MLC MasterKey Business Super

MLC MasterKey Business Super

1. Product Disclosure Statement

Information on your MLC MasterKey Business Super or MLC MasterKey Personal Super account.

MLC MasterKey Business Super Investment Menu

The FundMLC Super FundABN 70 732 426 024

Issued by the TrusteeNULIS Nominees (Australia) LimitedABN 80 008 515 633 AFSL 236465

Preparation date1 October 2021

3. Investment Menu

Information you need to decide which investment options best suit your financial goals.

MLC MasterKeyBusiness SuperInsurance Guide

The InsurerInsurance is issued by MLC LimitedABN 90 000 000 402 AFSL 230694




MLC MasterKey Business SuperClaims Guide

Preparation date 1 October 2021

Issued by The Trustee NULIS Nominees (Australia) LimitedABN 80 008 515 633 AFSL 236465

The Fund MLC Super Fund ABN 70 732 426 024

4. Insurance Guide

Information about the insurance you have through your super.

5. Claims Guide

Information about making an insurance claim.

Contact usFor more informationvisit mlc.com.au or call us fromanywhere in Australia on 132 652 orcontact your financial adviser.

Postal addressPO Box 200North Sydney NSW 2059

Registered addressGround Floor, MLC Building105-153 Miller StreetNorth Sydney NSW 2060

This brochure contains additionalinformation about the fees and costsreferred to in the 'Fees and Costs' section ofthe PDS.

This brochure also defines the fees shownin the 'Fees and Costs' section of the PDS.We’re required by law to provide these toyou.

The information in this document maychange from time to time. Any updates thataren’t materially adverse will be availableat mlc.com.au. You can obtain a paper copyof any of these changes at no additional costby contacting us.

The information in this document formspart of the MLC MasterKey BusinessSuper Product Disclosure Statement(PDS), dated 1 October 2021.

Together with the Investment Menu,Insurance Guide and the Claims Guide,these documents should be consideredbefore making a decision about whetherto invest in the product.

They are availableat mlc.com.au/pds/mkbs

Additional explanation of fees and costsAdministration fees and costsAdministration fees and costs are made up of administration fees charged to your account and other administration costs paid from Fundreserves. They relate to the administration and operation of the fund and include the Trustee's costs and expenses, audit fees and otherregulatory costs. The administration fees and costs that apply to all investment options are shown in the Fees and Costs Summary in thePDS.

Administration fees

Administration fees are ongoing fees directly charged to your account.

Administration fees have three components.

1. A percentage administration feeThis fee is charged monthly based on your account balance invested in each investment option.

2. The Trustee LevyThis fee is charged monthly as a percentage of your total account balance. The Trustee Levy was introduced on 1 February 2021 to coversome or all of the costs related to the running of the MLC Super Fund. It is paid into the MLC Super Fund general reserve.

3. A fixed feeThis fee applies regardless of your account balance and is charged monthly.

Your employer may be able to negotiate a discount on your fixed fee and/or percentage administration fee, depending on the size of theemployer's Plan, or your employer may pay some or all of your fees. If your employer pays some or all of your fees, the payments are consideredadditional contributions and count towards your concessional contributions cap. If you transfer to MLC MasterKey Personal Super, thesefee discounts no longer apply.

You can view the actual administration fees deducted from your account by logging in to mlc.com.au or on your annual statement.

Other administration costs

The other administration costs shown in the Fees and Costs Summary in the PDS are administration costs which were met from the MLCSuper Fund general reserve during the financial year to 30 June 2021 and were not covered by the Trustee Levy paid into the reserve in thatyear. These costs are not charged to your account. However, they reduce the level of the reserve remaining available to the trustee to use forthe benefit of members generally.

MLC MasterKey Business SuperFee Brochure

The InsurerMLC LimitedABN 90 000 000 402 AFSL 230694




2. Fee Brochure

Defines the fees shown in the ‘Fees and costs’ section of the PDS. We’re required by law to provide these to you. Additional information is also provided about these fees and costs in this brochure.

Your guide to what is included in the MLC MasterKey Business Super Product Disclosure Statement.

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Contact us

For more information visit mlc.com.au or call us from anywhere in Australia on 132 652 or contact your adviser.

Postal address PO Box 200 North Sydney, NSW 2059

1. About MLC MasterKey Business SuperYou can use this Product Disclosure Statement (PDS) to find what you need to knowabout your super and how we can help you reach your retirement goals

We’ve worked with your employer to provide you a super account which gives you a greatopportunity to grow and protect your wealth.

With MLC MasterKey Business Super, a part of the Fund, you have access to a broad rangeof investment options, allowing you to customise your investment portfolio.

If you haven’t chosen an investment option, your super will be invested in MySuper. SeeSection 5 for details of MySuper and go to mlc.com.au/yoursuperfund for the MySuperProduct Dashboard.

You can find more information on the Fund, the Trustee and executive remuneration, andother Fund documents at mlc.com.au

2. How super worksWhat you need to know about super

You generally have the choice where your employer makes your super contributions.

From 1 November 2021, if you don't have an existing super fund (stapled fund) and don'tchoose a super fund, your employer will pay your super into your MLC MasterKey BusinessSuper account.

It’s compulsory for contributions to be made to super for most working Australians. Superis generally a tax-effective way to save for your retirement—tax concessions and othergovernment benefits can make it one of the best long-term investments you have.

Contributing to your superRegular contributions are a great way to helpyour super grow. Your employer generallymakes super guarantee contributions (alsoknown as employer contributions), and yoursuper can be boosted with other types ofcontributions, if eligible, including:

salary sacrifice contributions

personal after-tax contributions

spouse contributions (made to your accountby your spouse)

government co-contributions, and

downsizer contributions.

You can make additional contributions to youraccount by or credit card. You can alsoset up a direct debit from your account forregular contributions. There are caps on theamount you can contribute to super. If youexceed these caps you may pay additional tax.

Bringing all your super togetherKeeping your super in one place can makesense. You can generally transfer any othersuper accounts you have into your MLC

MasterKey Business Super account. Doing thisgives you a single view of your super, helpsyou keep track of your investments, andmeans you only pay one set of fees. Beforeconsolidating, you should check if there areany costs involved, loss of insurance that’simportant to you, any difference in feescharged or any benefits you wish to keep. Youshould consider speaking with a financialadviser to make sure it’s the right decision foryou.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

This Product Disclosure Statement (PDS or Statement) is a summary of significant information and contains a number of references to furtherimportant information in the Fee Brochure, Investment Menu, Insurance Guide and the Claims Guide (each of which forms part of the PDS).You should consider all this information before making a decision about the product.

Registered AddressGround FloorMLC Building105-153 Miller StNorth Sydney NSW 2060


Issued by the TrusteeNULIS Nominees (Australia) LimitedABN 80 008 515 633AFSL 236465


MLC MasterKey Business SuperProduct Disclosure Statement

Contents

11. About MLC MasterKey

Business Super

12. How super works

2

3. Benefits of investing withMLC MasterKey BusinessSuper

34. Risks of super

35. How we invest your money

46. Fees and costs

67. How super is taxed

78. Insurance in your super

89. How to open an account

Get in touchCall us on 132 652 within Australia.Chat with us at mlc.com.auWrite to us:PO Box 200, North Sydney NSW 2059

1MLC MasterKey Business Super Product Disclosure Statement

1. About MLC MasterKey Business SuperYou can use this Product Disclosure Statement (PDS) to find what you need to knowabout your super and how we can help you reach your retirement goals

We’ve worked with your employer to provide you a super account which gives you a greatopportunity to grow and protect your wealth.

With MLC MasterKey Business Super, a part of the Fund, you have access to a broad rangeof investment options, allowing you to customise your investment portfolio.

If you haven’t chosen an investment option, your super will be invested in MySuper. SeeSection 5 for details of MySuper and go to mlc.com.au/yoursuperfund for the MySuperProduct Dashboard.

You can find more information on the Fund, the Trustee and executive remuneration, andother Fund documents at mlc.com.au

2. How super worksWhat you need to know about super

You generally have the choice where your employer makes your super contributions.

From 1 November 2021, if you don't have an existing super fund (stapled fund) and don'tchoose a super fund, your employer will pay your super into your MLC MasterKey BusinessSuper account.

It’s compulsory for contributions to be made to super for most working Australians. Superis generally a tax-effective way to save for your retirement—tax concessions and othergovernment benefits can make it one of the best long-term investments you have.

Contributing to your superRegular contributions are a great way to helpyour super grow. Your employer generallymakes super guarantee contributions (alsoknown as employer contributions), and yoursuper can be boosted with other types ofcontributions, if eligible, including:

salary sacrifice contributions

personal after-tax contributions

spouse contributions (made to your accountby your spouse)

government co-contributions, and

downsizer contributions.

You can make additional contributions to youraccount by or credit card. You can alsoset up a direct debit from your account forregular contributions. There are caps on theamount you can contribute to super. If youexceed these caps you may pay additional tax.

Bringing all your super togetherKeeping your super in one place can makesense. You can generally transfer any othersuper accounts you have into your MLC

MasterKey Business Super account. Doing thisgives you a single view of your super, helpsyou keep track of your investments, andmeans you only pay one set of fees. Beforeconsolidating, you should check if there areany costs involved, loss of insurance that’simportant to you, any difference in feescharged or any benefits you wish to keep. Youshould consider speaking with a financialadviser to make sure it’s the right decision foryou.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

This Product Disclosure Statement (PDS or Statement) is a summary of significant information and contains a number of references to furtherimportant information in the Fee Brochure, Investment Menu, Insurance Guide and the Claims Guide (each of which forms part of the PDS).You should consider all this information before making a decision about the product.

Registered AddressGround FloorMLC Building105-153 Miller StNorth Sydney NSW 2060


Issued by the TrusteeNULIS Nominees (Australia) LimitedABN 80 008 515 633AFSL 236465


MLC MasterKey Business SuperProduct Disclosure Statement

Contents

11. About MLC MasterKey

Business Super

12. How super works

2

3. Benefits of investing withMLC MasterKey BusinessSuper

34. Risks of super

35. How we invest your money

46. Fees and costs

67. How super is taxed

78. Insurance in your super

89. How to open an account

Get in touchCall us on 132 652 within Australia.Chat with us at mlc.com.auWrite to us:PO Box 200, North Sydney NSW 2059


https://www.mlc.com.au/personal/superannuation/super-disclosure-and-governance/MLC-Super-Fund

https://www.mlc.com.au/


Accessing your superSuper is designed to support you in retirement, so there are restrictionson when you can access it. To access your super, you must meet acondition of release, such as:

reaching age 65

reaching your preservation age (between age 55 and 60 dependingon your date of birth) and permanently retiring

ceasing an employment arrangement on or after the age of 60

reaching your preservation age and starting a transition-to-retirementpension

becoming permanently incapacitated, or

having a terminal medical condition.

Once you meet a condition of release, you’re able to withdraw yoursuper as a lump sum or transfer your super to a pension account tostart an income stream.

There are other circumstances where you may be able to access yoursuper including:

under the First Home Super Saver Scheme

if you’re a temporary resident and you permanently leave Australiaonce your visa has expired

severe financial hardship, or

compassionate grounds.

What happens to your super if you pass away?Your super and any insurance you hold in the Fund can be paid to yourbeneficiaries or estate if you pass away. There are two types ofbeneficiary nominations we offer: binding and non-binding. A bindingbeneficiary nomination, if valid, allows you to decide exactly whereyour benefit is paid. With a non-binding nominations, we'll consideryour nomination and your personal circumstances before making adecision on where to pay your benefit. If you make an invalidnomination, or no nomination at all, we'll decide where your benefit ispaid.

Your account balance will be switched into the MLC Cash Fund on thedate we receive notification of your death.

We’ll switch off any Adviser Service Fees being paid to your adviserand stop charging insurance premiums once we’re notified of yourdeath. Any Adviser Service Fees and insurance premiums chargedbetween the date of death and the notification of death will be refundedalong with the final benefit payment.

We’ll continue to charge all other fees and costs set out in section 6until your Death Benefit is paid to your estate and/or beneficiaries.

You should speak with your financial or legal adviser for moreinformation on estate planning. You can view the BeneficiaryNomination form for more information.

The law defines your eligibility to contribute, types ofcontributions you can make (or others can make on yourbehalf), and limits on contributions, including the maximumamount you can contribute before paying additional tax. Italso sets strict limitations on when you can withdraw yoursuper. Generally, you can access your super after you reachyour preservation age and retire, or if you satisfy anothercondition of release.

3. Benefits of investing with MLC MasterKey Business SuperWhat we offer in your super account

Advice tools and calculators: Helping you understandyour super, when it’s convenient for you.

A wide range of investment options: Customiseyour investment portfolio to how you like it, usingour world-class investment managers.

Member benefits program: Access to discounts, lifestyleoffers, popular events, travel offers, savings on healthinsurance, and more.

MySuper: Easy-to-manage investing, for all stagesin life.

Online access and a mobile app: Stay on top of yoursuper—wherever you are.

Insurance: Tax-effective cover to protect you andyour family.

Keeping you informedWe'll be in touch regularly with any important information about youraccount. We'll provide you with:

a statement of your account each financial year

information in relation to any material changes to your account, and

confirmation of changes you make to your account such as personalcontributions, investment switches, updating your details, rollovers,or withdrawals.

We'll send you an email to let you know when there's something foryou to read or download in your online member accountat mlc.com.au rather than sending it to you in the mail. You can switchyour preference to mail at any time.

Our default online communications will include your WelcomeKit, Annual Statement and, where we can, notices of any materialchanges to your super. We’ll continue to mail you some communicationsthat aren’t available online.

Staying with us when you leave your employerIf you leave your current employer, we’ll automatically move youraccount balance you hold into MLC MasterKey Personal Super. If youhave insurance cover when you leave your employer, you'll generallybe able to keep it. Further information outlining what you’ll need to do(if anything) to keep your cover, including the type and amount of coverthat can be kept, will be provided in the materials supplied to you atthe time you leave your employer.

The fees, costs, and insurance premiums are generally higher after youmove. All charges will be deducted from your account and you will nolonger receive any employer additional contributions. You can see thefees and costs for MLC MasterKey Personal Super on page 4.

The information in this PDS may change from time to time. Any updates that aren’t materially adverse will be available at mlc.com.au. Youcan obtain a paper copy of any of these changes at no additional cost by contacting us.




4. Risks of superLike any investment, super has risks

Before you invest, there are some things you need to consider. Howmuch risk you’re prepared to accept is determined by various factors,including:

your investment goals

the savings you'll need to reach these goals

your age and how many years you have to invest

where your other assets are invested

the return you may expect from your investments, and

how comfortable you are with investment risk.

Investment riskAll investments come with some risk. Some investment options willhave more risk than others, as it depends on an option's investmentstrategy and assets.

The value of an investment with a higher level of risk will tend to riseand fall more often and by greater amounts than investments withlower levels of risk, ie it's more volatile.

While it may seem confronting, investment risk is a normal part ofinvesting. Without it you may not get the returns you need to reachyour investment goals. This is known as the risk/return trade-off.

When choosing your investment option, it's important to understandthat:

its value and returns will vary over time

assets with higher long-term return potential usually have higherlevels of short-term risk

returns aren't guaranteed and you may lose money

future returns will differ from past returns, and

your future super balance (including contributions and returns) maynot be enough to provide sufficiently for your retirement.

Laws affecting super may change, impacting your retirement savings.

Your financial adviser can help you respond to any changes to laws onsuper, social security and other retirement issues.

You should read the important information about the risksof investing in the Investment Menu before making adecision. Go to mlc.com.au/pds/mkbs

The material relating to risks may change between the timewhen you read this Statement and the day when you acquirethe product.

5. How we invest your moneyChoose the investment option that’s right for you

When you join the Fund, you’ll start out in our MySuper investmentoption unless you choose from our wide range of other options. Theseoptions are shown in our Investment Menu.

When choosing your investment option, you should consider therisk, likely return, and investment time frame.

You should read the important information about each ofthe investment options and the investment approach,including responsible investing and the Standard RiskMeasure in the Investment Menu before making adecision. Go to mlc.com.au/pds/mkbs

The material relating to the Investment Menu may changebetween the time when you read this Statement and theday when you acquire the product.

MySuperMySuper automatically provides a mix of growth and defensive assets depending on your age. When you’re younger and have more opportunityto grow your super, your MySuper will be invested in more growth assets. From age 55, we’ll gradually move your balance towards more defensiveassets. We’ll make this gradual shift until you turn 65. To achieve this, MySuper uses a combination of three investment portfolios: MySuperGrowth Portfolio, MySuper Conservative Growth Portfolio, and MySuper Cash Plus. For more information on the three investment portfolios,please refer to the Investment Menu.

Age 65 and overAt age 60Under 55 years

To outperform inflation, measuredby the Consumer Price Index, by3.0% pa after investment fees and



Investment objective

taxes, over any 10 year period.taxes, over any 10 year period.taxes, over any 10 year period.

Strategic asset allocation (and ranges)

14% (8% - 36%)6% (0% - 30%)5% (0% - 30%)Cash

11% (4% - 24%)10% (2% - 24%)6% (0% - 20%)Fixed income - diversified

10% (3% - 22%)11% (4% - 24%)11% (5% - 25%)Fixed income - credit

4% (0% - 14%)5% (0% - 15%)5% (0% - 15%)Alternatives and other

5% (0% - 17%)5% (0% - 19%)6% (0% - 20%)Infrastructure

6% (0% - 17%)7% (0% - 19%)7% (0% - 20%)Property

24% (11% - 39%)27% (13% - 43%)29% (15% - 45%)Global shares

22% (8% - 36%)24% (9% - 39%)26% (10% - 40%)Australian shares

4% (0% - 14%)5% (0% - 15%)5% (0% - 15%)Private equity

100%100%100%Total


https://www.mlc.com.au/content/dam/mlc/fb/common/packs/70521_mkbs_offer_documents.pdf


Age 65 and overAt age 60Under 55 years

34% (20% - 47%)25% (10% - 40%)21% (5% - 35%)Defensive assets

66% (53% - 80%)75% (60% - 90%)79% (65% - 95%)Growth assets

High (estimate of 4 to 6 negativeannual returns in any 20 yearperiod)

High (estimate of 4 to 6 negativeannual returns in any 20 yearperiod

High (estimate of 4 to 6 negativeannual returns in any 20 yearperiod)

Standard Risk Measure

7 yearsMinimum suggested time toinvest

We may change the investment objective, investment approach, strategic asset allocation and ranges in each investment option, or add new,suspend or remove investment options at any time without prior notice to members. We will notify you of material or significant changes inaccordance with the law, which may be before or after the change. Up-to-date information is available at mlc.com.au

You can switch between investment options at any time, but there are limits to the frequency of investment switches you can make. For furtherinformation on switching limits see the Investment Menu or just log in to your account online at mlc.com.au

6. Fees and costsAn overview of the fees and costs you can expect to pay

DID YOU KNOW?

Small differences in both investment performance and fees and costs can have a substantial impact on your long-term returns.

For example, total annual fees and costs of 2% of your account balance rather than 1% could reduce your final return by up to 20% overa 30-year period (for example, reduce it from $100,000 to $80,000).

You should consider whether features such as superior investment performance or the provision of better member services justifyhigher fees and costs.

You or your employer, as applicable, may be able to negotiate to pay lower fees. Ask the fund or your financial adviser.

TO FIND OUT MORE

If you would like to find out more, or see the impact of the fees based on your own circumstances, the Australian Securities and InvestmentsCommission (ASIC) Moneysmart website (www.moneysmart.gov.au) has a superannuation calculator to help you check out different feeoptions.

You’ll find the fees we charge in the summary below. Entry fees and exit fees cannot be charged. You can use the information in this summaryto compare fees and costs between MLC MasterKey Business Super and other super products. You can find information about fees and costsfor each investment option, and more information about each fee in the Fee Brochure, Investment Menu and in the 'Additional explanationof fees and costs'.

These fees and costs may be deducted from your balance, your investment returns, or from the assets of MLC Super Fund as a whole. In somecases fees can be negotiated by an employer, depending on the size of their plan. All fees are shown inclusive of stamp duty and GST and netof Reduced Input Tax Credits (where applicable). You can view the actual fees deducted from your account by logging in to mlc.com.au or onyour annual statement.

Fees and costs summary


How and when paidAmountType of fee or cost

Ongoing annual fees and costs1

The Administration fee is deducted monthly from youraccount balance.

A percentage Administration fee of up to 0.30% pa ofyour account balance invested in the MySuper and MLCCash Fund investment options#

Administration fees andcosts

The percentage fee for each month is determined usingyour account balance at the date it’s calculated.Plus

A percentage Administration fee of up to 0.50% pa ofyour account balance invested in other investmentoptions (not including MySuper and MLC Cash Fund)#

The percentage Administration fee charged to each account you have (excluding the fixed fee and TrusteeLevy) is capped at $2,500 pa.

