mlc.com.au

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.

I Had $750.00 in my account from back in 2017, and now i have $120.00 left due to administration and fees. Biggest rip off superfund.
Not satisfied in the slightest.

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!

As I was a NAB customer for some ten years I thought that trusting my retirement funds with an Australian company as large as NAB was a good choice. I could not have made a worse choice if I tried.
I met with a NAB 'financial adviser' just prior to my retirement and discussed all my financial details and my desired outcomes. The advise I received was that they will take all my funds that was well over the purchase cost of a very good house in a very good suburb and will manage these funds with the promise of excellent management f my retirement funds and very good returns.
A week later I met with the NAB 'financial adviser' and together we went through his proposal. His advise was that they would invest my life savings with MLC (a company owned by NAB) and MLC would spread my money over a number of investments. At this meeting I was told by my NAB 'financial adviser' that NAB is asking all advisers to promote a new NAB financial stream that is now operating called Northward Capital and would invest around 25% of my funds. The rest was spread over numerous investments. Entry into Northward cost $0.9307 cents per unit and 18 months later was $0.7656. At this point NAB advised me that they will be not investing with Northward any longer so sold my investment at a loss of $43,400. Obviously I was not happy with his outcome however NAB refused to take any responsibility and my complaints to the Ombudsman was not taken any further as it was deemed a share performance issue.
I decided to continue with NAB until I was advised by NAB in May 2018 that they will be disposing of MLC and it will be up for sale. At this point I decided to move to another fund. That was the best decision I could have made, my fees with the new fund is only $53.00 per month, compared to MLC fees of $425.00 per month. I have also found the revenue of my investments increased from 4.8% to 10.9%.
I will never deal with the major banks again as I found out the expensive way that they do not care about their customers whom they treat as though they are doing us a favour by taking our money and doing what they please with it. The Banking Royal Commission may deal with some of these grievances.
My advise to future investors is stay clear from the big banks.

Have been on hold for 30 mins four times with no answer. They simply don’t answer. Ever. Not sure about other aspects of the business, but how can their call centre be this overrun?

Was with this super fund for 3 years and lost $9K in fees and insurances. This product was sold to me by a dodgy financial advisor, obviously only interested in lining his own pockets. In fact I was pretty much harassed by him daily from starting with my new employer, until I agreed to speak to him about my super and insurances. Luckily after watching the news and hearing about people being ripped off through super fees and insurances, I checked my statement and realised I was being charged exorbitant fees and paying through the roof for insurances that I will probably never even need. I wish there was some way I could get this money back. What a waste of my hard earned and deserved money.

Plum Super with PFS Nominees transferred trustees in July 2016 and with it my lifetime annuity to my employer! Beware if you were a member, they dissolved all assets and liabilities. I received a -$5000 deduction off my last pay along with a lump sum payment for superannuation also of $5000, net gain $0 and the ATO reported my super balance with two amounts. Reporting double the super I had, the ATO says it was a glitch, MLC denied its existence but I found the information online stating that all former and current employees receive a lifetime annuity. Because I hadnt yet been there a year when I resigned they kept it and still claim to have no knowledge. They refused to pay my income protection offering 20% of my salary saying its a fixed amount as per personal plan. Dont file any claim until they update your income!!!! Everything in writing record all your calls!!! They edited audio recordings and dont bother with the AFCA tribunal they are both in each others back pockets. Keep all documents!!!

MLC - Beware of late payments!

Buy beware MLC pay you late and early so to confuse you as they refuse to pay the 13 periods in a year they pay you late so they reduce your benefits by one month every year. They paid just 20% and was lied to me me for ten months before claim approved and they will rip you off. Paying me one week in back pay for ten months of back pay and barely 49% of salary

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.

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.

After 30 plus years with this fund we have been spoken to like fools treated badly and have now cancelled all policies . what a waste of money all those years

We have been with MLC super for 18 months $1044 was put in there 1 year ago went to get it out today $194 was left thieves just thieves ...what is the government doing about this

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.

Father passed in September it's nearly June and still nothing you can't contact them and when you do the person you need to speak with won't be working, they ask you to send everything by mail and wait weeks on end for them to find it and on top of all that that convinced my father to swap superannuation not long before he died and have him no death cover or anything at all. You are destroying people's lives shut them down!!

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.

Very high fees and minimal returns over the last 12 months, the fees were over 6 times higher than returns. What a joke, it's either very poorly managed or just outright thieves. I definately would not recommend !

Avoid this super fund like the plague, they take out copious amounts of money with out any return whatsoever, I will be taking this up with the A.T.O in the coming days

Paying for 30 years into 3 in 1 business super was a stipulation of NAB to give us house loan. Sole owner of lawn mowing business. 2017 had aneurysm/stroke. After 7 months MLC have declined payment still haven't heard why...response is always "in due course" They decided to put 3ish thousand back into the super ???????? Not income for us to live on... apparently we have been paying into the wrong coverage for 30 years....solicitor said MLC worst company to fight with as they will drain everything from us . MLC WINS

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.

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?

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 .........