuitive for a super fund, but that’s the point. We’re focussing on the fact that a glorious retirement isn’t built in the future, it’s built by the choices people make today. It’s built dayby-day, and decision-by-decision in the present.

“Through our new tagline, A Lifetime in the Making, MLC is reframing how Australians think about superannuation and retirement – shifting the focus from distant outcomes to present-day action. We care about working with our members today, by giving them guidance, advice and investment expertise, so they can shape the retirement they want.”

Ms Howie said the relaunch of the MLC brand, which has been out of market for more than five years, also coincides with an updated proposition for members to position the fund more competitively.

“We’ve been working hard behind the scenes across all areas of our business to ensure that when we relaunched the MLC brand to market, we had a compelling product and value proposition for members. We’ve reduced administration fees and costs – in fact, MLC MasterKey Pension Fundamentals is ~27% lower than the average superannuation pension product, we offer financial coaching at no extra cost, and we offer eligible pension members a bonus an average of more than $5,300.

“Our MLC High Growth option has also delivered strong, long-term results over 5, 7, 10 and 15 years – in fact it delivered 9.9% pa over the 15 years to 30 June 2025.

“To coincide with the relaunch, we’re also rolling out a range of new member engagement initiatives, an uplifted member experience and a new website with industry-leading tools and calculators.”

Ms Howie added: “The MLC brand relaunch is a bold step towards Insignia Financial’s 2030 Vision to be Australia’s leading and most efficient diversified wealth management company, reaffirming our commitment to delivering exceptional value and confidence to Australians at every stage of life. Because, as we say in our new campaign, a glorious retirement is a lifetime in the making.”

The campaign, which was created by new Australian creative company Princess and directed by Alex Roberts of Finch, launched on 5 October and is rolling out across television, cinema, online video, radio, out-of-home, digital and social channels.

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Renee Howie

“MLC welcomes the Australian Government’s release of the consultation papers on Best Practice Principles for Superannuation Retirement Income Solutions and the Retirement Reporting Framework. These papers represent a significant step forward in strengthening Australia’s retirement income system and ensuring better outcomes for the millions of Australians transitioning into retirement over the coming decade.

As one of Australia’s leading superannuation brands, MLC strongly supports the Government’s focus on improving transparency, product innovation, and member engagement in the retirement phase. The proposed principles and reporting framework align closely with our own commitment to delivering more flexible, personalised, and sustainable retirement income solutions.

The release of these papers comes at a pivotal time, as MLC launches MLC Retirement Boost to help Australians boost their income in retirement by leveraging the concessional treatment of innovative retirement income streams.

MLC is committed to empowering Australians to plan for retirement with greater confidence, flexibility, and clarity. We look forward to contributing to the consultation process and continuing to work with Government, regulators, and industry partners to help shape a retirement system that delivers for all Australians.”

By Renee Howie, MLC’s Chief Customer Officer

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