The Trustee Levy will be deducted monthly from youraccount balance. The levy amount for each month iscalculated using your account balance at the date it's

Plus

Trustee Levy of 0.02% pa of your account balance

deducted.




http://www.moneysmart.gov.au/



How and when paidAmountType of fee or cost

Ongoing annual fees and costs1

You won’t see these costs as direct charges to youraccount. They reduce the balance held in reserves usedto cover certain costs related to the running of the MLC

Plus

Other administration costs paid from reserves of 0.03%pa of your account balance

Super Fund.

This fee is deducted monthly from your account balance.Plus

A fixed fee of up to $78 pa

You won’t see these fees and costs as direct charges toyour account. They're reflected in the daily unit price ofeach investment option and will reduce the net return

Investment fees and estimated costs for MySuperinvestment option, 0.78% pa of your account balance.

Investment fees and estimated costs for otherinvestment options, ranges from 0.13% pa to 3.05% pa.

Investment fees andcosts2

on your investment.

You won’t see these costs as direct charges to youraccount. They're reflected in the daily unit price of eachinvestment option and will reduce the net return on your

MySuper investment option, 0.08% pa (estimated).

Other investment options, ranges from 0.00% pa to0.48% pa (estimated).

Transaction costs

investment.

Member activity related fees and costs

MySuper investment option, 0.00%/0.00%Buy-sell spread You won't see this fee as a direct charge to youraccount. It's reflected in the buy and sell unit price ofeach investment option when there's a transaction onOther investment options, ranges from

0.00%/0.00% to 0.30%/0.25% your account.The current buy-sell spreads of an investment optionare available at mlc.com.au/buysellspreads

Not applicable.NilSwitching fee

Other fees and costs3 Insurance feesOperational Risk FinancialRequirement (Reserve)

Adviser Service Fee

1 If your account balance for a product offered by the Fund is less than $6,000 at the end of the Fund’s income year, certain fees and costscharged to you in relation to administration and investment are capped at 3% of the account balance. Any amount charged in excess of thatcap must be refunded.

2 Investment fees and costs includes an amount of 0.21% for performance fees for MySuper. The calculation basis for this amount is set outunder “Additional explanation of fees and costs” in the Fee Brochure.

3 For more information, please see the Additional explanation of fees and costs section, in this PDS and in the Fee Brochure.

# This fee is charged to your account on a monthly basis and will be rounded off to 2 decimal points. As a result of the rounding, the total annualamount may slightly differ. In some cases this fee can be negotiated by an employer, depending on the size of their plan, therefore the fee youpay might be lower than the fee disclosed in the table above. For accounts where an employer has agreed to pay full or part of the Fees and/orInsurance premium, these fees and/or Insurance premiums will be charged to you in full and once the employer has paid for these, a credit willbe applied to your account. Any fees your employer pays on your behalf are considered additional contributions and will count towards yourconcessional contributions cap.

Example of annual fees and costs for a superannuation productThis table gives an example of how the ongoing annual fees and costs for the MySuper investment option for this superannuation product canaffect your superannuation investment over a 1 year period. You should use this table to compare this superannuation product with othersuperannuation products.

BALANCE OF $50,000EXAMPLE - MySuper

For every $50,000 you have in the superannuation product, you willbe charged or have deducted from your investment $175 inadministration fees and costs, plus $78 regardless of your balance.

0.35% pa + $78 paAdministration fees and costs

And, you will be charged or have deducted from your investment$390 in investment fees and costs

0.78% paPLUS Investment fees and costs

And, you will be charged or have deducted from your investment $40 intransaction costs

0.08% paPLUS Transaction costs

If your balance was $50,000 at the beginning of the year, then for thatyear you will be charged fees and costs of $683 for the superannuationproduct.

EQUALS Cost of product

Note: *Additional fees may apply.

The Cost of product shown in the example is based on the MySuper Growth Portfolio. For Cost of product information on each investmentoption, please refer to the Investment Menu.

The ASIC superannuation calculator at www.moneysmart.gov.au can be used to calculate the effect of fees and costs on account balances.


https://www.mlc.com.au/personal/investments/prices-and-performance/buy-sell-spreads

https://www.moneysmart.gov.au

Fee changes when you leave your employerIf you leave your employer you’ll be transferred to MLC MasterKeyPersonal Super. You will lose the benefit of any fee subsidies from youremployer and any fee discounts negotiated by your employer. Thismeans the total fees you pay are likely to increase. We will also chargea different percentage Administration fee, as shown in the table below.The other Administration fees we charge (Trustee Levy, fixed fee andfee cap) will remain the same.

Amount for otherinvestment options(Excluding MySuperand the MLC CashFund)

Amount for MySuperand the MLC CashFund

Total account balance

0.50% pa0.30% pa of youraccount balance held

First $150,000

0.30% paRemaining balanceover $150,000 in MySuper and the

MLC Cash Fund

Additional explanation of fees and costsAdviser Service Fee

If you wish to consult a financial adviser, you should considerthe following information:

You may pay a fee for the services you receive and choose how topay for these services.

You can authorise us to deduct from your account and pay to yourfinancial adviser an Adviser Service Fee, solely in relation to your MLCMasterKey Business Super or MLC MasterKey Personal Super. Wewill only deduct fees if you instruct us to.

Any fees charged by your financial adviser are in addition to the feesand costs in this PDS.

You can cancel an existing Adviser Service Fee at any time bycontacting us.

You don’t need to consult with a financial adviser to use our services.

Your financial adviser cannot change the Adviser Service Fee withoutyour consent.

Additional fees may be paid to a financial adviser if a financial adviseris consulted.

The terms of any fee arrangement you have agreed to with a financialadviser will generally be documented in a letter of engagement, and thefee amounts to be deducted in accordance with that arrangement mustalso be detailed in the Statement of Advice and Fee Disclosure Statement(if applicable) they provide. We reserve the right to reject or terminatean Adviser Service Fee arrangement on your account at any time.

Other adviser remuneration

Your financial adviser is not paid commission for this product. Theymay receive alternative forms of payments such as conference andprofessional development seminars for training purposes. They mayalso receive payments from us to provide services to employers andmembers. These are paid by us at no additional cost to you.

Insurance premiums and fees

Insurance fees consist of an insurance premium charged by the Insurerand an insurance fee charged by us. We charge an insurance fee to coverthe cost of administering insurance and is calculated at a rate of up to8% of your insurance premium (up to a maximum of $300 pa).

Fee rebates and discounts

Fee rebates and discounts may apply to your account. Please refer tothe Fee Brochure for further information.

Varying fees

We can vary our fees, fee discounts, or rebates without your consent,but we’ll give you at least 30 days’ notice of any material increase infees. This doesn’t include changes to buy-sell spreads or to costs thatare not charged directly to you. The buy-sell spreads may change dailyand in certain circumstances, increase or decrease significantly. Thecurrent buy-sell spreads of an investment option areavailable at mlc.com.au/buysellspreads

You should read the important information about Fees andcosts of the investment options and the definitions of fees,in the Fee Brochure, Investment Menu and the InsuranceGuide before making a decision. Go to mlc.com.au/pds/mkbs.

The material relating to fees and costs and the feedefinitions may change between the time when you readthis Statement and the day when you acquire the product.

7. How super is taxedAn overview of tax in super

Tax laws change from time to time, so we recommend you seek advicefrom a financial adviser or registered tax agent. We’re not able to providefinancial or tax advice. You can also visit ato.gov.au for moreinformation on how super is taxed.

Tax on contributionsContributions to your super are taxed differently depending on thetype you make. This generally depends on whether a tax deduction hasbeen claimed (eg employer contributions or before tax contributions)or from after-tax money (eg your take-home pay or existing personalsavings).

Before-tax contributionsKnown as concessional contributions, they include employer, salarysacrifice contributions and any personal contributions that you claimas a tax deduction. These contributions are usually taxed at a rate of15%. This tax is charged within the Fund and is deducted from youraccount and paid to the ATO when required or when you leave the Fund.

Additional tax applies for high income earners. Broadly, if your incomeand concessional contributions exceed $250,000 in an income year, anadditional 15% will be applied to contributions which take you abovethe $250,000 threshold. This additional tax is levied on you personallyby the ATO, but you can elect to have the tax paid from your superaccount.

Any extra contributions paid by your employer such as fees andpremiums are treated as concessional contributions and count towardsyour concessional contribution cap.

After-tax contributionsKnown as non-concessional contributions, they include spousecontributions and contributions made by you where no personal incometax deduction has been claimed. Non-concessional contributions arenot subject to tax in the Fund.

Contribution capsContributions made to your account—both before-tax andafter-tax—will count towards your contribution caps.

If your contributions in a year exceed the relevant contribution caps,you may be liable for additional tax on the excess contributions.

In addition to the contribution caps, the amount you have in your ‘totalsuperannuation balance’ (which includes all your super and pensionbalances) may limit your ability to make after-tax contributions, claimthe government co-contribution, receive a spouse contribution, andaccess ‘catch up’ concessional contributions.

Please see ato.gov.au for more information on contributions caps.





https://www.ato.gov.au/

https://www.ato.gov.au/

Tax on investment earningsInvestment earnings are taxed at a rate of up to 15%. Tax paid or payableon investment earnings is paid by the Fund and is reflected in the dailyunit price for each investment option.

Your employer will generally provide your Tax File Number (TFN)to us. If they don’t, or you’re applying as an eligible family member,you should provide it to us. If we don’t have it, we’ll only be ableto accept employer contributions, and these may be taxed at thehighest marginal tax rate (plus the Medicare Levy), rather than 15%.We may also have to deduct more tax when you start drawing downyour super benefit. You may also miss out on governmentco-contributions.

Tax on lump sum withdrawals

Nil.Tax-freecomponent1

From age 60: Tax freeTaxablecomponent1

Preservation age2 to age 59: Tax-free on first$225,000 (2021/22) (this is a lifetime limit whichis indexed each financial year). Tax is then paidon the remainder up to 17% (including MedicareLevy at 2%).

Under preservation age2: Tax of up to 22%(including Medicare Levy at 2%).

A different tax treatment applies to super death benefits paid to yourbeneficiaries or deceased estate. Other taxes and Government leviesmay apply from time to time. If applicable, we’ll deduct the tax fromyour account before paying the lump sum.

1 For further information on the distinction between taxable andtax-free components of your super, go to the ato.gov.au page titled‘How tax applies to your super’.

2 Preservation age is 55 for those born before 1 July 1960 and willgradually increase to 60 depending on your date of birth.

8. Insurance in your superInsurance within your super may be a tax-effective way to protect yourfuture and your family. You’ll receive insurance, subject to certainconditions, that’s been selected by your employer (or us if they don’tmake a choice). This includes Death (including Terminal Illness) andTotal and Permanent Disablement (TPD) insurance, and can includeIncome Protection. Please refer to the Insurance Guide for moreinformation on when insurance cover starts in MasterKey BusinessSuper. There are costs associated with insurance.

Types of insurance coverThe type and amount of insurance you receive is included in YourInsurance Summary including the date the cover starts. You can applyfor a different level or type of insurance as outlined in the table below.

How much can you applyfor?

Insurance pays:Types

an unlimited amount(Terminal Illness covercannot exceed $3 million)

a lump sum payment toyour dependants or yourlegal personal

Death(includingTerminalIllness) representative

a maximum of $5 million(generally, it cannot exceedthe Death insurance

a lump sum payment ifyou become totally andpermanently disabled and

TPD

amount)can no longer work

generally up to 75% of yourmonthly income, up to amaximum benefit of

a monthly income if you’retemporarily unable to work

IncomeProtection

$50,000 per month

The maximum insurance you can apply for includes any existing policiesyou have, either with the Fund, or with another fund/insurer. To applyfor additional insurance, just log in to mlc.com.au and complete theinsurance application form.

You can cancel, change or reduce your cover by calling us on 132 652.You should speak with your financial adviser to discuss the right amountof cover for your personal circumstances.

Keeping your details up to date

The information we hold about you determines your insurance. Ifyour occupation, nature of your employment, salary, or any otherpersonal details change it could impact your insurance and thepremiums you pay. If your circumstances change, please contactus.

Make sure you're eligibleThe law generally prohibits us from providing you with insurance coverif you are under age 25 and/or you have a super balance of less than$6,000, unless you complete a Choose to have insurance in my superform (or your employer pays for the cost of your insurance). At the timeyour insurance begins, we have limited information about you, youroccupation and the nature of your employment and so we assume youreligibility.

To make sure you’re eligible for insurance cover, please refer to theInsurance Guide and Occupational ratings guide for insurance formore information. The latest Occupational ratings guide for insuranceis available at mlc.com.au/occupation

You should also check the information disclosed in your Welcome Kit.If any of the details shown in your Welcome Kit are incorrect, pleaselet us know as you may not be eligible for insurance cover.

If you make a claim and you weren’t eligible for insurance when youjoined, your claim will be declined and all premiums refunded.

It’s important to check what other insurance policies you hold. ForIncome Protection, you can generally only claim on one policy. If youhave multiple policies, you might be paying premiums for policies youdon’t require—or you’re not eligible to claim on.

If you need to make a claim see the Claims Guide.

Insurance premiums and feesPremiums are charged by the Insurer and are calculated based on thetype and amount of insurance you have. Premiums can also vary basedon things like your age, gender, and occupation. Your medical historyand lifestyle may impact your premiums in the event you choose toincrease your insurance.

Once your cover starts, premiums will be deducted from your accountunless you cancel your insurance. Please let us know if your details areincorrect, as you could be paying a higher premium than necessary. Wealso charge an insurance fee for the cost of administering insurancecalculated as a percentage of your premium. It's calculated as up to 8%of your insurance premium (up to a maximum of $300 pa).

If your employer has agreed to pay for these premiums and anyapplicable insurance fee, they’re considered as additional contributionsand will count towards your concessional contribution cap. Refer to theInsurance Guide for more information.


http://ato.gov.au/


https://www.mlc.com.au/content/dam/mlc/fb/common/support-material/51813_occupations_rating_guide.pdf

When a benefit won't be paidPayment of an insured benefit is subject to the terms, conditions andrestrictions of the applicable insurance policy. The Insurance Guidesets out these terms, including any terms that may exclude or reducepayment of your insurance benefit.

If your super account hasn’t received a contribution or a rollover fora continuous period of 16 months, it’s defined as an inactive account.If this is the case, we’re required by law to cancel your insurance coverunless you make a contribution or rollover, and/or provide us withyour written election to retain it. We’ll contact you before this happensand give you the opportunity to retain your cover.

If you wish to keep your insurance, regardless of whether or not youraccount is inactive, please fill out and return the Choose to Keep MyInsurance Cover form available at mlc.com.au/superinsurance

Important informationYou should read the important information abouteligibility for and the cancellation of insurance, anyapplicable conditions and exclusions, the level and typeof insurance available, the cost of insurance, and othersignificant matters in the Insurance Guide. Before makinga decision go to mlc.com.au/pds/mkbs. These mattersmay affect your entitlement to insurance and should beread before deciding if insurance is appropriate. Thematerial relating to insurance may change between thetime you read this statement and the day when youacquire the product.

9. How to open an accountYour employer has already opened an account for you—so you don’t need to do anything to join.

Have family members who want to join?Any members of your immediate family aged 16 or over may be ableto join the Fund. They can apply to open an account by completingthe Family Member Application Form, available at mlc.com.au/familymemberapp. If you join as an eligible family member, you canmail, fax, or email us to close your account within 14 days of receivingyour Welcome Kit.

Contributions we can't processIf we receive any contributions we can’t process, we’ll hold them inan interest bearing trust account for up to 30 days. If we can acceptthem in that time, any interest earned will be allocated for the benefitof all members. If we’re unable to allocate within 30 days we’ll returnthe funds to you, with any interest earned retained for the benefit ofall members.

Resolving complaintsIf you have a complaint, we can usually resolve it quickly over thephone on 132 652. If you’d prefer to put your complaint in writing,you can email us at [email protected], or send a letter to GPOBox 4341, Melbourne VIC 3001.

We’ll conduct a review and provide you with a response in writing. Ifyou’re not satisfied with our resolution, or we haven’t responded toyou in 45 days, you can lodge a complaint with the AustralianFinancial Complaints Authority (AFCA).

AFCA provides an independent financial services complaint resolutionprocess that’s free to consumers. You can contact AFCA at any time bywriting to GPO Box 3, Melbourne, VIC 3001, at their website(afca.org.au), by email at [email protected], or by phone on 1800 931678 (free call).

To view our complaints management policy, visit mlc.com.au/complaint

Privacy informationWe collect your personal information from you directly, and in somecases, from third parties such as your financial adviser. We use yourpersonal information to provide you with the products and servicesyou have requested and for other related purposes. If your personalinformation is not provided, we may not be able to provide you withsuch services, or products, or administer your productappropriately. We may also collect information about you becausewe're required or authorised to, for example under company or taxlaw, or to verify your identity under Anti-Money Laundering law.

For the purposes of providing products or services to you, we maydisclose your personal information to other IOOF Group companies,and to external parties including your employer and insurers, foraccount management, product development or research. For moreinformation refer to mlc.com.au/privacynotification. It is generallyunlikely that we will disclose your personal information overseas,however, any overseas disclosure does not affect our commitmentto safeguarding your personal information and we will take reasonablesteps to ensure any overseas recipient complies with Australianprivacy laws. We and other IOOF Group companies may use yourpersonal information for marketing activities. You can let us knowif you no longer wish to receive these direct marketing offers bycontacting us.

More information about how we handle your personal informationis in the IOOF Group Privacy Policy (mlc.com.au/privacy) includinghow to access or correct information we collect about you and howto make a complaint about a privacy issue. Contact us for a papercopy or if you have any questions or comments.

Information we may need from youWe’re required to know who you are and may ask you to provideinformation and documents to verify your identity or get a betterunderstanding about you, your related parties and your transactions.You’ll need to provide this in the timeframe requested. If we’reconcerned that processing a request may cause us to breach our legalobligations (such as anti-money laundering and sanctions), we maydelay or refuse your request, restrict access to funds or close youraccount (where permissible under any applicable law).

This document has been prepared on behalf of NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 (NULIS) asTrustee of the MLC Super Fund, ABN 70 732 426 024 (the Fund). NULIS is part of the group of companies comprising IOOF HoldingsLtd ABN 49 100 103 722 and its related bodies corporate (IOOF Group). The information in this PDS is general in nature and doesn’t takeinto account your objectives, financial situation or individual needs. Before acting on any of this information you should considerwhether it is appropriate for you. You should consider obtaining financial advice before making any decisions based on this information.References to ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated. MLC Limited uses the MLC brand under licence.MLC Limited is part of the Nippon Life Insurance Group and is not a part of the IOOF Group. This offer is made in Australia in accordancewith Australian laws. Subject to super law, the final authority on any issue relating to your account is the Fund's Trust Deed, and therelevant insurance policy, which govern your rights and obligations as a member. The information in this PDS may change from timeto time. Any updates or changes that aren’t materially adverse will be available at mlc.com.au. You also can obtain a paper copy of theseupdates at no additional cost by contacting us. An online copy of this PDS is available at mlc.com.au/pds/mkbs O

BJA124263-1021


https://www.mlc.com.au/personal/insurance


https://mlc.com.au/familymemberapp

https://mlc.com.au/familymemberapp

mailto:[email protected]

https://www.afca.org.au/

https://www.mlc.com.au/personal/nav_top/contact-us


https://www.mlc.com.au/personal/nav_footer/privacy-policy/mlc-privacy-policy

https://www.mlc.com.au/personal/nav_footer/privacy-policy/mlc-privacy-policy



Contact usFor more informationvisit mlc.com.au or call us fromanywhere in Australia on 132 652 orcontact your financial adviser.


Registered addressGround Floor, MLC Building105-153 Miller StreetNorth Sydney NSW 2060

This brochure contains additionalinformation about the fees and costsreferred to in the 'Fees and Costs' section ofthe PDS.

This brochure also defines the fees shownin the 'Fees and Costs' section of the PDS.We’re required by law to provide these toyou.

The information in this document maychange from time to time. Any updates thataren’t materially adverse will be availableat mlc.com.au. You can obtain a paper copyof any of these changes at no additional costby contacting us.

The information in this document formspart of the MLC MasterKey BusinessSuper Product Disclosure Statement(PDS), dated 1 October 2021.

Together with the Investment Menu,Insurance Guide and the Claims Guide,these documents should be consideredbefore making a decision about whetherto invest in the product.

They are availableat mlc.com.au/pds/mkbs

Additional explanation of fees and costsAdministration fees and costsAdministration fees and costs are made up of administration fees charged to your account and other administration costs paid from Fundreserves. They relate to the administration and operation of the fund and include the Trustee's costs and expenses, audit fees and otherregulatory costs. The administration fees and costs that apply to all investment options are shown in the Fees and Costs Summary in thePDS.

Administration fees

Administration fees are ongoing fees directly charged to your account.

Administration fees have three components.

1. A percentage administration feeThis fee is charged monthly based on your account balance invested in each investment option.

2. The Trustee LevyThis fee is charged monthly as a percentage of your total account balance. The Trustee Levy was introduced on 1 February 2021 to coversome or all of the costs related to the running of the MLC Super Fund. It is paid into the MLC Super Fund general reserve.

3. A fixed feeThis fee applies regardless of your account balance and is charged monthly.

Your employer may be able to negotiate a discount on your fixed fee and/or percentage administration fee, depending on the size of theemployer's Plan, or your employer may pay some or all of your fees. If your employer pays some or all of your fees, the payments are consideredadditional contributions and count towards your concessional contributions cap. If you transfer to MLC MasterKey Personal Super, thesefee discounts no longer apply.

You can view the actual administration fees deducted from your account by logging in to mlc.com.au or on your annual statement.

Other administration costs

The other administration costs shown in the Fees and Costs Summary in the PDS are administration costs which were met from the MLCSuper Fund general reserve during the financial year to 30 June 2021 and were not covered by the Trustee Levy paid into the reserve in thatyear. These costs are not charged to your account. However, they reduce the level of the reserve remaining available to the trustee to use forthe benefit of members generally.


The InsurerMLC LimitedABN 90 000 000 402 AFSL 230694








Investment fees and costsInvestment fees and costs relate to the investment of assets in each investment option. They are not charged to your account, but are reflectedin each investment option’s daily unit price.

Investment fees and costs ranges for all investment options are shown in the Fees and Costs Summary in the PDS. The Fees and costs foryour investment options table in the Investment Menu shows the investment fees and costs for each investment option, together with abreakdown between performance fees and other investment fees and costs.

Performance fees

Performance fees are fees paid to investment managers when their performance exceeds a specified level. Different performance fees mayapply to different investment managers and performance fees vary depending on each investment manager's performance.

For multi-manager portfolios, individual investment managers may be entitled to a performance fee based on their performance in relationto their portion of an investment option, and the overall performance of the investment option may differ from the performance of thatportion. This means that amounts may be payable to an investment manager even if the investment option in aggregate underperforms.

Performance fees are calculated as an average over the past 5 financial years to 30 June 2021.

For investment options that have been in existence for less than 5 financial years at 30 June 2021, we calculate average performance fees usingeither the period since the investment option commenced or the period that the underlying assets for that investment option have been inplace up to a maximum of 5 years, whichever period is greater.

Performance fee calculations are based on historical performance and may involve estimates where information was unavailable at the datethat the PDS was issued. Past performance fees aren’t a reliable indicator of future performance fees. Performance fees for each investmentoption are set out in the Fees and costs for your investment options table.

Other investment fees and costs

Other investment fees and costs for each investment option are set out in the Investment Menu. These fees and costs include investmentfees charged by us, which cover fees paid to investment managers and expenses such as custody and registry costs. They also includeinvestment costs of underlying investment managers and management costs associated with derivatives. Investment costs are calculated onthe basis of actual costs incurred for the financial year to 30 June 2021. Investment fees charged by us are calculated on a prospective basis.

Other investment costs disclosed in the PDS are based on actual costs incurred for the financial year to 30 June 2021 and involve estimateswhere information was unavailable at the date that the PDS was issued.

Some investment managers provide a rebate on their management fee, which is passed back to you and reflected in the unit price of theapplicable investment option.

Past investment fees and costs shown aren't a reliable indicator of future investment fees and costs. Future Investment fees and costs mayvary from time to time for a variety of reasons, for example when changes are made to the asset allocation of the investment option.

Transaction costsWhen assets in an investment option are bought or sold, costs such as brokerage, stamp duty , settlement costs and derivative costs areincurred at the time investments are purchased or sold. These are known as gross transaction costs. Gross transaction costs for all investmentoptions are set out in the Investment Menu.

Some or all of the gross transaction costs may be recovered by a buy-sell spread charged to members. Buy-sell spreads are fees charged totransacting members to recover transaction costs incurred in relation to the sale and purchase of the Fund assets. They are charged wheneverthere's a transaction on a member account, such as a contribution, withdrawal, rollover or investment switch.

The transaction costs shown in the Fees and Costs Summary in the PDS are shown net of any amount recovered by buy-sell spreads. Theseamounts are shown for each investment option in the Investment Menu as Transaction Costs (Net). These transaction costs are deductedfrom the assets of the investment option and are an additional cost to you. No part of the transaction costs (including buy-sell spreads) areretained by us or any investment managers.

The transaction costs disclosed in the PDS are based on actual costs incurred for the financial year to 30 June 2021 and involve estimateswhere information was unavailable at the date that the PDS was issued.

Transaction costs are ongoing costs and are reflected in the daily unit price and any reporting on the performance of the investment option.Importantly past transaction costs are not a reliable indicator of future transactions costs. Transaction costs may change without prior noticeto you.

Buy-sell spread The buy-sell spread for each investment option is shown in the Investment Menu. The buy-sell spread shown for MLC investment optionsis accurate as at 1 October 2021. The buy-sell spread shown for investment options other than MLC portfolios is accurate as at 17 September2021. The buy-sell spreads may change daily and in certain circumstances, increase or decrease significantly. The current buy-sell spreads ofan investment option are available at mlc.com.au/buysellspreads

2 | MLC MasterKey Business Super Fee Brochure



Insurance feesThese will apply if you have insurance as described in the Insurance Guide. For further information on insurance see the 'Insurance in YourSuper' section of the PDS.

Insurance fees consist of an insurance premium charged by the Insurer and an insurance fee charged by us. Our insurance fee covers the costof administering insurance including underwriting, policy renewal, and claims processing and is calculated as up to 8% of your insurancepremium (up to a maximum of $300 pa).

Intra-fund Advice CostsWe make available to our members limited advice to help them make investment decisions about the Fund, such as selection of investmentoptions. This advice is sometimes referred to as intra-fund advice. The costs of providing intra-fund advice are collectively charged to allmembers and form part of the administration fees and costs shown in the Fees and Costs Summary in the PDS. These costs are different fromadviser service fees, which are agreed between the member and the adviser and are charged directly to members.

Large plan rebatesIn some cases, a large plan rebate is able to be negotiated by your employer depending on the size of your employer’s Plan.

These large plan fee rebates apply to the percentage of your balance held outside of MySuper.

The large plan rebate will no longer apply when you transfer to MLC MasterKey Personal Super.

Taxes and tax benefitA tax benefit may apply to fees charged to your super account. All fees in the Fees and Costs Summary in the PDS are before the tax benefit.We charge the fees shown and then pass the tax benefit back to your super account as a credit, which effectively reduces the fees shown byup to 15% pa. For further information on taxes, see the 'How super is taxed' section of the PDS.

Operational Risk Financial Requirement (Reserve)The Government requires superannuation fund trustees to hold adequate financial resources (Reserve) to cover any losses that members incurdue to operational errors. The Reserve has been established by corporate capital contributed by the Trustee and its former ultimate shareholder. Ifthe Reserve falls below our targets, we propose to fund the shortfall through corporate capital, rather than seeking contributions from members.This means that the we don't currently require members to contribute to the Reserve, but members will be notified if this changes in thefuture. As the Reserve is held by the Trustee, it isn't reported in the financial statements of the Fund.

Fees paid to related companiesWe may use the services of related companies where it makes good business sense to do so and will benefit our customers.

Amounts paid for these services are always negotiated on an arm's-length basis and are included in all the fees detailed in the PDS and thedocuments incorporated into the PDS.

Appointments of these companies are made in accordance with the requirements of our Conflicts Management Policy.

Other fees we may chargeFees may be charged if you request a service not currently offered. We’ll agree any additional fee with you before providing the service. Wemay charge members, or the Fund generally, with actual or estimated costs of running the Fund. These may include costs resulting fromGovernment legislation, terminating your Plan, or fees that are charged by third parties. If the actual costs are less than estimated costs wehave deducted from your account, the difference may be retained in the Fund and used for the general benefit of members.

MLC MasterKey Business Super Fee Brochure | 3


Defined FeesActivity feesA fee is an activity fee if:

a. the fee relates to costs incurred by the trustee of the superannuation entity that are directly related to an activity of the trustee:i. that is engaged in at the request, or with the consent, of a member, orii. that relates to a member and is required by law, and

b. those costs are not otherwise charged as administration fees and costs, investment fees and costs, transaction costs, a buy-sell spread, aswitching fee, an advice fee or an insurance fee.

Administration fees and costsAdministration fees and costs are fees and costs that relate to the administration or operation of the superannuation entity and includescosts incurred by the trustee of the entity that:

a. relate to the administration or operation of the entity; andb. are not otherwise charged as investment fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an insurance

fee.

Advice feesA fee is an advice fee if:

a. the fee relates directly to costs incurred by the trustee of the superannuation entity because of the provision of financial product adviceto a member by:i. a trustee of the entity, orii. another person acting as an employee of, or under an arrangement with, the trustee of the entity, and

b. those costs are not otherwise charged as administration fees and costs, investment fees and costs, a switching fee, an activity fee or aninsurance fee.

Buy-sell spreadsA buy-sell spread is a fee to recover costs incurred by the trustee of the superannuation entity in relation to the sale and purchase of assetsof the entity.

Exit feesAn exit fee is a fee, other than a buy-sell spread, that relates to the disposal of all or part of a member's interests in a superannuation entity.

Insurance feesA fee is an insurance fee for a superannuation product if:

a. the fee relates directly to either or both of the following:

i. insurance premiums paid by the trustee of a superannuation entity in relation to a member or members of the entityii. costs incurred by the trustee of a superannuation entity in relation to the provision of insurance for a member or members of the

entity, andb. the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a

benefit to the member that is based on the performance of an investment rather than the realisation of a risk, andc. the premiums and costs to which the fee relates are not otherwise charged as administration fees and costs, investment fees and costs,

transaction costs, a switching fee, an activity fee or an advice fee.

Investment fees and costsInvestment fees and costs are fees and costs that relates to the investment of the assets of a superannuation entity and includes:

a. fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees), andb. costs incurred by the trustee of the entity that:

i. relate to the investment of assets of the entity; andii. are not otherwise charged as administration fees and costs, a buy-sell spread, a switching fee, an activity fee, an advice fee or an

insurance fee.

4 | MLC MasterKey Business Super Fee Brochure


Switching feesA switching fee for a MySuper product is a fee to recover the costs of switching all or part of a member’s interest in the superannuation entityfrom one class of beneficial interest in the entity to another.

A switching fee for a superannuation product other than a MySuper product, is a fee to recover the costs of switching all or part of a member’sinterest in the superannuation entity from one investment option or product in the entity to another.

Transaction costsTransaction costs are costs associated with the sale and purchase of assets of the superannuation entity other than costs that are recoveredby the superannuation entity charging buy-sell spreads.


This document has been prepared on behalf of NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 (NULIS) as Trusteeof the MLC Super Fund, ABN 70 732 426 024 (the Fund). NULIS is part of the group of companies comprising IOOF Holdings Ltd ABN 49100 103 722 and its related bodies corporate (IOOF Group). The information in this document is general in nature and doesn’t take intoaccount your objectives, financial situation or individual needs. Before acting on any of this information you should consider whether itis appropriate for you. You should consider obtaining financial advice before making any decisions based on this information. Referencesto ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated. This offer is made in Australia in accordance with Australianlaws. Subject to super law, the final authority on any issue relating to your account is the Fund's Trust Deed, and the relevant insurancepolicy, which govern your rights and obligations as a member. The information in this document may change from time to time. Anyupdates or changes that aren’t materially adverse will be available at mlc.com.au. You also can obtain a paper copy of these updates at noadditional cost by contacting us. An online copy of this document is available at mlc.com.au/pds/mkbs

OBJA125650-1021



MLC MasterKey Business Super Investment Menu




This menu gives you information about theinvestments available through MLC MasterKey Business Super

A financial adviser can help you decide whichinvestment options are right for you.

Contents

4Investing with us

6Things to consider before you invest

12Understanding your investment options

14Investing in MLC investment options

51Investment options other than MLC portfolios

66Fees and costs for your investment options

68Cost of product for your investment options

The information in this documentforms part of the MLC MasterKeyBusiness Super Product DisclosureStatement (PDS), dated 1 October2021. Together with the FeeBrochure, your Insurance Guide andthe Claims Guide, these documentsshould be considered before makinga decision about whether to investor continue to hold the product.They are available at mlc.com.au/pds/mkbs

This document has been prepared on behalf of NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 (NULIS) asTrustee of the MLC Super Fund, ABN 70 732 426 024 (the Fund). NULIS is part of the group of companies comprising IOOF HoldingsLtd ABN 49 100 103 722 and its related bodies corporate (IOOF Group).

The information in this document is general in nature and doesn’t take into account your objectives, financial situation or individualneeds. Before acting on any of this information you should consider whether it is appropriate for you. You should consider obtainingfinancial advice before making any decisions based on this information.

References to ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated.

This offer is made in Australia in accordance with Australian laws.

MLC Asset Management Services Limited, ABN 38 055 638 474, AFSL 230687 (MLC Asset Management), each referenced investmentmanager and JANA Investment Advisers Pty Ltd, ABN 97 006 717 568, AFSL 230693 have given written consent to be named in thisdocument and to the inclusion of statements made by them. As at the date of this document, these consents have not been withdrawn.

In some cases, information in this document has been provided to us by third parties. While it is believed the information is accurateand reliable, the accuracy of that information is not guaranteed in any way.

Subject to super law, the final authority on any issue relating to your account is the Fund’s Trust Deed, and the relevant insurance policy,which govern your rights and obligations as a member.

The information in this document may change from time to time. Any updates or changes that aren’t materially adverse will be availableat mlc.com.au. You also can obtain a paper copy of these updates at no additional cost by contacting us.

An online copy of this document is available at mlc.com.au/pds/mkbs

MLC MasterKey Business Super Investment Menu | 3





We provide a broad range ofinvestment options and you canchoose any combination of theseto put your investment plan intoaction.We offer multi-asset investment optionsthat invest across multiple asset classes,and an extensive range of options thatinvest in a single asset class, andinvestment options managed by externalmanagers.

We’ve appointed MLC Asset Managementto advise on and manageour MLC investment options. Ourinvestment experts, at MLC AssetManagement, have extensive knowledgeand experience in designing andmanaging portfolios using amulti-manager investment approach.

Investing in MLC portfoliosOur portfolios have different investmentobjectives because we know everyone hasdifferent requirements about how theirmoney should be managed.

Our portfolios make sophisticatedinvesting straightforward.

Our investment experts, at MLC AssetManagement, structure our portfolios todeliver more reliable returns in manypotential market environments. And, astheir assessment of world marketschanges, our portfolios are evolved tocapture new opportunities and managenew risks.

MLC Asset Management uses specialistinvestment managers in our portfolios.They research hundreds of investmentmanagers from around the world andselect the managers they believe are thebest for our portfolios. These investmentmanagers may be specialist in-housemanagers, external managers or acombination of both.

Importantly, we stay true to the objectivesof our portfolios, so you can keep on trackto meeting your goals.

Selecting investment optionsWe’ve appointed JANA InvestmentAdvisers Pty Ltd (JANA) to advise us onour Investment Menu. It is one of theleading investment consultants inAustralia with over 30 years of experienceand $850 billion of funds under advice (asat 30 June 2021). JANA is partly owned byIOOF Holdings Ltd.

The Investment Menu is regularlyreviewed by a committee of experiencedinvestment professionals.

A number of factors are taken intoconsideration when choosing theinvestment options. These may includethe investment objective, fees, externalresearch ratings and performance, as wellas our ability to efficiently administer theinvestment option. The selection ofoptions issued by companies eitherwholly or partially owned by the IOOFGroup is done on an arm’s-length basis inline with our Conflicts ManagementPolicy.

Investment switchingYou can change your investment optionsany time. We do not charge a fee for youto do this. However, buy-sell spreads mayapply.

Delayed and suspendedtransactionsWe may delay or suspend transactions,for example where an investmentmanager delays or suspends unit pricing,or when there are adverse marketconditions.

We may process withdrawal and switchrequests in instalments over a period oftime and may also suspend processing ofwithdrawal and switch requests we havereceived. In certain circumstances we mayrefuse a request. Where requests aredelayed, suspended or being paid ininstalments, the unit prices used fortransactions will be those available on theday the transaction takes effect, ratherthan the day of the request. In the eventthat the investment option becomessuspended (e.g. due to illiquidity), you willbe unable to make additional

contributions, withdrawals or switchesinto or out of that suspended investmentoption. As part of the suspension:

Any contributions or rollovers thatwould otherwise be invested in thesuspended investment option inaccordance with your investmentstrategy will instead be invested in analternative option, e.g. the MLC CashFund, until you provide us withalternative instructions; Any insurance cover you hold maycease if there are insufficient monies inyour non-suspended investmentoptions to cover the cost of theinsurance; andYou may only withdraw your funds inaccordance with any withdrawal offerthat we make.

We are not responsible for losses thatdelayed or suspended transactions maycause.

4 | MLC MasterKey Business Super Investment Menu

Investing with us

Monitoring of frequentswitchingThis product is not appropriate formembers who wish to switch theirinvestments frequently in the pursuit ofshort-term gains.

We monitor all investment options forabnormal transaction activity becausethis sort of activity can have adverseimpacts for other members.

To maintain equity, we have the right todeal with members who frequently switchby:

delaying, limiting, rejecting or applyingspecial conditions to future switchrequestspermanently cancelling membershiprejecting applications to open newaccounts in the Fund, and/orrejecting contributions and rollovers toexisting accounts

Withdrawals from the FundThe transaction will generally beprocessed using the unit price for the daythe Trustee receives relevant documentsand all requirements have been met.

The Fund Profile Tool

This easy to use, interactive tool willgive you insight into how your moneyis managed including where yourmoney is invested, how yourinvestments are performing and theinvestment fees and costs charged.

For information on the investmentoptions go to mlc.com.au/fundprofiletool


https://www.mlc.com.au/fundprofile/flow/fundProfile?execution=e1s1


Before you invest, there are some thingsyou need to consider.

How much risk you're prepared to acceptis determined by various factors,including:

your investment goalsthe savings you'll need to reach thesegoalsyour age and how many years you haveto investwhere your other assets are investedthe return you may expect from yourinvestments, andhow comfortable you are withinvestment risk.

Investment riskAll investments come with some risk.Some investment options will have morerisk than others, as it depends on anoption’s investment strategy and assets.

The value of an investment with a higherlevel of risk will tend to rise and fall moreoften and by greater amounts thaninvestments with lower levels of risk, ieit’s more volatile.

While it may seem confronting,investment risk is a normal part ofinvesting. Without it you may not get thereturns you need to reach yourinvestment goals. This is known as therisk/return trade-off.

Many factors influence an investment’svalue. These include, but aren’t limited to:

market sentimentchanges in inflationgrowth and contraction in Australianand overseas economieschanges in interest ratesdefaults on loanscompany specific issuesliquidity (the ability to buy or sellinvestments when you want to)changes in the value of the Australiandollarinvestments and withdrawals by otherinvestors

changes in Australian and overseaslaws, anda counterparty not meeting itsobligations eg when buying securities,the seller may not deliver on thecontract by failing to provide thesecurities.

VolatilityPeriods of volatility can be unsettling andmay occur regularly. You may find itreassuring to know that ofteninvestments that produce higher returnsand growth over long periods tend to bemore volatile in the short term.

By accepting that volatility will occur,you’ll be better able to manage yourreaction to short-term movements. Thiswill help you stay true to your long-terminvestment strategy.

When choosing your investment, it’simportant to understand that:

its value and returns will vary over timeassets with higher long-term returnpotential usually have higher levels ofshort-term riskreturns aren’t guaranteed and you maylose moneyfuture returns will differ from pastreturns, andyour future super savings (includingcontributions and returns) may not beenough to provide sufficiently for yourretirement.

Diversify to reduce volatility andother risksDiversification – investing in a range ofinvestments – is a sound way to reducethe short-term volatility of a portfolio’sreturns. That’s because different types ofinvestments perform well in differenttimes and circumstances. When some areproviding good returns, others may notbe.

Portfolios can be diversified acrossdifferent asset classes, industries,securities and countries, as well as acrossinvestment managers with differentapproaches.

The more you diversify, the less impactany one investment can have on youroverall returns.

One of the most effective ways ofreducing volatility is to diversify across arange of asset classes.

Diversification across asset classes isjust one way of managing risk. Ourmulti-asset portfolios diversify acrossasset classes and investmentmanagers. Please refer to 'Approach toinvesting' in the 'Investing in MLCinvestment options' section for moreinformation.

A financial adviser can help you clarifygoals and assist with creating afinancial plan which helps you managerisk and consider issues such as:

how many years you have to investthe savings you'll need to reach yourgoalsthe return you may expect fromyour investments, andhow comfortable you are withvolatility.


Things to considerbefore you invest

Types of assetsAsset classes are commonly grouped as defensive or growth, based on their different characteristics.

Defensive assets, such as cash and fixed income, may help provide positive returns in a portfolio when share markets are weak. On theother hand growth assets, such as shares and property, may be included in a portfolio because of their potential to produce higher returnsthan cash in the long term.

Multi-asset portfolios are usually invested across both defensive and growth assets because their risk and return characteristics tendto be diverse. However in some market conditions, all types of assets may move in the same direction, delivering low or negative returnsat the same time.

The main differences between defensive and growth assets are:

GrowthDefensive

To provide long-term capital growth.To stabilise returns.How they are generally used

Expected to produce higher returns, and be morevolatile, than defensive assets over the longterm.

Expected to produce lower returns, and be lessvolatile, than growth assets over the long term.

Risk and return characteristics

Asset classesAsset classes are groups of similar types of investments. Each class has its risks and benefits, and goes through its own market cycle.

A market cycle can take a couple of years or many years as prices rise, peak, fall and stabilise. Through investing for the long term, atleast through a whole market cycle, you can improve your chance of benefiting from a period of strong returns and growth to offsetperiods of weakness.

The illustration below shows indicative returns and volatility for the main asset classes over a whole market cycle. However, each marketcycle is different, so unfortunately it isn’t possible to accurately predict asset class returns or their volatility. Depending on the conditionsat the time, actual returns could be significantly different from those shown.

Indicative volatility

Lower Higher

Higher

Shares

Fixed income

Indi

cati

ve re

turn

s

Cash

Indicative returns and volatility over a market cycle

Alternatives

Infrastructure

Property

Private equity

A137770-0921

Source: MLC Asset ManagementSource: MLC Asset Management


Here are the main asset class risks andbenefits.

Cash

Cash is generally a low risk investment.

Things to consider:

Cash is often included in a portfolio tomeet liquidity needs and stabilisereturns.The return is typically all income andis referred to as interest or yield.Cash is usually the least volatile type ofinvestment. It also tends to have thelowest return over a market cycle.The value of an investment in highquality cash securities tends not tochange. However, in extreme marketenvironments cash interest rates oryields could become negative, resultingin a gradual decline in the value of yourinvestment over time.Many cash funds invest in fixed incomesecurities that have a very short termuntil maturity.

Fixed income (including term deposits)

When investing in fixed income you’reeffectively lending money to businessesor governments. Bonds are a commonform of fixed income security. Fixedincome is also known as fixed interest.

Things to consider:

Fixed income securities are usuallyincluded in a portfolio for theirrelatively stable return characteristics.Returns typically comprise interest andchanges in the market value of the fixedincome security. While income fromfixed income securities usuallystabilises returns, falls in their marketvalue may result in a loss on yourinvestment. Market values may fall dueto concern about defaults on loans oran increase in interest rates.Values of fixed income securities tendto move in opposite directions tointerest rates. So when interest ratesrise, fixed income securities’ valuestend to fall and when interest rates fall,values can rise. When interest rates andinterest income are low or negative,even small rises in interest rates may

lead to falling market values and losses.Duration is a common measure of aninvestment’s sensitivity to changes ininterest rates. To illustrate, if interestrates rise sharply by 1%, and a fixedincome fund has a duration of threeyears, the fund would likely loseapproximately 3% of its value. Thelonger the duration of a fixed incomeinvestment, the more its value will beimpacted by rising or falling interestrates, and the greater its interest raterisk.Market values of fixed income securitiesmay rise or fall due to changes inperceptions of the business orgovernment issuing the securities beingable to meet their interest andrepayment obligations. This is knownas default risk or credit risk. Issuerswith higher credit quality areconsidered investment grade and havea lower credit risk than issuers belowinvestment grade. Fixed incomesecurities with higher credit risk arereferred to as credit or highyield. Higher credit risk securitiesgenerally have higher potential returns(yields) to compensate investors fortheir higher risk. There are different types of fixedincome securities and these will havedifferent returns and volatility.Investing in fixed income securitiesoutside Australia may expose yourportfolio to movements in exchangerates.

Alternatives

These are a very diverse group of assets.Some examples may include hedge funds,real return strategies, and gold.

Things to consider:

Because alternatives are diverse, theymay be included in a portfolio for theirdefensive or growth characteristics.Alternative investments are usuallyincluded in portfolios to increasediversification and provide returns thataren’t strongly linked with theperformance of mainstream assets.

Investment managers includealternative investments in a portfoliobecause they generally expect thereturn and diversification benefits ofalternative investments to outweighthe higher costs often associated withthem.Some alternative strategies aremanaged to deliver a targeted outcome.For example, real return strategies aimto produce returns exceeding increasesin the costs of living (ie inflation).For some alternatives, such ashedge funds, derivatives may beused extensively and it can be lessobvious which assets you’re investingin compared to other asset classes.Some alternative investmentsare illiquid, which makes them difficultto buy or sell.Because most alternative investmentsaren’t listed on an exchange,determining their value for a fund’s unitprice can be difficult and may involvea considerable time lag.Alternatives invested outside Australiamay expose your portfolio tomovements in exchange rates.

Infrastructure

Infrastructure businesses own, operate,and maintain a diverse range ofinfrastructure assets such as toll roads,rail facilities, telecommunicationsnetworks, and airports. Access to thesebusinesses may be through companies orsecurities listed on a securities exchange,through unlisted trusts, or directownership.

Things to consider:

Infrastructure is usually included in aportfolio for its growth and defensivecharacteristics.As many infrastructure assets are oftenhighly regulated monopolies, theirrevenue streams tend to be moreregular and stable than other growthassets. Returns typically comprise income aswell as changes in the value of theassets through time.



Returns are driven by many factorsincluding the economic environmentin various countries.As a result of differences in valuationfrequency, listed infrastructuresecurities’ returns may appear morevolatile than unlisted infrastructure.Listed infrastructure securities arelisted on an exchange, so their pricesconstantly reflect the market’s changingview of their values, while unlistedinfrastructure asset valuations aretypically periodic and regular. Investments in listed infrastructuresecurities generally provide investorsgreater diversification across countries,sectors and businesses thaninvestments that aren’t listed.The global infrastructure market offersmore diversification than the Australianmarket.Unlisted infrastructure is less liquidwhich makes it more difficult for aninvestment manager to buy or sell. Investing outside Australia may exposeyour portfolio to movements inexchange rates.

Property

Access to property may be through trustslisted on a securities exchange (known aslisted property securities, Real EstateInvestment Trusts, or REITs), unlistedproperty trusts, or direct ownership.Investments may include retail,commercial, industrial and residentialproperties in Australia and around theworld.

Things to consider:

Property is usually included in aportfolio for its growth and defensivecharacteristics.Returns typically comprise income(such as rental or REIT income) andchanges in value.Returns are driven by many factorsincluding the economic environmentin various countries.Returns from property can be volatile.Because listed property securities arelisted on an exchange, their pricesconstantly reflect the market’s changingview of REIT values. Unlisted property

values are more difficult to determineand usually involve a considerable timelag. As a result of these differences invaluation frequency, listed propertysecurities’ returns may be more volatilethan unlisted property.Investments in listed propertysecurities generally provide investorsgreater diversification across countries,sectors, properties, and property-relatedcompanies than investments that aren’tlisted. And the global listed propertysecurities market is even morediversified than the Australian market.Unlisted property is illiquid whichmakes it more difficult for aninvestment manager to buy or sell. Investing outside Australia may exposeyour portfolio to movements inexchange rates.

Australian shares

This asset class consists of investmentsin companies listed on the AustralianSecurities Exchange (and other regulatedexchanges). Shares are also known asequities.

Things to consider:

Australian shares can be volatile andare usually included in a portfolio fortheir growth characteristics.The Australian share market is lessdiversified than the global marketbecause Australia is currentlydominated by a few industries such asFinancials and Resources.Returns usually comprise dividendincome and changes in share prices.Dividends may have the benefit of taxcredits attached to them (known asfranking or imputation credits).Returns are driven by many factorsincluding the performance of theAustralian economy.Companies listed on the Australianshare market can be grouped as small,medium and large capitalisation (cap)based on factors including the totalmarket value of their listed shares andliquidity. Investors in small capcompanies generally experience greaterprice volatility than shares in large capcompanies because small cap

companies trade less frequently and inlower volumes. They may alsounderperform large cap companies formany years.

Global shares

Global shares consist of investments incompanies listed on securities exchangesaround the world.

Things to consider:

Global shares can be volatile and areusually included in a portfolio for theirgrowth characteristics.The number of potential investmentsis far greater than in Australian shares.Returns usually comprise dividendincome and changes in share prices.Returns are driven by many factorsincluding the economic environmentin various countries.When you invest globally, you’re lessexposed to the risks associated withinvesting in just one economy.Investing outside Australia meansyou’re exposed to movements inexchange rates.

Private equity

When investing in private equity you'reeffectively owning shares inprivately-owned businesses that aren'tlisted on exchanges.

Things to consider:

Private equity is usually included in aportfolio for its growth characteristics.Returns are driven by many factorsincluding the economic environmentin different countries.Private equity can be volatile.Private equity may be included in aportfolio to provide higher returns thanlisted share markets in the long run, andto increase diversification.Private equity is illiquid which makesit difficult to buy or sell.To access private equity you generallyneed to invest in a managed fund thatinvests in private equity.Because private equity isn't listed onan exchange, determining its value fora fund’s unit price can be difficult andmay involve a considerable time lag.


Investment approachesInvestment managers have differentapproaches to selecting investments,which invariably results in differentreturns. No single investment approachis guaranteed to outperform all others inall market conditions.

There are generally two broad approaches:passive and active management.

Passive management

Passive, or index, managers chooseinvestments to form a portfolio which willdeliver a return that closely tracks amarket benchmark (or index). Passivemanagers tend to have lower costsbecause they don’t require extensiveresources to select investments.

Active management

Active managers select investments theybelieve, based on research, will performbetter than a market benchmark over thelong term.

They buy or sell investments when theirmarket outlook alters or investmentinsights change.

The degree of active management affectsreturns. Less active managers take smallpositions away from the marketbenchmark and more active managerstake larger positions. Generally, the largeran investment manager's positions, themore their returns will differ from thebenchmark.

Active managers have differentinvestment styles that also affect theirreturns. Some common investment stylesare:

Bottom-up – focuses on forecastingreturns for individual companies, ratherthan the market as a whole.Top-down – focuses on forecastingbroad macroeconomic trends and theireffect on the market, rather thanreturns for individual companies.Growth – focuses on companies theyexpect will have strong earningsgrowth.

Value – focuses on companies theybelieve are undervalued (their pricedoesn’t reflect earning potential).Income – focuses on generating aregular income stream through selectingcompanies, trusts and other securitiesthey believe will deliver income, orthrough using derivatives and otherstrategies.Core – aims to produce competitivereturns in all periods.

Responsible investingEnvironmental, social, governance (ESG),and ethical factors impact thesustainability of companies andgovernments and therefore influence thereturns from investing. Incorporating ESGand ethical considerations intoinvestment decisions is known asresponsible investing.

Examples of ESG and ethical factors are:

Environmental - climate change, wasteand pollution, resource depletion.Social and labour standards - workingconditions, employee relations anddiversity, health and safety.Governance - executive pay, bribery andcorruption, tax strategy.Ethical considerations - other factorsthat could be detrimental to the broadercommunity.

We don’t (as Trustee) take into accountlabour standards, environmental, socialand ethical considerations for thepurposes of selecting, retaining orrealising investments.

How responsible investing applies to theinvestment options available to you, isoutlined below.

MLC investment options

Investment management decisions forthe MLC investment options are made byour investment experts at MLC AssetManagement, and the investmentmanagers they select.

MLC Asset Management expects activeinvestment managers to consider materialeffects any factors may have oninvestment returns, including ESG andethical factors. MLC Asset Management

and the investment managers also engagewith companies, providing an opportunityto enhance and protect the long-termvalue of investments.

We don’t intend for the MLC investmentoptions to invest in tobaccomanufacturing companies. There may,from time to time, be a small level ofunintended tobacco-related exposure.

The MLC investment options aren’tpromoted as socially responsible or ethicalinvestments.

Externally-managed investmentoptions

How the externally managed investmentoptions consider ESG and ethical factorsis outlined in their PDS, available at mlc.com.au/findafund in the 'External funds'tab.

You can also choose to invest in a SociallyResponsible Investment (SRI) option,Perpetual Wholesale Ethical SRI Fund,available on the Investment Menu. Wherean investment option is promoted by theinvestment manager as an SRI, we assessthe degree of responsible investmentintegration into their investmentphilosophy and the process they use priorto adding the investment option tothe Investment Menu.

Investment techniquesOur investment experts and investmentmanagers may use different investmenttechniques that can change the value ofan investment.

Some of the main investment techniquesare explained below.

Derivatives

Derivatives may be used in any of theinvestment options.

Derivatives are contracts that have a valuederived from another source such as anasset, market index or interest rate. Thereare many types of derivatives includingswaps, options and futures. They are acommon tool used to manage risk orimprove returns.



https://www.mlc.com.au/findafund


Some derivatives allow investmentmanagers to earn large returns from smallmovements in the underlying asset’sprice. However, they can lose largeamounts if the price movement in theunderlying asset is unfavourable.

Risks particular to derivatives include therisk that the value of a derivative may notmove in line with the underlying asset,the risk that counterparties to thederivative may not be able to meetpayment obligations and the risk that aparticular derivative may be difficult orcostly to trade.

Our Derivatives Policy permits the use ofderivatives in MLC investment optionswhere consistent with an investmentoption’s objective, risk profile, disclosureand governing documents, legislative andregulatory requirements. They may beused for:

hedgingefficient portfolio management, andinvestment return generation.

Further information on our DerivativesPolicy is available at mlc.com.au/derivativesforsuper

How the external investment managersinvest in derivatives is included intheir PDS, available at mlc.com.au/findafund in the 'External funds' tab.

Currency management

If an investment manager invests inassets in other countries, its returns inAustralian dollars will be affected bymovements in exchange rates (as well aschanges in the value of the assets).

A manager of international assets maychoose to protect Australian investorsagainst movements in foreign currency.This is known as ‘hedging’. Alternatively,the manager may choose to keep theassets exposed to foreign currencymovements, or ‘unhedged’.

Returns from exposure to foreign currencycan increase diversification in a portfolio.

Gearing

If gearing could cause a meaningfulchange in an investment option's value,we’ve made a note of it in the investmentoption's profile.

Gearing can be achieved by using loans(borrowing to invest), or through investingin certain derivatives, such as futures.

Gearing magnifies exposure to potentialgains and losses of an investment. As aresult, you can expect larger fluctuations(both up and down) in the value of yourinvestment compared to the sameinvestment which is not geared.

Investment managers can take differentapproaches to gearing. Some change thegearing level to suit different marketconditions. Others maintain a target levelof gearing.

It’s important to understand the potentialrisks of gearing, as well as its potentialbenefits. When asset values are rising bymore than the costs of gearing, the returnswill generally be higher than if theinvestment wasn't geared. When assetvalues are falling, gearing can multiply thecapital loss.

If the fall is dramatic there can be evenmore implications for geared investments.For example, where the lender requiresthe gearing level to be maintained belowa predetermined limit, if asset values falldramatically, the gearing level may riseabove the limit, forcing assets to be soldwhen values may be continuing to fall.

In turn, this could lead to more assetshaving to be sold and more losses realised.Withdrawals (and applications) may besuspended in such circumstances,preventing you from accessing yourinvestments at a time when values arecontinuing to fall.

Although this is an extreme example,significant market falls have occurred inthe past. Recovering from such falls cantake many years and the gearedinvestment’s unit price may not return toits previous high.

Other circumstances (such as the lenderrequiring the loan to be repaid for otherreasons) may also prevent a geared

investment from being managed asplanned, leading to losses.

You need to be prepared for all types ofenvironments and understand theirimpact on your geared investment.

Short selling

If short selling could cause a meaningfulchange in an investment option's value,we’ve made a note of it in the investmentoption's profile.

Short selling is used by an investmentmanager when it has a view that an asset’sprice will fall. The manager borrows theasset from a lender, usually a broker, andsells it with the intention of buying it backat a lower price. If all goes to plan, a profitis made. The key risk of short selling isthat, if the price of the asset increases, theloss could be significant.


https://www.mlc.com.au/personal/nav_footer/nulis-derivatives-policy

https://www.mlc.com.au/personal/nav_footer/nulis-derivatives-policy



The information below explains terms used in the profiles for each investment option in the Investment Menu.

ExplanationTermsDescribes what the investment option aims to achieve over a certain timeframe. Most investment optionsaim to produce returns that are comparable to a benchmark.


The investment objective outlines whether returns used to judge an investment option's success shouldhave fees and tax included.

Investment objectives may consider fees and tax in the following ways:

After investment fees and tax (or 'after fees and tax') means that a number of items have been deductedwhen calculating the performance against an investment objective. These may include investmentfees and costs, transaction costs and tax on investment earnings. Normally, other costs such asadministration fees and costs, and other taxes haven’t been deducted.Before fees and tax means that we haven’t deducted investment fees or tax on investment earningswhen calculating the performance against an investment objective. However, some of the more variablecosts have been deducted, such as performance fees, investment costs and transaction costs.

More information on fees and tax, and how they're deducted, is available from sections 6 and 7 of thePDS.

Benchmarks are usually market indices that are publicly available. Shares are often benchmarked againsta share market index and fixed income against a fixed income market index. Other benchmarks can bebased on particular industries (eg mining), company size (eg small caps) or the wider market (eg S&P/ASX

Benchmark

200 or the MSCI World Index). Benchmarks for multi-asset portfolios may be:

made up of a combination of market indices weighted according to the asset allocation (commonlyknown as composite benchmarks), ora single measure, such as inflation. A common index of inflation, which is the rise in the cost of living,is the Consumer Price Index (CPI).

When comparing returns to a benchmark you should consider:

whether the investment option’s return is calculated before or after fees and tax are deductedthe period over which the return should be measured, andthat an investment option is unlikely to achieve its objective in all market environments.

Describes how the investment option is managed.How the investment optionis managed

Suggests why you may be interested in investing in this particular investment option. Your own personalobjectives and circumstances will also affect your decision.

The investment optionmay be suited to you if...

Investment managers suggest minimum timeframes for each investment option. Investing for theminimum suggested time or longer improves your chances of achieving a positive return. However,investing for the minimum time doesn’t guarantee a positive return outcome because every market cycle

Minimum suggestedtime to invest

is different. Your personal circumstances should determine how long you hold an investment.

Asset allocations are displayed in different ways, reflecting how the investment option is managed:Asset allocation Strategic asset allocations (also known as benchmark or long-term asset allocations) provide anindication of the proportion of an investment option invested in each asset class.Ranges indicate the minimum and maximum that may be allocated to an asset class.

Actual asset allocations aren't shown in this investment menu as they constantly change due to movementsin asset values, and activities such as buying and selling of assets by investment managers. As a result,actual asset allocations can move above and below the strategic asset allocation. While usually remainingwithin any ranges provided, actual asset allocations may temporarily move outside the ranges due tomovements in asset values.Recent actual asset allocations are available at mlc.com.au/fundprofiletoolStrategic asset allocations and ranges may change from time-to-time. We'll notify you of any materialupdates.


Understanding your investment options


ExplanationTermsWe include the Standard Risk Measure (SRM) to help you compare investment risk across the investmentoptions offered. The SRM is based on industry guidance and is the estimated number of negative annualreturns over any 20 year period. The SRM is not a complete assessment of investment risk, for instance


it doesn't:

detail the size a negative return could be or the potential for a positive return to be less than a memberrequires to meet their objectivescapture the risk of the investment manager not meeting its investment objective, ortake into account the impact of administration fees and tax, which would increase the chance of anegative return.

Members should still ensure they are comfortable with the risks and potential losses associated with theirchosen investment. Information on how the SRM is calculated is available at mlc.com.au/srm

Estimated number of negative annual returns in any20 year periodRisk labelRisk band

Less than 0.5Very low1

0.5 to less than 1Low2

1 to less than 2Low to medium3

2 to less than 3Medium4

3 to less than 4Medium to high5

4 to less than 6High6

6 or greaterVery high7


https://www.mlc.com.au/content/dam/mlc/documents/pdf/investments/Standard_Risk_Measure_QA.pdf

When you’re invested in an MLC portfolio,your money is with Australia’s mostexperienced multi-manager.

MySuper provides a mix of growth anddefensive assets which changesdepending on your age.

If you don't make a choice, your moneywill be invested in MySuper, our defaultinvestment option. We've outlined its keyfeatures in the first column on the nextpage. Or, you can choose an investmentoption from the following three groups:MLC multi-asset portfolios, MLC assetclass funds, or Cash.

MLC multi-asset portfoliosEveryone has different ideas about howtheir money should be managed, sothree sets of multi-asset portfolios havebeen developed to offer you a range ofoptions:

MLC Inflation PlusMLC Horizon, andMLC Index Plus portfolios.

These portfolios use the approach toinvesting described on page 16.

To help you decide which type of portfoliosuits you, we’ve outlined their keyfeatures on the following page.

MLC asset class fundsYou may decide to tailor your investmentstrategy using our asset class funds.

These funds invest in one asset class andsuit investors looking for a completeinvestment solution for that asset class.

CashWe also offer the MLC Cash Fund as a cashoption.


Investing in MLC investment options

Key features of the MLC multi-asset portfolios

MLC Index Plusportfolios

MLC Horizonportfolios

MLC Inflation Plusportfolios

MySuper

Aims to deliver returns thatmeet the portfolios’benchmark, and

deliver returns abovethe portfolios’benchmark, and

deliver returns aboveinflation over a definedtimeframe, and

deliver returns aboveinflation over any 10year period, andlimit the risk ofnegative annual returns

reduce risk in theportfolios when ourinvestment experts

reduce risk in theportfolios when ourinvestment experts

limit the risk of anegative return overthat timeframe.to less than 4 years in

any 20 year period. consider risks are toohigh.

consider risks are toohigh.

May suit you if you... want to keep costsdown by using mostlylower cost investment

value activemanagement

value activemanagement

want to rely on us tochange yourinvestments throughyour working life

want to rely largely onthe market for returns,and

want to rely oninvestment experts todeliver returns above

managers, includingindex (passive)managers

value activemanagement while alsokeeping costs down

inflation, rather thanjust relying on the

want to know the assetallocation is activelymanaged to reduce risk


market, andthrough a mix of activeand lower costinvestment managers

and achieve returns.expect the assetallocation to changesignificantly over time

expect the assetallocation to be activelymanaged to reduce risk


in order to manage riskand achieve returns. and achieve returns.

want to know the assetallocation is activelymanaged to reduce riskand achieve returns.

How your portfolio ismanaged

diversified acrossmostly mainstreamasset classes

diversified acrossmainstream assetclasses, with some

broadly diversifiedacross many assetclasses, including

the mix of growth anddefensive assetschanges depending onyour age exposure to alternative

assets and strategiesalternative assets andstrategies

asset allocationmanaged withindefined ranges, and

diversified across manyasset classes includingunlisted assets such as

asset allocationmanaged withindefined ranges, and

flexible asset allocation,and use specialist index and

index enhancedmanagers to keep costs

private equity,property, infrastructureand other alternative

mostly activemanagers. mostly active

managers. down, and activemanagers to helpstrategiesmanage the portfolios’asset allocation

managed withindefined ranges, and

risks and returns.

combines active andpassive managers.

More details on these portfolios are available in the investment option profiles on the following pages.


Approach to investingFor over 35 years our investment expertshave been designing portfolios using amulti-manager approach, to help investorsachieve their goals.

The four key aspects of this investmentapproach are:

1. Portfolio design

Our multi-asset portfolios focus on whataffects investor outcomes the most - assetallocation.

Each asset class has its own return andrisk characteristics. Money is allocatedbetween asset classes based on thefollowing beliefs:

Risk can’t be avoided, but can bemanaged

To navigate our portfolios throughdifferent environments, our investmentexperts consider how economic andmarket conditions might unfold. Theinsights from this analysis are used towork out the combination of asset classesthat they believe will best achieve aportfolio’s objective.

This helps prepare our portfolios forfuture market ups and downs.

Returns and risks vary through time

Analysis of how economic and marketconditions might develop shows ourinvestment experts how the potentialreturns and risks of each asset class couldchange over the next three to seven years.

With this information, our portfolios’asset allocations are adjusted to improvetheir return potential or reduce their risk.

Diversification matters

Asset classes perform differently indifferent market conditions.

Investing in many asset classes helpssmooth out the overall portfolios' returns,as asset class ups and downs can offsetone another.

2. Managing the portfolio

Our portfolios have different investmentobjectives. That’s why our investmentexperts select a different mix of assetsand investment managers for each.

The investment managers may bespecialist in-house managers, externalmanagers or a combination of both.

Our investment experts researchhundreds of investment managers fromaround the world and select the managersthey believe are the best for our portfolios.

They are then combined in our portfoliosso they complement each other.

This multi-manager approach helps toreduce risk and deliver more consistentreturns.

You can find out about the investmentmanagers at mlc.com.au/investmentmanagers

3. Ongoing review

To make sure our portfolios are workinghard for investors, our investment expertscontinuously review and actively managethem.

This includes adjusting the assetallocation, investment strategies andmanagers.

This may be because our investmentexperts' assessment of the future marketenvironment has altered or becausethey've found new ways to balance riskand return in the portfolios.

4. Portfolio implementation

We deliver better returns by avoidingunnecessary costs. Our investmentexperts help us do this by carefullymanaging cash flows, tax and changes inour portfolios.


https://www.mlc.com.au/personal/investments/investment-approach/our-managers

https://www.mlc.com.au/personal/investments/investment-approach/our-managers

MySuperMySuper provides a mix of growth and defensive assets which changes depending on your age. When you’re younger you’ll be investedin more growth assets and from age 55, we’ll gradually decrease your growth assets and increase your defensive assets. We’ll make thisgradual shift until you turn 65.

% o

f M

ySu

per

inve

stm

ent

Age55Under 550

50

100

65 Growth Defensive

Strategic asset allocation range

MySuper

MySuper is broadly diversified across mainstream asset classes, with some exposure toprivate and alternative assets and strategies. It uses both active and passive investmentmanagers. These managers invest in many companies and securities in Australia and

How the investment option is managed

overseas.

In accordance with our investment experts' view of how the economic and marketconditions might change, allocations to the asset classes are actively adjusted away fromthe strategic asset allocation, while aiming to remain within the defined ranges shownbelow.

The investment option may be suited toyou if...

you want your investments to change with you through your working life, withoutactively choosing your investmentsyou want to grow your super through a strong bias to growth assetsyou want a long-term investment, andyou understand that there can be large fluctuations in the value of your investment.

7 yearsMinimum suggested time to invest

The portfolio’s Benchmark is a combination of market indices. Details are available at mlc.com.au/mysuperbenchmark

Benchmark

As MySuper is age based the following tables help explain how MySuper works for you at various stages in your life.


https://www.mlc.com.au/content/dam/fpt/pdf/mlc_my_super_benchmarks.pdf

https://www.mlc.com.au/content/dam/fpt/pdf/mlc_my_super_benchmarks.pdf

MySuper

At age 56At age 55Under age 55To outperform inflation,measured by the Consumer PriceIndex, by 3.4% pa after

To outperform inflation,measured by the Consumer PriceIndex, by 3.5% pa after



investment fees and taxes, overinvestment fees and taxes, overinvestment fees and taxes, overany 10 year period.any 10 year period.any 10 year period.

Strategic asset allocation(and ranges)

22%

78%

Growth assets

Defensive assets

M153052-0219


M153051-0219

21%

79%

Growth assets

Defensive assets


109-206 MLCE9579_33x33_MKBS Investment Menu – MLC MySuper Pie Charts_PRES_1D_01

33.5mm W x 33.5mm H - under age 55


33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64

33.5mm W x 33.5mm H - at age 61 33.5mm W x 33.5mm H - at age 62

25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets

Asset allocation

5% (0% - 30%)5% (0% - 30%)5% (0% - 30%)Cash7% (1% - 21%)6% (0% - 20%)6% (0% - 20%)Fixed income - diversified

11% (5% - 25%)11% (5% - 25%)11% (5% - 25%)Fixed income - credit5% (0% - 15%)5% (0% - 15%)5% (0% - 15%)Alternatives and other6% (0% - 20%)6% (0% - 20%)6% (0% - 20%)Infrastructure7% (0% - 20%)7% (0% - 20%)7% (0% - 20%)Property

28% (15% - 45%)29% (15% - 45%)29% (15% - 45%)Global shares26% (10% - 40%)26% (10% - 40%)26% (10% - 40%)Australian shares

5% (0% - 15%)5% (0% - 15%)5% (0% - 15%)Private equity22% (6% - 36%)21% (5% - 35%)21% (5% - 35%)Defensive assets

78% (64% - 94%)79% (65% - 95%)79% (65% - 95%)Growth assetsHigh (estimate of 4 to 6

negative annual returns in any20 year period)

High (estimate of 4 to 6negative annual returns in any

20 year period)

High (estimate of 4 to 6negative annual returns in any

20 year period)



At age 59At age 58At age 57To outperform inflation,measured by the Consumer PriceIndex, by 3.3% pa after






25%

75%

Growth assets

Defensive assets

M153055-0219


24%

76%

Growth assets

Defensive assets

M153054-0219


23%

77%

Growth assets

Defensive assets

M153053-0219

Asset allocation

6% (0% - 30%)5% (0% - 30%)5% (0% - 30%)Cash9% (2% - 23%)8% (1% - 22%)8% (1% - 22%)Fixed income - diversified11% (4% - 24%)11% (5% - 25%)11% (5% - 25%)Fixed income - credit5% (0% - 15%)5% (0% - 15%)5% (0% - 15%)Alternatives and other5% (0% - 19%)6% (0% - 20%)6% (0% - 20%)Infrastructure7% (0% - 19%)7% (0% - 20%)7% (0% - 20%)Property

27% (14% - 44%)28% (14% - 44%)28% (14% - 44%)Global shares25% (9% - 39%)25% (10% - 40%)25% (10% - 40%)Australian shares5% (0% - 15%)5% (0% - 15%)5% (0% - 15%)Private equity

25% (9% - 39%)24% (8% - 38%)23% (7% - 37%)Defensive assets75% (61% - 91%)76% (62% - 92%)77% (63% - 93%)Growth assets

High (estimate of 4 to 6 negativeannual returns

in any 20 year period)







MySuper

At age 62At age 61At age 60To outperform inflation,measured by the Consumer PriceIndex, by 3.2% pa after









33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64


25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets





33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64


25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets





33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64


25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets

Asset allocation

6% (0% - 30%)6% (0% - 30%)6% (0% - 30%)Cash11% (3% - 26%)10% (3% - 25%)10% (2% - 24%)Fixed income - diversified11% (4% - 24%)11% (4% - 24%)11% (4% - 24%)Fixed income - credit 5% (0% - 15%)5% (0% - 15%)5% (0% - 15%)Alternatives and other5% (0% - 19%)5% (0% - 19%)5% (0% - 19%)Infrastructure7% (0% - 19%)7% (0% - 19%)7% (0% - 19%)Property



High (estimate of 4 to 6 yearnegative annual returns in any 20

year period)


year period)


year period)



Age 65 and overAt age 64At age 63To outperform inflation,measured by the Consumer PriceIndex, by 3.0% pa after






34%

66%

Growth assets

Defensiveassets

M153061-0219





33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64


25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets





33.5mm W x 33.5mm H - at age 60

33.5mm W x 33.5mm H - at age 64


25%

75%

Growth assets

Defensive assets

26%

74%

Growth assets

Defensive assets

27%

73%

Growth assets

Defensive assets

29%

71%

Growth assets

Defensive assets

31%

69%

Growth assets

Defensive assets

21%

79%

Growth assets

Defensive assets

Asset allocation

14% (8% - 36%)11% (5% - 34%)9% (3% - 32%)Cash11% (4% - 24%)11% (3% - 25%)10% (3% - 25%)Fixed income - diversified10% (3% - 22%)10% (4% - 23%)11% (4% - 23%)Fixed income - credit4% (0% - 14%)5% (0% - 14%)5% (0% - 15%)Alternatives and other5% (0% - 17%)5% (0% - 18%)5% (0% - 18%)Infrastructure6% (0% - 17%)6% (0% - 18%)6% (0% - 18%)Property




year period)


year period)


year period)



MySuper

As MySuper is age based the following tables help explain how MySuper works for you at various stages in your life.

To achieve this mix of growth and defensive assets which changes as you get older, MySuper uses a combination of the three investmentportfolios shown below. When you're younger you'll be 100% invested in one portfolio, MySuper Growth. From age 55, we add a secondportfolio, MySuper Conservative Growth, where a portion of your MySuper balance will be invested. Shortly after you turn 62, you'll beinvested across three portfolios, with a portion of your MySuper balance invested in MySuper Cash Plus.

These investment portfolios work together for you so that your balance in MySuper includes both growth assets and defensive assets.

From age 55, we’ll check how much you have in each portfolio, and adjust your weightings based on your age, as shown below. We’ll dothis every three months based on the date of your birthday. Any contributions made to MySuper will also be split across these threeportfolios based on your age.

Your allocation to each MySuper portfolio at different agesAgeMySuper Cash Plus Portfolio (%)MySuper Conservative Growth

Portfolio (%)MySuper Growth Portfolio (%)

100%Under 55 years1%99%554%96%567%93%5710%90%5813%87%5916%84%6019%81%6122%78%62

2%23%75%635%23%72%648%24%68%65 and over

The percentage figures in the table above have been rounded to whole numbers.

MySuper Cash PlusPortfolio

MySuper ConservativeGrowth Portfolio

MySuper GrowthPortfolio

To outperform the BloombergAusBond Bank Bill Index, beforefees and taxes, over any 1 year

To outperform inflation,measured by the Consumer PriceIndex, by 2% pa after investment



period.fees and taxes, over any 7 yearinvestment fees and taxes, overperiod. any 10 year period.

Strategic asset allocationStrategic asset allocation(and ranges)


Asset allocation

100%10% (0% - 30%)5% (0% - 30%)Cash30% (15% - 45%)6% (0% - 20%)Fixed income - diversified10% (0% - 20%)11% (5% - 25%)Fixed income - credit4% (0% - 15%)5% (0% - 15%)Alternatives and other3% (0% - 15%)6% (0% - 20%)Infrastructure5% (0% - 15%)7% (0% - 20%)Property17% (5% - 35%)29% (15% - 45%)Global shares17% (5% - 35%)26% (10% - 40%)Australian shares4% (0% - 15%)5% (0% - 15%)Private equity

48% (35% - 65%)21% (5% - 35%)Defensive assets52% (35% - 65%)79% (65% - 95%)Growth assets

Very low (estimate of less than1 negative annual return inany 20 year period)

Medium to high (estimate of 3 to4 negative annual returns in any20 year period)

High (estimate of 4 to 6negative annual returns inany 20 year period)



MLC Inflation Plus - Conservative PortfolioAims to deliver a return of 1.7% pa above inflation (after fees and tax) subject to limiting the risk ofnegative returns over 3 year periods.


This careful risk management approach means there may be times, such as when interest rates areunusually low, when the portfolio requires an extended time period to achieve its return objective.In most circumstances the portfolio is expected to provide positive returns over 3 year periods,although there will sometimes be negative returns over shorter periods.

The measure of inflation is the Consumer Price Index, calculated by the Australian Bureau of Statistics.Benchmark

The key aspects of the way the portfolio is managed are:How the investment option ismanaged

1 Flexible asset allocation – the asset allocation is actively managed in accordance with our investmentexperts' changing view of potential opportunities and risks in investment markets.

2 Diversification – the portfolio invests across a wide range of assets and strategies. These mayinclude both mainstream (eg shares and government bonds) and alternative investments (eg hedgefunds) that may not be widely used in other investment funds. Specialist investment managersfrom around the world are carefully selected to manage the assets and strategies.

3 Strong focus on risk management – the portfolio has the flexibility not to invest in an asset classif that would cause too much risk of a negative return over 3 years. This means the portfolio mayhave no exposure to growth assets in some market conditions.

By managing the portfolio in this way, movements in the portfolio’s value (both up and down) shouldbe less significant.

The portfolio uses all aspects of the approach to investing, outlined earlier. In addition, the portfoliouses a market-leading Investment Futures Framework to manage risk and identify opportunities.

You can find more information on the Investment Futures Framework at mlcam.com.au/futuresframework

The investment option may besuited to you if...

you’re aiming to achieve a return above inflation but, more importantly, are concerned about losingmoney over a 3 year periodyou understand the return achieved by the portfolio may be significantly higher or lower than itsobjectiveyou want our investment experts to flexibly adjust the portfolio's asset allocation in accordancewith their changing view of potential opportunities and risks in investment markets, andyou want to manage investment risk by diversifying across asset classes and strategies.

3 to 5 yearsMinimum suggested time toinvest

Asset allocation RangesAsset class0% - 100%Cash0% - 60%Australian fixed income0% - 60%Global fixed income0% - 30%Alternatives0% - 30%Property0% - 40%Global shares0% - 40%Australian shares0% - 15%Private equity

30% - 100%0% - 60%

Total fixed income and cashTotal shares and property

Medium (estimate of 2 to 3 negative annual returns in any 20 year period)Standard Risk Measure


MLC InflationPlus portfolios

https://www.mlcam.com.au/our-investment-managers/mlc/our-approach


MLC Inflation Plus - Moderate PortfolioAims to deliver a return of 3% pa above inflation (after fees and tax) subject to limiting the risk ofnegative returns over 5 year periods.







3 Strong focus on risk management – the portfolio has the flexibility not to invest in an asset classif that would cause too much risk of a negative return over 5 years. This means the portfolio mayhave low exposure to growth assets in some market conditions.


The portfolio uses all aspects of the approach to investing, outlined earlier. In addition, the portfoliouses a market-leading Investment Futures Framework to manage risk and identify opportunities.You can find more information on the Investment Futures Framework at mlcam.com.au/futuresframework


you’re aiming to achieve a return above inflation but, more importantly, are concerned about losingmoney over a 5 year periodyou understand the return achieved by the portfolio may be significantly higher or lower than itsobjectiveyou want our investment experts to flexibly adjust the portfolio's asset allocation in accordancewith their changing view of potential opportunities and risks in investment markets, andyou want to manage investment risk by diversifying across asset classes and strategies.


Asset allocation RangesAsset class0% - 100%Cash0% - 60%Australian fixed income0% - 60%Global fixed income0% - 30%Alternatives0% - 40%Property0% - 50%Global shares0% - 50%Australian shares0% - 15%Private equity

5% - 100%Total fixed income and cash0% - 80%Total shares and property

High (estimate of 4 to 6 negative annual returns in any 20 year period)Standard Risk Measure


MLC InflationPlus portfolios



MLC Inflation Plus - Assertive PortfolioAims to deliver a return of 4% pa above inflation (after fees and tax) subject to limiting the risk ofnegative returns over 7 year periods.







3 Strong focus on risk management – the portfolio has the flexibility not to invest in an asset classif that would cause too much risk of a negative return over 7 years. This means the portfolio mayhave low exposure to growth assets in some market conditions. However, the portfolio’s 7 yearinvestment time frame means it will usually have a significant investment in growth assets.



Techniques such as gearing, short selling and derivatives may be used to adjust the portfolio’sexposure to assets. These techniques and their risks are outlined in the 'Investment techniques'section.


you’re aiming to achieve a return above inflation but, more importantly, are concerned about losingmoney over a 7 year periodyou understand the return achieved by the portfolio may be significantly higher or lower than itsobjectiveyou want our investment experts to flexibly adjust the portfolio's asset allocation in accordancewith their changing view of potential opportunities and risks in investment marketsyou want to manage investment risk by diversifying across asset classes and strategies, andyou understand the risks of investing in a geared portfolio and are comfortable with the flexiblemanagement of the gearing level up to 40% to adjust exposure to assets.


Asset allocation RangesAsset class0% - 100%Cash0% - 60%Australian fixed income0% - 60%Global fixed income0% - 50%Alternatives0% - 50%Property 0% - 70%Global shares0% - 70%Australian shares0% - 17%Private equity0% - 40%Gearing*0% - 120%Total fixed income and cash0% - 120%Total shares and property

100% - 140%Total assets**This means for every $1,000 you invest, the portfolio may borrow up to $400 (and up to $1,400 isinvested in assets). However, if asset values fall dramatically (such as in unusually adverse marketconditions), the portfolio’s gearing level may rise above 40%. More information on the risks of gearingis on page 11.This portfolio is considered a fund of hedge funds by the Australian Securities and InvestmentsCommission because it uses some sophisticated investment techniques. More information about thisportfolio is available at mlc.com.au/fundprofiletool






MLC Horizon 1 Bond PortfolioAims to outperform the Benchmark, before fees and tax, over 2 year periods. The return is also expectedto be higher than cash investments.


At the same time, the portfolio aims to preserve your investment over 1 year periods.

The portfolio’s Benchmark is a combination of market indices. Details are available at mlc.com.au/horizon1super

Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. It's invested indefensive assets.

How the investment option ismanaged

Our investment experts actively look for opportunities to provide better returns, or less risk, thanthose generated by the strategic asset allocation. They do this by:

Adjusting the allocations to the asset classes away from the strategic asset allocation, while aimingto remain within the defined ranges shown below.Researching and selecting a broad range of fixed income sectors and strategies.Researching many investment managers from around the world and selecting the managers theybelieve are the best for the portfolio. These active investment managers choose many securitiesin Australia and overseas for investment.



you want a portfolio of fixed income securities that is predominantly investment grade you are comfortable investing in a portfolio with a duration that’s normally up to 2 years, with lowsensitivity to changes in interest ratesyou want an actively managed portfolio that’s diversified across investment managers, types offixed income, countries, and securities, andpreservation of your investment is important but you understand there are risks of investing infixed income.


Asset class Ranges

Cash 30% 0-60%Australian fixed income 42% 20-70%Global fixed income 28% 15-50%

Defensive assets 100%

Strategic asset allocation

Foreign currency exposures from global fixed income will be substantially hedged to the Australiandollar.

Asset allocation

Low (estimate of less than 1 negative annual return in any 20 year period)Standard Risk Measure



https://www.mlc.com.au/content/dam/mlc/documents/pdf/investments/MLC_Horizon_1_super_pension_benchmark.pdf




MLC Horizon 2 Capital Stable PortfolioAims to outperform the Benchmark, before fees and tax, over 3 year periods.Investment objective

We aim to achieve this by actively managing the portfolio. This includes changing the portfolio’sasset allocation to capitalise on investment opportunities or reduce risk if market risk is high.


Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. The strategic assetallocation has a strong bias to defensive assets and some exposure to growth assets.



Adjusting the allocations to the asset classes away from the strategic asset allocation, while aimingto remain within the defined ranges shown below.Researching and selecting a broad range of mainstream asset classes, and including some exposureto alternative assets and strategies.Researching hundreds of investment managers from around the world and selecting the managersthey believe are the best for the portfolio. These investment managers, who are mainly activemanagers, choose many companies and securities in Australia and overseas for investment.



you want a portfolio that invests mainly in defensive assetsyou want a portfolio that's diversified across asset classes, investment managers, and securities,and preserving your investment is an important but not overriding concern.


Asset class Ranges

Cash 10% 0-25%Fixed income 51% 30-80%Alternatives and other 13% 0-30%Property 1% 0-15%Global shares 13% 0-25%Australian shares 10% 0-25%Private equity 2% 0-10%

Defensive assets 71% 60-80%Growth assets 29% 20-40%


Asset allocation

Most global assets are hedged to the Australian dollar. Currency hedging levels for global assets areavailable at mlc.com.au/fundprofiletool







MLC Horizon 2 Capital Stable Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of3.5% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns

The longer you invest, the greater the likelihood of achieving this return above inflation, as investmentmarkets frequently fluctuate over shorter periods of time. Your return will be driven by the manyunpredictable factors influencing investments and markets at the time. When investing, it's importantto be prepared for all sorts of return outcomes.

The graph below is based on more than 100 years of investment market returns. It shows how broadthe ranges of investment market returns have been. Returns measured over longer periods havenarrower ranges because investment market fluctuations tend to offset through time.

Ranges of returns for the portfolio's strategic asset allocation based on investment market returnsfrom 1900 to 2021 (before fees and tax)

109-44_MLCE9412 - MKBS Investment Menu_MKSPF Investment Menu - MLC Horizon 2 Capital Stable Portfolio LTR graph_1A

A135623-0821

90%

70%

50%

30%

10%

-10%

-30%

-50%1 year 3 years 5 years 10 years 15 years 20 years

Middle return in the range (median)Range of returns

% p

a

Source: Calculated by MLC Asset Management using the strategic asset allocation as at 30 June 2021 andinvestment market data from Global Financial Data, Inc. and FactSet.

These historical ranges of returns are for investment markets weighted according to the portfolio’sstrategic asset allocation. Historical returns aren’t a reliable indicator of the portfolio’s futureinvestment returns.




MLC Horizon 3 Conservative Growth PortfolioAims to outperform the Benchmark, before fees and tax, over 3 year periods.Investment objective

We aim to achieve this by actively managing the portfolio. This includes changing the portfolio’s assetallocation to capitalise on investment opportunities or reduce risk if market risk is high.


Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. The strategic assetallocation has an approximately equal exposure to growth and defensive assets.


Our investment experts actively look for opportunities to provide better returns, or less risk, than thosegenerated by the strategic asset allocation. They do this by:

Adjusting the allocations to the asset classes away from the strategic asset allocation, while aiming toremain within the defined ranges shown below.Researching and selecting a broad range of mainstream asset classes, and including some exposure toalternative assets and strategies.Researching hundreds of investment managers from around the world and selecting the managers theybelieve are the best for the portfolio. These investment managers, who are mainly active managers,choose many companies and securities in Australia and overseas for investment.

The portfolio uses all aspects of the approach to investing, outlined earlier. In addition, the portfolio usesa market-leading Investment Futures Framework to manage risk and identify opportunities. You can findmore information on the Investment Futures Framework at mlcam.com.au/futuresframework


you want some long-term capital growth and are seeking a portfolio with similar weightings to defensiveand growth assetsyou want a portfolio that's diversified across asset classes, investment managers, and securities, and you understand that there can be moderate to large fluctuations in the value of your investment.


Asset class Ranges




Asset allocation

Some global assets are not hedged to the Australian dollar. Currency hedging levels for global assets areavailable at mlc.com.au/fundprofiletool






MLC Horizon 3 Conservative Growth Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of4.25% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




109-45_MLCE9413 - MKBS Investment Menu_MKSPF Investment Menu - MLC Horizon 3 Conservative Growth Portfolio LTR graph_1A

M153802-0821

90%

70%

50%

30%

10%

-10%

-30%



% p

a



Medium to high (estimate of 3 to 4 negative annual returns in any 20 year period)Standard Risk Measure



MLC Horizon 4 Balanced PortfolioAims to outperform the Benchmark, before fees and tax, over 4 year periods.Investment objective

We aim to achieve this by actively managing the portfolio. This includes changing the portfolio'sasset allocation to capitalise on investment opportunities or reduce risk if market risk is high.


Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. The strategic assetallocation has a strong bias to growth assets and some exposure to defensive assets.






you want long-term capital growth and are seeking a portfolio that has a strong bias to growthassets you want a portfolio that's diversified across asset classes, investment managers, and securities,andyou understand that there can be large fluctuations in the value of your investment.


Asset class Ranges




Asset allocation

Some global assets are not hedged to the Australian dollar. Currency hedging levels for global assetsare available at mlc.com.au/fundprofiletool







MLC Horizon 4 Balanced Portfolio continuedWhile the portfolio isn't managed to achieve a particular return above inflation, an average return of4.75% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




109-46_MLCE9414 - All Investment Menus - MLC Horizon 4 Balanced Portfolio LTR graph_1A

A147985-0821

90%

70%

50%

30%

10%

-10%

-30%



% p

a






MLC Horizon 5 Growth PortfolioAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

We aim to achieve this by actively managing the portfolio. This includes changing the portfolio’s assetallocation to capitalise on investment opportunities or reduce risk if market risk is high.

The portfolio’s Benchmark is a combination of market indices. BenchmarkDetails are available at mlc.com.au/horizon5super

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. It's investedpredominantly in growth assets with a small exposure to defensive assets.


Our investment experts actively look for opportunities to provide better returns, or less risk, than thosegenerated by the strategic asset allocation. They do this by:

Adjusting the allocations to the asset classes away from the strategic asset allocation, while aiming toremain within the defined ranges shown below.Researching and selecting a broad range of mainstream asset classes, and including some exposure toalternative assets and strategies.Researching hundreds of investment managers from around the world and selecting the managers theybelieve are the best for the portfolio. These investment managers, who are mainly active managers,choose many companies and securities in Australia and overseas for investment.



you want long-term capital growth and are seeking a portfolio that invests predominantly in growthassets you want a portfolio that's diversified across asset classes, investment managers, and securities, andyou understand that there can be large fluctuations in the value of your investment.


Asset class Ranges




Asset allocation






MLC Horizon 5 Growth Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of5.25% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




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MLC Horizon 6 Share PortfolioAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

We aim to achieve this return while keeping volatility (movements up and down in value) at levelssimilar to the Benchmark.


Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets is shown in its strategic asset allocation and ranges below. It's invested ingrowth assets with minimal exposure to defensive assets.






you want long-term capital growth and are seeking a portfolio that invests in growth assets (primarilyshares)you want a portfolio that's diversified across growth assets, investment managers, and securities,andyou understand that there can be very large fluctuations in the value of your investment.


Asset class Ranges

Cash 0% 0-5%Alternatives and other 12% 0-30%Property 2% 0-15%Global shares 40% 30-60%Australian shares 39% 30-55%Private equity 7% 0-15%



Asset allocation








MLC Horizon 6 Share Portfolio continuedWhile the portfolio isn't managed to achieve a particular return above inflation, an average return of5.5% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




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MLC Horizon 7 Accelerated Growth PortfolioAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

We aim to achieve this return while keeping volatility (movements up and down in value) at levelssimilar to the Benchmark.


Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s allocationto investment markets and gearing level are shown in its strategic asset allocation and ranges below.It's invested in growth assets with minimal exposure to defensive assets.





The portfolio has a target gearing level of 30%. This means for every $1,000 you have invested, theportfolio targets borrowings of $300. The actual gearing level changes every day as a result of marketmovements. That’s why the portfolio’s actual gearing level is monitored against its target and theborrowings are regularly moved back to the target level. To maintain the target gearing level, theborrowings may need to be adjusted as well as assets bought and sold. This increased trading willincur transaction costs and realise taxable gains and losses. The actual gearing level may movesignificantly away from the target, without prior notice to you, for reasons including:

significant market volatilitylegislative changesaccessing borrowings, including any lender imposed requirement to repay borrowings, andchanges to gearing costs.

Recent gearing levels are available at mlc.com.au/fundprofiletool


you want to gear a portfolio that's diversified across growth assets (primarily shares), investmentmanagers, and securities you want to gear a portfolio but don't want the burden of obtaining and managing your own loan you want long-term capital growthyou expect growth in the assets’ value to exceed the costs of gearing, andyou’re comfortable with the risks of gearing including extra volatility and increased risk of capitalloss.


Asset class Ranges

Alternatives and other 7% 0-25%Property 0% 0-15%Global shares 65% 50-85%Australian shares 50% 35-70%Private equity 8% 0-15%

Defensive assets 3% 0-10%Growth assets 127% 120-135%Gearing* (30%)


*If asset values fall dramatically (such as in unusually adverse market conditions), the portfolio's gearing level may rise above 30%.

Asset allocation









MLC Horizon 7 Accelerated Growth Portfolio continuedWhile the portfolio isn't managed to achieve a particular return above inflation, an average return of6.25% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




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MLC Index Plus Conservative Growth PortfolioAims to provide a return that meets the Benchmark, before fees and tax, over 3 year periods.Investment objective

At the same time, we aim to manage risks and returns in the portfolio by changing its asset allocation.

The portfolio’s Benchmark is a combination of market indices. Details are available at mlc.com.au/indexplusconsgrowth

Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s returnsare benchmarked against a combination of investment market indices. To meet the benchmark returnwhile reducing the portfolio’s exposure to market risks, our investment experts:


Actively manage the portfolio's exposure to return opportunities and risk by adjusting the allocationsto the asset classes away from the strategic asset allocation, while aiming to remain within thedefined ranges shown below.Research and select mostly mainstream asset classes, with some exposure to alternative assetsand strategies.Research investment managers from around the world and select the managers they believe arethe best for the portfolio. Specialist index and index enhanced managers may be used in certainasset classes, and active managers selectively used where our investment experts believe it makesthe greatest difference to the portfolio's risks or returns. These investment managers choose manycompanies and securities in Australia and overseas for investment.

The strategic asset allocation has an approximately equal exposure to growth and defensive assets.



you want some long-term capital growth and are seeking a diversified portfolio that has similarweightings to defensive and growth assets you want to keep costs down by using mostly lower cost investment managers, and you understand that there can be moderate to large fluctuations in the value of your investment.


Asset class Ranges

Cash 7% 0-20%Fixed income 41% 15-60%Alternatives and other 6% 0-20%Property 3% 0-15%Global shares 25% 10-35%Australian shares 18% 5-35%



Asset allocation



MLC IndexPlus portfolios

https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Cons_Growth_super_pension_benchmark.pdf

https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Cons_Growth_super_pension_benchmark.pdf




MLC Index Plus Conservative Growth Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of4% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




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Medium to high (estimate of 3 to 4 negative annual returns in any 20 year period)Standard Risk Measure



MLC Index Plus Balanced PortfolioAims to provide a return that meets the Benchmark, before fees and tax, over 4 year periods.Investment objective


The portfolio’s Benchmark is a combination of market indices. Details are available at mlc.com.au/indexplusbalanced

Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s returnsare benchmarked against a combination of investment market indices. To meet the benchmark returnwhile reducing the portfolio’s exposure to market risks, our investment experts:


Actively manage the portfolio's exposure to return opportunities and risk by adjusting the allocationsto the asset classes away from the strategic asset allocation, while aiming to remain within thedefined ranges shown below.Research and select mostly mainstream asset classes, with some exposure to alternative assetsand strategies.Research investment managers from around the world and select the managers they believe arethe best for the portfolio. Specialist index and index enhanced managers may be used in certainasset classes, and active managers selectively used where our investment experts believe it makesthe greatest difference to the portfolio's risks or returns. These investment managers choose manycompanies and securities in Australia and overseas for investment.

The strategic asset allocation has a strong bias to growth assets and some exposure to defensiveassets.



you want long-term capital growth and are seeking a diversified portfolio that has a strong bias togrowth assetsyou want to keep costs down by using mostly lower cost investment managers, andyou understand that there can be large fluctuations in the value of your investment.


Asset class Ranges




Asset allocation



https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Balanced_super_pension_benchmark.pdf

https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Balanced_super_pension_benchmark.pdf




MLC Index Plus Balanced Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of4.25% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




109-56_MLCE9420 - MKBS Investment Menu_MKSPF Investment Menu - MLC Index Plus Balanced Portfolio LTR graph_1A

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MLC Index Plus Growth Portfolio

Aims to provide a return that meets the Benchmark, before fees and tax, over 5 year periods.Investment objective


The portfolio’s Benchmark is a combination of market indices. Details are available at mlc.com.au/indexplusgrowth

Benchmark

Investment markets are the main driver of the portfolio’s investment returns. The portfolio’s returns arebenchmarked against a combination of investment market indices. To meet the benchmark return whilereducing the portfolio’s exposure to market risks, our investment experts:


Actively manage the portfolio's exposure to return opportunities and risk by adjusting the allocationsto the asset classes away from the strategic asset allocation, while aiming to remain within the definedranges shown below.Research and select mostly mainstream asset classes, with some exposure to alternative assets andstrategies.Research investment managers from around the world and select the managers they believe are thebest for the portfolio. Specialist index and index enhanced managers may be used in certain asset classes,and active managers selectively used where our investment experts believe it makes the greatestdifference to the portfolio's risks or returns. These investment managers choose many companies andsecurities in Australia and overseas for investment.

The portfolio's invested predominantly in growth assets with a small exposure to defensive assets.


The investment option maybe suited to you if...

you want long-term capital growth and are seeking a diversified portfolio that invests predominantlyin growth assetsyou want to keep costs down by using mostly lower cost investment managers, andyou understand that there can be large fluctuations in the value of your investment.


Asset class Ranges




Asset allocation



https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Growth_super_pension_benchmark.pdf

https://www.mlc.com.au/content/dam/fpt/pdf/MLC_Index_Plus_Growth_super_pension_benchmark.pdf



MLC Index Plus Growth Portfolio continuedWhile the portfolio isn’t managed to achieve a particular return above inflation, an average return of4.5% pa above inflation (before fees and tax) is consistent with historical long-term returns frominvestment markets, using an asset allocation similar to the portfolio's.

Long-term returns




109-57_MLCE9421 - MKBS Investment Menu_MKSPF Investment Menu - MLC Index Plus Growth Portfolio LTR graph_1A

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Fixed income

MLC Diversified Debt FundAims to outperform the Benchmark, before fees and tax, over 3 year periods.Investment objective

50% Bloomberg AusBond Composite 0+ Yr IndexBenchmark50% Bloomberg Barclays Global Aggregate Total Return Index (hedged into Australian dollars)

The fund is diversified across different types of fixed income securities in Australia and around theworld. The securities are predominantly investment grade and typically longer dated. Duration, ameasure of the fund's sensitivity to changes in interest rates, is normally in the range of 3 to 7 years.


Foreign currency exposures will be substantially hedged to the Australian dollar.

As a result of capital restructures of bond issuers, the fund may have an incidental exposure to sharesfrom time to time.

you want to invest in a defensive portfolio that’s actively managed and diversified across investmentmanagers, types of fixed income, countries and securities.



Asset allocation Strategic asset allocationAsset class50%Australian fixed income50%Global fixed income



MLC assetclass funds

Property securities

MLC Property Securities FundAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

S&P/ASX 300 A-REIT Total Return IndexBenchmark

The fund invests primarily in Australian property securities, including listed Real Estate InvestmentTrusts and companies, across most major listed property sectors. A mix of active, index, and otherinvestment manager approaches may be used to achieve the fund's objective.


The fund doesn't invest in direct property, but may have some exposure to property securities listedoutside Australia from time to time.



you want to invest in an actively managed listed property securities portfolio you want diversification across listed property sectors and securities in Australia, and some globalexposure you want long-term growth in the value of your investment, andyou understand that there can be fluctuations in the value of your investment.


Asset allocation RangesAsset class85–100%Australian listed property securities

0–15% Global listed property securities

Very high (estimate of 6 or more negative annual returns in any 20 year period)Standard Risk Measure

MLC Global Property FundAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

FTSE EPRA Nareit Developed Index (net dividends reinvested, hedged into Australian dollars)Benchmark

The fund invests primarily in listed property securities around the world, including listed Real EstateInvestment Trusts and companies across most major listed property sectors. It doesn’t invest indirect property.




you want to invest in an actively managed global listed property securities portfolio that’s diversifiedacross investment managers, countries, listed property sectors and securitiesyou want long-term growth in the value of your investmentyou understand that there can be fluctuations in the value of your investment, andyou want foreign currency exposures to be mostly hedged to the Australian dollar.


Asset allocation Strategic asset allocationAsset class100% Global listed property securities




Australian shares

MLC Australian Share FundAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

S&P/ASX 200 Total Return IndexBenchmark

The fund invests primarily in companies listed (or expected to be listed) on the Australian SecuritiesExchange (and other regulated exchanges), and is typically diversified across major listed industrygroups. It may have a small exposure to companies listed outside of Australia from time to time.



you want to invest in an actively managed Australian share portfolio that’s diversified acrossinvestment managers, industries and companiesyou want long-term growth in the value of your investment, andyou understand that there can be very large fluctuations in the value of your investment.


Asset allocation Strategic asset allocationAsset class100%Australian shares


MLC Australian Share Index Fund1

Aims to match the return of the Benchmark, before taking into account fees and tax.Investment objective

S&P/ASX 200 Total Return Index Benchmark

The fund will hold most of the securities in the Benchmark, allowing for individual security weightingsto vary marginally from the Benchmark.


The fund is typically diversified across major listed industry groups.

The fund may invest in securities that have been, or are expected to be, included in the Benchmark.


you want to invest in a portfolio of Australian shares that produces similar returns to the marketyou want long-term growth in the value of your investment, andyou understand that there can be very large fluctuations in the value of your investment.



Very high (estimate of 6 or more negative annual returns in any 20 year period)Standard Risk Measure1formerly known as MLC-Vanguard Australian Share Index Fund


Australian shares

MLC IncomeBuilderAims to provide an income stream (excluding capital gains) that grows each year, by investing primarilyin Australian shares.


You can assess performance based on the annual growth in dividends received from the underlyingcompanies.

Benchmark

The fund invests primarily in listed Australian companies that have the potential to provide futuresustainable or growing dividends.


The fund is expected to generate tax-efficient returns by:

investing in companies expected to have high franking levels, andcarefully managing the realisation of capital gains, where possible.

The fund is expected to provide returns consistent with investing in a broad range of Australiancompanies.

The fund invests in companies that are listed (or expected to be listed) on the Australian SecuritiesExchange (and other regulated exchanges). It may have a small exposure to companies listed outsideof Australia from time to time.

Income is reinvested in the fund.

you want to invest in shares in Australian companies that are expected to deliver a dividend streamover time that is sustainable or growing.







Global shares

MLC Global Share FundAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

MSCI All Country World Net Index ($A)Benchmark

The fund invests primarily in companies listed (or expected to be listed) on share markets anywherearound the world, and is typically diversified across major listed industry groups.


Foreign currency exposures will generally not be hedged to the Australian dollar.


you want to invest in an actively managed global share portfolio that’s diversified across investmentmanagers, countries (developed and emerging), industries and companiesyou want long-term growth in the value of your investmentyou understand that there can be very large fluctuations in the value of your investment, andyou’re comfortable having foreign currency exposure.


Asset allocation Strategic asset allocationAsset class100%Global shares


MLC Hedged Global Share FundAims to outperform the Benchmark, before fees and tax, over 5 year periods.Investment objective

MSCI All Country World Net Index (hedged into Australian dollars)Benchmark

The fund invests primarily in companies listed (or expected to be listed) on share markets anywherearound the world, and is typically diversified across major listed industry groups.




you want to invest in an actively managed global share portfolio that’s diversified across investmentmanagers, countries (developed and emerging), industries and companiesyou want long-term growth in the value of your investmentyou understand that there can be very large fluctuations in the value of your investment, andyou want foreign currency exposures to be mostly hedged to the Australian dollar.


Asset allocation Strategic asset allocationAsset class100% Global shares



CashMLC Cash FundAims to outperform the Benchmark, before fees and tax, over 1 year periods.Investment objective

Reserve Bank of Australia Cash Rate TargetBenchmark

The fund invests in deposits with banks (100% National Australia Bank as at 30 September 2021) andmay also invest in other comparable high quality securities.


you want to invest in a low risk cash portfolio.The investment option may besuited to you if...

No minimumMinimum suggested time toinvest

Asset allocation Strategic asset allocationAsset class100%Cash

Very low (estimate of less than 1 negative annual return in any 20 year period)Standard Risk Measure



These are single asset class investment options from other managers.

We recognise some investors want extraoptions when it comes to managing theirmoney. The Investment Menu includesoptions from other managers that havetheir own approach to investing, for youand your financial adviser to choosefrom.

An overview of each manager’sinvestment objective and how theinvestment option is invested isprovided. You can find further details oneach investment option in themanagers’ PDS at mlc.com.au/findafund. A copy of each PDS isavailable on request, free of charge, bycalling us on 132 652.

The investment fees will include anycosts incurred by us and rebates fromthe managers.


Investment options otherthan MLC portfolios



Fixed income

Macquarie Income Opportunities FundThe fund aims to outperform the Benchmark over the medium term (before fees). It aims to providehigher income returns than traditional cash investments at all stages of interest rate and economiccycles.


Bloomberg AusBond Bank Bill IndexBenchmarkThe fund predominantly provides exposure to a wide range of domestic and global investment gradefloating and fixed rate instruments, asset-backed securities, and cash. The fund may also haveopportunistic exposure to other fixed income sectors and instruments such as, high yield and emerging


markets debt as well as other fixed income instruments. Interest rate risk will generally be hedgedthrough the use of derivatives such as swaps and futures.

The investment process aims to reduce the risk of the fund being adversely affected by unexpectedevents or downgrades in the credit rating of the fund’s investments. A disciplined framework is usedto analyse each sector and proposed investment to assess its risk.

The fund may be exposed to derivatives to implement its investment strategy. For example, protectionmay be purchased on issuers that are believed to be over-valued or at risk of downgrade. Thesepositions increase in value when the underlying instrument falls in value and decrease in value whenthe underlying instrument rises in value.

The portfolio is generally hedged to Australian dollars. However, any exposure to emerging marketsdebt issued in the local currency of the debt will generally be unhedged. Small active currency positionsmay also be taken when the investment manager believes that there are opportunities to add valueor hedge risks in the portfolio.you want a medium term investment horizon, seeking a steady and reliable income stream.The investment option may be

suited to you if...3 yearsMinimum suggested time to

investAsset allocation RangesAsset class

0% – 100%Investment grade credit*0% – 25%High yield0% – 25%Emerging markets debt**

0% – 100%Cash* Includes Australian and global investment grade credit.** May include holdings of sub-investment grade instruments.

Low to medium (estimate of 1 to 2 negative annual returns in any 20 year period)Standard Risk Measure

PIMCO Diversified Fixed Interest Fund - Wholesale ClassTo achieve maximum total return by investing in underlying funds that invest in Australian andoverseas bonds, and to seek to preserve capital through prudent investment management.


50% Bloomberg Barclays Global Aggregate Index (Hedged in Australian dollars) and 50% BloombergAusBond Composite 0+ Yr Index

Benchmark

The fund invests in indirect and direct government, corporate, mortgage, and other fixed interestsecurities. While the fund invests predominantly in Investment Grade Securities, it may also investin non-Investment Grade fixed interest securities and Emerging Market Debt. The fund currently


seeks to achieve its investment objective by investing in other funds where PIMCO Australia Pty Ltdis the Investment Manager and PIMCO Australian Management Limited is the Responsible Entity,primarily being the PIMCO Australian Bond Fund and PIMCO Global Bond Fund.

The fund may also hold cash.

the fund is designed for investors who wish to have a broadly diversified exposure to both domesticand international fixed interest markets.



Asset allocation Strategic asset allocationAsset class100%Fixed income and cash




Fixed income continued

PIMCO Global Bond Fund - Wholesale ClassTo achieve maximum total return by investing in Global fixed interest securities and to seek topreserve capital through prudent investment management.


Bloomberg Barclays Global Aggregate Index hedged in Australian dollarsBenchmark

The fund invests in indirect and direct government, corporate, mortgage, and other fixed interestsecurities. While the fund invests predominantly in Investment Grade securities, it may also investin non-Investment Grade fixed interest securities and Emerging Market Debt.


The fund may also hold cash and derivatives.

the fund is designed for investors who wish to have a broadly diversified exposure to internationalfixed interest markets.



Asset allocation Strategic asset allocationAsset class100%Fixed income and cash


Vanguard® Australian Fixed Interest Index FundTo track the return (income and capital appreciation) of the Benchmark before taking into accountfund fees, expenses and tax.


Bloomberg AusBond Composite 0+ Yr IndexBenchmark

The fund invests in high-quality, income-generating securities issued by the CommonwealthGovernment of Australia, Australian State Government authorities and treasury corporations, as wellas investment-grade corporate issuers. While being low cost, the fund also provides some protection


against capital volatility. The investments in the fund are predominantly rated BBB - or higher byStandard & Poor's ratings agency or equivalent.

you have a medium-term investment horizon, seeking a steady and reliable income stream.The investment option may besuited to you if...


Asset allocation Strategic asset allocationAsset class100% Australian fixed interest



Property securities

Vanguard® Australian Property Securities Index FundTo track the return of the Benchmark before taking into account fees, expenses and tax.Investment objective

S&P/ASX 300 A-REIT IndexBenchmark

The fund provides a low-cost way to invest in property securities listed on the Australian SecuritiesExchange. The property sectors in which the fund invests include retail, office, industrial anddiversified. The fund offers potential long-term capital growth and tax-effective income that may


include a tax-deferred component.

The S&P/ASX 300 A-REIT Index comprises property securities (shares) listed on the AustralianSecurities Exchange (ASX). These securities are real estate investment trusts and companies that ownreal estate assets and derive a significant proportion of their revenue from rental income.

The fund will hold all of the securities in the index most of the time, allowing for individual securityweightings to vary marginally from the index from time to time. The fund may invest in securitiesthat have been removed from or are expected to be included in the index.

you want long-term capital growth, some tax-effective income, and you have a higher tolerance forthe risks associated with share market volatility.



Asset allocation Strategic asset allocationAsset class100% Australian property securities




Australian shares

Antares Elite Opportunities FundTo outperform the Benchmark (after fees and before tax) over rolling 5 year periods.Investment objective

S&P/ASX 200 Total Return IndexBenchmark

The fund is an actively managed concentrated portfolio of Australian listed shares containing onlyAntares’ highest conviction investment ideas. The fund isn't constrained by the Benchmark's industryor company weights, giving Antares the flexibility to invest in their best investment ideas.


Antares follows a bottom-up investment process, which means investment decisions are made byundertaking in-depth proprietary research and analysis of individual companies and securities.

In general, Antares aims to invest in companies where the current share price does not fully reflectits view of the potential value of each company's business. Through company contact and detailedfinancial and non-financial analysis, Antares’ research analysts seek to gain a thorough understandingof Australian companies and the industries in which they operate.

Antares is a member of the IOOF Group.


you want to invest in a concentrated portfolio of Australian listed shares managed by a specialistmanageryou are seeking long-term capital growth, andyou can tolerate fluctuations and the risk of capital loss.


Asset allocation RangesAsset class95–100% Australian shares

0–5% Cash and cash equivalents



Australian shares continued

Antares High Growth Shares FundTo outperform the Benchmark (after fees and before tax) over rolling 5 year periods.Investment objectiveS&P/ASX 200 Total Return IndexBenchmarkThe fund is an actively managed portfolio of Australian listed shares investing in both long and shortpositions, using active trading, along with the use of derivatives with the aim of enhancing returnsfor investors.


Antares applies their investment expertise and stock selection capabilities to manage the fund. Antaresuses the following key strategies:

short selling – Antares generally aims to short sell a security with the expectation of buying it back,at a later time, at a lower price and therefore enhance the fund's returnenhanced long positions – Antares seeks to amplify the fund’s return relative to its benchmark byoverweighting those shares they believe to be undervaluedactive trading – trading in shares where the fund holds a range of different positions over a relativelyshort period of time, with a view to fully exploiting all available opportunities to add value as marketcircumstances change, andderivatives – the fund only deals in exchange traded derivatives listed with the Australian SecuritiesExchange (ASX). Antares can invest in derivatives to manage the fund in a more efficient manner,reduce risk, reduce transaction costs, enhance returns, increase market exposure, and reduce marketexposure (ie shorting).

The fund may become leveraged through borrowing, the use of derivatives and short selling. The netexposure of the fund cannot exceed 100% of the net asset value of the fund.

Antares is a member of the IOOF Group.

This fund is considered a hedge fund by the Australian Securities and Investments Commissionbecause it uses some sophisticated investment techniques. More information about this fund isavailable in the investment manager’s PDS available at mlc.com.au/findafund


you want to invest in an actively managed, diversified portfolio of Australian listed shares managedby a specialist manageryou want the potential for long-term capital growth and the potential to add value from both risesand falls in individual share prices by taking long and short positionsyou understand the additional risks of taking long/short positions, andyou can tolerate fluctuations and the risk of capital loss.

5 years plusMinimum suggested time toinvestAsset allocation RangesAsset class

90–125%Australian shares (Long)0– -25%Australian shares (Short)0–10%Cash and cash equivalents






Ausbil Australian Emerging Leaders FundTo provide returns above the Benchmark over the medium to long term, before fees and tax.Investment objective

70% S&P/ASX Midcap 50 Accumulation IndexBenchmark30% S&P/ASX Small Ordinaries Accumulation Index

The fund predominantly invests in a portfolio of mid and small cap Australian equities primarilychosen from the S&P/ASX 300 Index, but generally excludes securities from the S&P/ASX 50 Index.At all times the fund will favour sectors and specific companies which it believes will experience


positive earnings revisions.

you want to benefit from the long-term capital gains available from share investments and arecomfortable with fluctuations in capital value in the short to medium term.



Asset allocation RangesAsset class90–100%Australian shares

0-10% Cash


Fairview Equity Partners Emerging Companies FundAims to earn a return (after the fund’s management costs and before tax) which exceeds the Benchmark over rolling 5 year periods.


S&P/ASX Small Ordinaries Total Return IndexBenchmark

Fairview's investment philosophy is based on the belief that opportunities for identifying mispricedshares are greatest within the small companies segment of the market. This is primarily becausemany small companies tend to be under-researched and therefore have the potential to offer investors


significant upside.

Fairview implements this philosophy through a disciplined, multi-faceted strategy of stock selection.This collaborative approach is research-driven, combining high levels of company contact, detailedanalysis, a robust peer review process and appropriate risk controls.

The IOOF Group is a minority shareholder in the investment manager, Fairview.


you believe in the greater long-term wealth creation potential of sharesyou want to invest in an actively managed portfolio of Australian small companies listed on theAustralian share market that is managed by a specialist investment manageryou want to diversify your Australian share portfolio to include access to a range of small andemerging companies that show strong long-term growth potential, andyou can tolerate fluctuations and the risk of capital loss.



0–10%Cash and cash equivalents




Investors Mutual Australian Share FundTo provide a return (after fees and expenses and before taxes) which exceeds the Benchmark, overrolling four year periods.


S&P/ASX 300 Total Return Index Benchmark

The fund will invest in a diversified portfolio of quality Australian and New Zealand industrial andresource shares, where these shares are identified by our investment team as being undervalued.


The fund will aim to provide investors with long-term capital growth and income through an activelymanaged portfolio of quality Australian Shares listed on the ASX.




0–10%Cash


Perpetual Wholesale Australian Share FundAims to provide long-term capital growth and regular income through investment predominantly inquality Australian industrial and resource shares and outperform the Benchmark (before fees andtaxes) over rolling three-year periods.


S&P/ASX 300 Accumulation IndexBenchmark

Perpetual researches companies of all sizes using consistent share selection criteria. Perpetual’spriority is to select those companies that represent the best investment quality and are appropriatelypriced. In determining investment quality, investments are carefully selected on the basis of four key


investment criteria:

conservative debt levelssound managementquality business, and recurring earnings.

The fund may have up to 20% exposure to investments in international shares. The fund investspredominantly in Australian shares listed on or proposed to be listed on any recognised Australianexchange, but may have up to 20% exposure to international shares listed on or proposed to be listedon any recognised global exchange. Currency hedges may be used from time to time.

Derivatives may be used in managing the fund.

you want to invest in an active Australian shares fund.The investment option may besuited to you if...



0–10%Cash





Perpetual Wholesale Ethical SRI FundAims to provide long-term capital growth and regular income through investment predominantly inquality shares of Australian ethical and socially responsible companies and outperform the Benchmark(before fees and taxes) over rolling three-year periods.


S&P/ASX 300 Accumulation IndexBenchmark





In addition to the above investment approach, Perpetual utilises a strategy for screening ethical andsocially responsible investments.

The fund may have up to 20% exposure to investments in international shares. The fund investspredominantly in Australian shares listed on or proposed to be listed on any recognised Australianexchange, but may have up to 20% exposure to international shares listed on or proposed to be listedon any recognised global exchange. Currency hedges may be used from time to time.


you want to invest in an Australian shares fund that invests in socially responsible companies.The investment option may besuited to you if...


Asset allocation RangesAsset class90-100%Australian Shares

0-10%Cash


Perpetual Wholesale Smaller Companies Fund No.2Aims to provide long-term capital growth and income through investment in quality Australianindustrial and resource shares which, when first acquired, do not rank in the S&P/ASX 50 Index andoutperform the Benchmark (before fees and taxes) over rolling three-year periods.


S&P/ASX Small Ordinaires Accumulation IndexBenchmark





The fund may invest in shares listed on or proposed to be listed on any recognised Australian exchange.


you want to invest in a smaller companies Australian shares fund.The investment option may besuited to you if...


Asset allocation RangesAsset class80–100%Australian smaller companies shares

0–20%Cash




Schroder Wholesale Australian Equity Fund Aims to outperform the Benchmark after fees over the medium to long-term by investing in a broadrange of companies from Australia and New Zealand.


S&P/ASX 200 Accumulation Index Benchmark

With an established pedigree of investing in Australian equities for over 50 years, the SchroderWholesale Australian Equity Fund is an actively managed core Australian equity portfolio with afocus on investing in quality stocks predominantly in Australia characterised by strong returns on


capital with a sustainable competitive advantage. The fund draws on Schroders’ deep researchcapabilities, with a long term focus on investing, it is suitable as a core portfolio holding over themedium to long term. The fund may invest in Australian and New Zealand securities including butnot limited to equities, cash and cash equivalents, exchange traded funds, futures, options and listedequity market derivatives.

you want to invest in an actively managed Australian Equity portfolio.The investment option may besuited to you if...






Global shares

Altrinsic Global Equities TrustAims to deliver long-term capital growth and to outperform the Benchmark over rolling 5 yearperiods, before fees and tax.


MSCI All Country World Index (ex-Australia) Net Dividends Reinvested ($A) BenchmarkAltrinsic believes it can take advantage of inefficiencies in the world's share markets by taking along-term view and capitalising on the investment team's:


in-depth fundamental company analysis,global industry knowledge, anddistinctive cross-border perspectives to assess a company's intrinsic value. Altrinsic evaluatescompanies as if purchasing them outright with its own capital.

Altrinsic applies a disciplined four step investment process:

1 Sourcing ideas - ideas are generated through the use of a proprietary screening process and in thecourse of the investment team's on-the-ground company research. It searches developed andemerging markets to uncover companies with unrealised value.

2 Fundamental analysis - this process begins with the long-term historical analysis of a company'sfundamental performance drivers. Altrinsic's investment team evaluates management capabilities,strategy, and execution, and forecasts cash flow generation under "normal" conditions and thenadjusts for associated risks. Intrinsic value is determined by applying multiple valuation measures.

3 Constructing the portfolio - a high conviction portfolio of the investment team's best investmentideas is constructed from the bottom-up on a stock-by-stock basis. Region, industry, and marketcapitalisation exposures are an outcome of this company-specific approach. The Trust typicallyinvests in 60-100 companies.

4 Managing risk - risk management is applied throughout the investment process at both the companylevel and the portfolio level.

The fund's exposure to international assets is not hedged to the Australian dollar. However, if thefund becomes overweight in a currency due to stock selection, Altrinsic may enter into currencyhedging contracts to reduce that currency exposure.


you want to invest in a portfolio of companies from around the world managed by a specialist globalshares manageryou want to invest in a portfolio focused on long-term capital growthyou can tolerate fluctuations and the risk of capital loss, andyou’re comfortable having foreign currency exposure ie currency risk.

5 yearsMinimum suggested time toinvestAsset allocation RangesAsset class

50–100%Global developed markets shares0–30%Global emerging markets shares0–20% Cash and cash equivalents

Up to 15% of the fund may be invested in small cap stocks (US$1.5 billion or less market capitalisation)High (estimate of 4 to 6 negative annual returns in any 20 year period)Standard Risk Measure


Global shares continued

Platinum Asia FundThe fund aims to provide capital growth over the long-term by investing in undervalued companiesin the Asian region excluding Japan.


MSCI All Country Asia ex Japan Net Index in $A (for performance comparison purposes only)Benchmark

The fund primarily invests in the listed securities of Asian companies. Asian companies may list theirsecurities on securities exchanges other than those in Asia and the fund may invest in those securities.The fund may invest in companies not listed in Asia but where their predominant business is


conducted in Asia. The fund may invest in companies that benefit from exposure to the Asian economicregion.

Platinum defines “Asia” as all countries that occupy the eastern part of the Eurasian landmass andits adjacent islands and is separated from Europe by the Ural Mountains, and includes the RussianFar East and companies based in China, Hong Kong, Taiwan, Korea, Malaysia, Singapore, India, Thailand,Indonesia, Philippines, Sri Lanka, Pakistan and Vietnam.

The portfolio will ideally consist of 40 to 100 securities that Platinum believes to be undervalued bythe market. Cash may be held when undervalued securities cannot be found. Platinum may short sellsecurities that it considers overvalued. The portfolio will typically have 50% or more net equityexposure.

Platinum may use derivatives:

for risk management purposes to take opportunities to increase returns to create a short position in securities or indices to establish positions in securities that may otherwise not be readily available (eg to gain accessto particular stock markets where foreign investors face restrictions), and to aid in the management of fund cash flows (eg some stock markets require pre-funding of stockpurchases that may be avoided through the use of derivatives).

Platinum has set the following investment restrictions in respect of the fund:

the notional value# of derivatives may not exceed 100% of the Net Asset Value (NAV) of the fund,andthe value# of long stock positions and the notional value of derivatives positions together will notexceed 150% of the NAV of the fund.

#Where options are employed, the notional value will be the Delta adjusted exposure. "Delta" is thetheoretical measure of the sensitivity of the option price to a change in the price of the underlyingasset (usually expressed as a percentage).

Platinum manages risk associated with currency exposure through the use of hedging devices (egforeign exchange forwards, swaps, non-deliverable forwards and currency options) and cash foreignexchange trades.

This fund is considered a hedge fund by the Australian Securities and Investments Commissionbecause it uses some sophisticated investment techniques.

More information about this fund is available in the investment manager’s PDS available at mlc.com.au/findafund

Not applicableThe investment option may besuited to you if...

5 or more yearsMinimum suggested time toinvest

Asset allocation RangesAsset class 0–100%International Equities0-100%Cash and Cash Equivalents

Cash and cash equivalents typically represents less than 40% of a Fund’s NAV. The fund may investin bullion and other physical commodities, but the total value of such investments at the time ofacquisition will not exceed 20% of the NAV of the fund.







Platinum International Fund

The fund aims to provide capital growth over the long-term by investing in undervalued companiesaround the world.


MSCI All Country World Net Index in $A (for performance comparison purposes only)Benchmark

The fund primarily invests in listed securities. The portfolio will ideally consist of 70 to 140 securitiesthat Platinum believes to be undervalued by the market. Cash may be held when undervaluedsecurities cannot be found. Platinum may short sell securities that it considers overvalued. The


portfolio will typically have 50% or more net equity exposure.

Platinum may use derivatives:

for risk management purposesto take opportunities to increase returnsto create a short position in securities or indicesto establish positions in securities that may otherwise not be readily available (eg to gain accessto particular stock markets where foreign investors face restrictions), and to aid in the management of fund cash flows (eg some stock markets require pre-funding of stockpurchases that may be avoided through the use of derivatives).

Platinum has set the following investment restrictions in respect of the fund:

the notional value# of derivatives may not exceed 100% of the Net Asset Value (NAV) of the fund,and the value# of long stock positions and the notional value of derivatives positions together will notexceed 150% of the NAV of the fund.

#Where options are employed, the notional value will be the Delta adjusted exposure. “Delta” is thetheoretical measure of the sensitivity of the option price to a change in the price of the underlyingasset (usually expressed as a percentage).

Platinum manages risk associated with currency exposure through the use of hedging devices (egforeign exchange forwards, swaps, non-deliverable forwards and currency options) and cash foreignexchange trades.

This fund is considered a hedge fund by the Australian Securities and Investments Commissionbecause it uses some sophisticated investment techniques.


Not applicableThe investment option maybe suited to you if...

5 or more yearsMinimum suggested time toinvest

Asset allocation RangesAsset class0–100%International Equities0–100%Cash and Cash Equivalents

Cash and cash equivalents typically represents less than 40% of a Fund’s NAV. The fund may investin bullion and other physical commodities, but the total value of such investments at the time ofacquisition will not exceed 20% of the NAV of the fund.






PM CAPITAL Global Companies FundTo provide long term capital growth and outperform the greater of the MSCI World Net Total ReturnIndex (AUD) or RBA cash rate over rolling seven year periods. The fund is not intended to replicatethe index.


MSCI World Net Total Return Index (AUD)Benchmark

The Global Companies fund aims to create long term wealth through a concentrated portfolio of 25-45global securities and other instruments, interest bearing debt securities, managed investment schemes(MIS), derivatives (both exchange traded and over the counter), deposit products and cash. The fund


falls under the hedge fund disclosure regime as defined by the Australian Securities and InvestmentsCommission because it uses some sophisticated investment techniques.



you seek a focused, patient and considered approach to finding simple investment ideas thatproduces the best environment for creating wealth over a long-term investment horizonyou want an increased exposure to global equities via access to a handpicked portfolio of globalsecuritiesyou want diversity of returns compared with those provided by more traditional global equityfunds


Net Asset allocation range % (incl. derivatives)Asset allocation0– 110% Global equities0–30% Debt securities0–10% Other (MIS, unlisted investments)0–100% CashThe fund may use derivatives, short selling, and leverage.


Vanguard® International Shares Index Fund (Hedged)To track the return of the Benchmark, before taking into account fees, expenses and tax.Investment objective

MSCI World (ex-Australia) Index (net dividends reinvested), hedged into Australian dollarsBenchmark

The fund meets its investment strategy by investing in the Vanguard International Shares IndexFund, forward foreign exchange contracts and futures. Vanguard may, at its discretion, commenceinvesting directly in the securities that are, have been or are expected to be in the index. The fund is


exposed to all of the securities in the index most of the time, allowing for individual security weightingsto vary marginally from the index from time to time. The fund may be exposed to securities that havebeen removed from or are expected to be included in the index.

you want exposure to a diversified portfolio of international shares that is relatively unaffected bycurrency fluctuations.



Asset allocation Strategic asset allocationAsset class100%International shares (hedged to AUD)







Vanguard® International Shares Index Fund

To track the return of the Benchmark, before taking into account fees, expenses and tax.Investment objective

MSCI World (ex-Australia) Index (net dividends reinvested), in Australian dollarsBenchmark

The fund provides exposure to many of the world's largest companies listed in major developed countries. It offers low-cost access to a broadly diversified range of securities that allows investorsto participate in the long-term growth potential of international economies outside Australia. The


fund is exposed to the fluctuating values of foreign currencies, as there will not be any hedging offoreign currencies to the Australian dollar.

you want long-term capital growth, some income, international diversification, and with a highertolerance for the risks associated with share market volatility.

The investment option maybe suited to you if...


Asset allocation Strategic asset allocationAsset class100%International shares



Administration fees and costs apply in addition to the fees and costs shown in this table. Please refer to the PDS and Fee Brochure forfurther information about fees and costs, including how the figures shown below are calculated.

Transactioncosts (gross)1

Buy-sellspreads

Transactioncosts (net)

Equalsinvestment

fees and costs

The investment fees and costsare made up of

Plusother

investment feesand costs

Performancefee

% paEntry %/Exit %% pa% pa% pa

MySuper0.080.00 / 0.000.080.780.570.21Under age 550.080.00 / 0.000.080.780.570.21At age 550.080.00 / 0.000.080.780.570.21At age 560.080.00 / 0.000.080.780.570.21At age 570.080.00 / 0.000.080.780.570.21At age 580.080.00 / 0.000.080.780.570.21At age 590.080.00 / 0.000.080.780.570.21At age 600.080.00 / 0.000.080.780.570.21At age 610.080.00 / 0.000.080.780.570.21At age 620.080.00 / 0.000.080.760.560.20At age 630.070.00 / 0.000.070.750.560.19At age 640.070.00 / 0.000.070.750.560.19At age 65 and over0.080.00 / 0.000.080.780.570.21MySuper Growth Portfolio

0.070.00 / 0.000.070.740.550.19MySuper Conservative GrowthPortfolio

0.000.00 / 0.000.000.460.460.00MySuper Cash Plus PortfolioMLC multi-asset portfolios

0.080.10 / 0.100.030.920.770.15MLC Inflation Plus ConservativePortfolio

0.100.10 / 0.100.051.100.880.22MLC Inflation Plus ModeratePortfolio

0.140.15 / 0.100.091.310.970.34MLC Inflation Plus AssertivePortfolio

0.050.10 / 0.100.000.570.570.00MLC Horizon 1 Bond Portfolio

0.060.10 / 0.100.000.810.680.13MLC Horizon 2 Capital StablePortfolio

0.060.10 / 0.100.010.960.740.22MLC Horizon 3 ConservativeGrowth Portfolio

0.070.10 / 0.100.031.150.820.33MLC Horizon 4 BalancedPortfolio

0.070.10 / 0.100.041.160.830.33MLC Horizon 5 Growth Portfolio0.070.10 / 0.100.041.240.870.37MLC Horizon 6 Share Portfolio

0.080.15 / 0.150.021.481.090.39MLC Horizon 7 AcceleratedGrowth Portfolio

0.040.10 / 0.100.000.290.290.00MLC Index Plus ConservativeGrowth Portfolio

0.030.15 / 0.150.000.290.290.00MLC Index Plus BalancedPortfolio

0.030.15 / 0.150.000.290.290.00MLC Index Plus Growth PortfolioMLC asset class funds

0.050.15 / 0.150.000.510.510.00MLC Diversified Debt Fund0.050.25 / 0.250.000.620.620.00MLC Property Securities Fund0.120.15 / 0.100.060.770.770.00MLC Global Property Fund0.100.15 / 0.150.040.710.710.00MLC Australian Share Fund

0.000.05 / 0.050.000.220.220.00MLC Australian Share IndexFund

0.080.25 / 0.250.020.720.720.00MLC IncomeBuilder0.040.10 / 0.100.020.850.850.00MLC Global Share Fund0.070.15 / 0.100.000.900.900.00MLC Hedged Global Share Fund


Fees and costs foryour investment options

Transactioncosts (gross)1

Buy-sellspreads

Transactioncosts (net)

Equalsinvestment

fees and costs

The investment fees and costsare made up of

Plusother

investment feesand costs

Performancefee

% paEntry %/Exit %% pa% pa% pa

Cash0.000.00 / 0.000.000.130.130.00MLC Cash Fund

Investment options other than MLC portfolios

0.170.15 / 0.160.050.640.640.00Macquarie Income OpportunitiesFund

0.120.00 / 0.100.050.850.850.00PIMCO Diversified Fixed InterestFund - Wholesale Class2

0.140.00 / 0.100.080.950.950.00PIMCO Global Bond Fund -Wholesale Class2

0.030.08 / 0.080.000.390.390.00Vanguard® Australian FixedInterest Fund

0.040.08 / 0.080.000.430.430.00Vanguard® Australian PropertySecurities Index Fund

0.080.15 / 0.150.030.780.700.08Antares Elite Opportunities Fund

0.240.15 / 0.150.171.101.000.10Antares High Growth SharesFund

0.150.25 / 0.250.060.950.950.00Ausbil Australian EmergingLeaders Fund

0.350.25 / 0.250.181.541.200.34Fairview Equity PartnersEmerging Companies Fund

0.060.25 / 0.250.000.940.940.00Investors Mutual AustralianShare Fund

0.130.30 / 0.000.091.061.060.00Perpetual Wholesale AustralianShare Fund

0.090.15 / 0.150.041.001.000.00Perpetual Wholesale Ethical SRIFund

0.200.15 / 0.150.121.451.450.00Perpetual Wholesale SmallCompanies Fund No. 2

0.070.25 / 0.250.000.770.770.00Schroder Wholesale AustralianEquity Fund

0.030.15 / 0.100.000.990.990.00Altrinsic Global Equities Trust0.590.15 / 0.150.481.351.350.00Platinum Asia Fund0.120.15 / 0.150.071.351.350.00Platinum International Fund

0.210.25 / 0.250.023.051.291.76PM CAPITAL Global CompaniesFund

0.100.08 / 0.080.070.410.410.00Vanguard® International SharesIndex Fund (Hedged)

0.010.08 / 0.080.000.380.380.00Vanguard® International SharesIndex Fund1Transaction costs (gross) is a figure reflecting all transaction costs incurred by the investment option before taking into account buy-sellspreads recovered. It is transaction costs (net) rather than transaction costs (gross) which impact investment returns to a member. 2The investment fees and costs are estimates for the financial year to 30 June 2021 based on the actual costs incurred for the financialyear to 30 June 2020, given the actual costs for the financial year to 30 June 2021 were not available at the date of this Investment Menu.


Cost of product for 1 yearThe cost of product gives a summary calculation about how ongoing annual fees and costs can affect your superannuation investmentover a 1-year period for all superannuation products and investment options. It is calculated in the manner shown in the Example ofannual fees and costs.

The cost of product information assumes a balance of $50,000 at the beginning of the year. (Additional fees such as a buy–sell spreadmay apply: refer to the Fees and costs summary for the relevant superannuation product or investment option.) You should use thisfigure to help compare superannuation products and investment options.

Cost of Product $ pa(based on account balance of $50,000)

MySuper683.00Under age 55683.00At age 55683.00At age 56683.00At age 57683.00At age 58683.00At age 59683.00At age 60683.00At age 61683.00At age 62673.00At age 63663.00At age 64663.00Age 65 and over683.00MySuper Growth Portfolio658.00MySuper Conservative Growth Portfolio523.00MySuper Cash Plus Portfolio

MLC multi-asset portfolios828.00MLC Inflation Plus Conservative Portfolio928.00MLC Inflation Plus Moderate Portfolio

1,053.00MLC Inflation Plus Assertive Portfolio638.00MLC Horizon 1 Bond Portfolio758.00MLC Horizon 2 Capital Stable Portfolio838.00MLC Horizon 3 Conservative Growth Portfolio943.00MLC Horizon 4 Balanced Portfolio953.00MLC Horizon 5 Growth Portfolio993.00MLC Horizon 6 Share Portfolio

1,103.00MLC Horizon 7 Accelerated Growth Portfolio498.00MLC Index Plus Conservative Growth Portfolio498.00MLC Index Plus Balanced Portfolio498.00MLC Index Plus Growth Portfolio

MLC asset class funds508.00MLC Diversified Debt Fund563.00MLC Property Securities Fund668.00MLC Global Property Fund628.00MLC Australian Share Fund363.00MLC Australian Share Index Fund623.00MLC IncomeBuilder688.00MLC Global Share Fund703.00MLC Hedged Global Share Fund

Cash318.00MLC Cash Fund


Cost of product foryour investment options

Cost of Product $ pa(based on account balance of $50,000)

Investment options other than MLC portfolios698.00Macquarie Income Opportunities Fund803.00PIMCO Diversified Fixed Interest Fund - Wholesale Class868.00PIMCO Global Bond Fund - Wholesale Class548.00Vanguard® Australian Fixed Interest Fund568.00Vanguard® Australian Property Securities Index Fund758.00Antares Elite Opportunities Fund988.00Antares High Growth Shares Fund858.00Ausbil Australian Emerging Leaders Fund

1,213.00Fairview Equity Partners Emerging Companies Fund823.00Investors Mutual Australian Share Fund928.00Perpetual Wholesale Australian Share Fund873.00Perpetual Wholesale Ethical SRI Fund

1,138.00Perpetual Wholesale Small Companies Fund No. 2738.00Schroder Wholesale Australian Equity Fund848.00Altrinsic Global Equities Trust

1,268.00Platinum Asia Fund1,063.00Platinum International Fund1,888.00PM CAPITAL Global Companies Fund

593.00Vanguard® International Shares Index Fund (Hedged)543.00Vanguard® International Shares Index Fund


This page has been left blank intentionally.


For more information call us fromanywhere in Australia on 132 652 orcontact your financial adviser.


Registered officeGround Floor, MLC Building105–153 Miller StreetNorth Sydney NSW 2060

mlc.com.au

OBJA126190-1021


MLC MasterKeyBusiness SuperInsurance Guide

The InsurerInsurance is issued by MLC LimitedABN 90 000 000 402 AFSL 230694




This guide gives you information about theinsurance available within MLC MasterKey

Business Super.

A financial adviser can help you decide if thisinsurance is right for you.

Contents

4Insurance with us

5Information about insurance claims

6Insurance that fits just right

8Automatic insurance

9Voluntary insurance

10The types of insurance available

15Insurance – the details

17Keeping your insurance when you leave your Employer

19Cost of insurance

28Definitions

33Interim Accident Insurance

The information in thisdocument forms part ofthe MLC MasterKey BusinessSuper Product DisclosureStatement (PDS) dated 1October 2021.

Together with the Claims Guide,Fee Brochure and InvestmentMenu, these documents shouldbe considered before making afinal decision to invest.

They are available at mlc.com.au/pds/mkbs

This document has been prepared on behalf of NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 (NULIS) as Trustee ofthe MLC Super Fund, ABN 70 732 426 024 (the Fund). NULIS is part of the group of companies comprising IOOF Holdings Ltd ABN 49 100 103722 and its related bodies corporate (IOOF Group). The information in this document is general in nature and doesn’t take into account yourobjectives, financial situation or individual needs. Before acting on any of this information you should consider whether it is appropriate foryou. You should consider obtaining financial advice before making any decisions based on this information.

References to ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated. MLC Limited uses the MLC brand under licence. MLC Limitedis part of the Nippon Life Insurance Group and is not a part of the IOOF Group. This offer is made in Australia in accordance with Australianlaws. Subject to super law, the final authority on any issue relating to your account is the Fund’s Trust Deed, and the relevant insurance policy,which govern your rights and obligations as a member.

MLC MasterKey Business Super insurance is offered to MLC MasterKey Business Super members under insurance policies issued to the Trusteeby MLC Limited ABN 90 000 000 402, AFSL 230694 (the Insurer). The insurance cover provided is subject to the terms and conditions containedin the insurance policies (policies) issued to the Trustee by the Insurer. The terms and conditions of the policies prevail over any inconsistentinformation in the PDS or this Insurance Guide. The insurance information provided in the PDS and the Insurance Guide is based on the policiesissued by the Insurer, and information provided by the Insurer about the operation of the policies. The Insurer has given and not withdrawn itsconsent for this information to be included in the PDS and the Insurance Guide in the form and context in which it appears. Insurance benefitswill only become payable if the Insurer accepts the relevant claim. Payment of any approved claim will be made by the Insurer to the Trusteeand any insured benefit and any account balance can only be paid to you by the Trustee when a condition of release under the SuperannuationIndustry (Supervision) Act 1993 is met.

The information in this document may change from time to time. Any updates or changes that aren’t materially adverse will be available at mlc.com.au/pds/mkbs You also can obtain a paper copy of these updates at no additional cost by contacting us. An online copy of this document isavailable at mlc.com.au/pds/mkbs

MLC MasterKey Business Super Insurance Guide | 3






We believe all Australians should be ableto protect their future.

That’s why we provide you the option tohave easily accessible insurance with yoursuper.

The InsurerWe’ve chosen MLC Limited as the Insurer.With over 130 years of insuranceexperience in Australia, MLC Limitedprovides long-term, sustainable insuranceto customers. We can change the Insurerat any time if we believe this is in the bestinterest of members.

Insurance definitions

Some words in insurance have specificmeanings such as At Work andEmployed and are capitalised. You cansee more about these terms inthe Definitions section.

Worldwide insuranceYou’re covered anywhere in the world.Conditions apply for Income Protectioninsurance (see page 12).

Insurance in your super

Insurance within your super may be atax-effective way to protect your familyand your future.

Having both insurance cover and supersavings can be important, but the cost ofany insurance cover deducted from youraccount can reduce your super balance.Things you need to consider are:

insurance can help provide a moresecure future and support youwhen things don’t go to plan,having the right type and level ofinsurance cover for your needs andknowing how much it costs, andmaking sure that you are not paying formultiple policies that you may not need.

If you change your mind, you can alwayscancel or change your cover at any timeby contacting us.

To find out moreIf you would like to find out more aboutinsurance, whether you require cover,what expenses you want your policy tocover if you were to die or becomedisabled and how much cover you mayneed, the Australian Securities andInvestments Commission (ASIC)website www.moneysmart.gov.au hasinformation about life insurance includinga Life Insurance Calculator to help youestimate this. You might also like to checkout our insurance calculator at mlc.com.au/insurance-calculator which may helpyou determine the most appropriateinsurance cover for you.

MLC Master Policy

You can find specific details about theterms and conditions of yourinsurance in the MLC Master Policy.

A copy of the MLC Master Policy isavailable by contacting us.

4 | MLC MasterKey Business Super Insurance Guide

Insurance with us

https://www.moneysmart.gov.au/

https://www.mlc.com.au/personal/insurance/insurance-needs-calculator?cid=shortURL

https://www.mlc.com.au/personal/insurance/insurance-needs-calculator?cid=shortURL

Claims philosophyOur claims philosophy is to:

communicate the process clearlyat all times treat our claimants,members and their beneficiaries withthe utmost respect and empathypursue claims with the Insurer on themember’s behalf that we consider bothreasonable and to have reasonableprospect of success, andmake prompt payments on successfulclaims.

We adopt a professional, compassionateand positive approach to claimsmanagement and actively seek to keepmembers at the heart of everything wedo. We acknowledge that each claim isunique and must be dealt with on its ownmerits and we’re committed to being easyto deal with and providing outcomes toour members in a timely manner.

How to make a claim

If you would like more information onhow to lodge an insurance claim, pleasesee the Claims Guide.

Declined claimsIf your claim is declined and you don’tagree with the decision, please call uson 1800 512 333. If you’re still notsatisfied with the outcome you can lodgeyour complaint with the AustralianFinancial Complaints Authority (AFCA)at any time by calling 1800 931 678 (freecall) or emailing [email protected]. AFCAprovides a fair and independent financialservices complaint resolution that is freeto consumers.

When we refund premiums aspart of the claims processIf you make a claim on your insurance andwe identify that you were not eligible forcover for any reason, we’ll cancel thatcover and refund the premiums paid fromyour super account for the period youwere ineligible.

If you make a claim that's accepted, andyour cover ceases under the terms of thepolicy on the date you became eligible toclaim, we'll refund the premiums paidfrom your super account, back to the dateyou became eligible to claim.

If you have other IncomeProtection insurance policies, and youmake a claim on another policy, then itmay be that no benefit is payable underthis policy. If that’s the case, we’ll give youthe option of a refund of the IncomeProtection premiums paid from yoursuper account, calculated over the periodyour insurance covers overlapped, to amaximum of six years. If you take thisoption, we’ll also cancel your IncomeProtection insurance cover with us.

All refunds are made directly to your superaccount.


Information aboutinsurance claims

Make sure you're eligible forcover

To be eligible for insurance cover, youmust be:

a member of MLC MasterKey BusinessSuper or MLC MasterKey Personal Superfor automatic insurance, an AustralianResident, andaged between the relevant agesexplained in The types of insuranceavailable sections.

Your cover starts as set out in the table tothe right and may be Limited Cover. Cover cannot be provided if your superaccount hasn’t received a contribution orrollover into it for a continuous period of16 months - unless your Employer paysfor the cover or you have elected for yourinsurance to continue.

Limited CoverMeans you are covered only for claimsarising from an Illness that first becameapparent, or an Injury which firstoccurred, on or after the date your coverstarts.

When does Limited Cover apply?You will receive Limited Cover if one ofthe following applies to you:

your cover commences within 130 daysof your Member Commencement Dateand you are not At Work on the datethat your cover starts. Limited Coverapplies until you have been At Work for60 consecutive days.your cover commences more than 130days from your MemberCommencement Date. Limited Coverapplies until you have beencontinuously Employed for 24 monthsfrom the date your cover starts.

Limited Cover is not applicable toVoluntary insurance.

When does cover start?How to have coverCover startsituations

Cover will start automatically from thelater of the date:

If you don’t opt in, you will receivecover as described in the ‘Whendoes cover start?’ section. If you

Automaticinsurance

you reach age 25, anddon’t want this Automaticinsurance to start, you can you have a balance of at least

$6,000 in your super account.complete the opt out section of theChoose if you want insurancecover in super form.

Your cover will start once we receiveyour written election, subject toreceipt of a superannuation

You can start your insurance bycompleting the Choose if you wantinsurance cover in super form

Opt in toinsurance

contribution sufficient to pay yourwhich is included in your Welcomepremiums.Kit.

If your Employer pays for all of yourcover, then cover for that benefitstarts from the date your Employer

Your Employer pays additionalcontributions to cover the full costof your cover.

Insurance yourEmployer pays

starts paying for that benefit, whichis typically the date you commenceEmployment.

Cover commences when the Insureraccepts your insurance application.An application is subject to

You can choose to have additionalor different insurance bycompleting an insurance

Voluntaryinsurance

assessment and acceptance by theapplication form.Insurer. Individual loadings orexclusions may be applied to yourcover.


Insurance thatfits just right

We make it easy for you to build yourinsurance to suit you. You can apply fora different level or type of insurance orchange or cancel it at any time.

If, after reading this guide, you’d like toknow more, we’d be happy to help. Pleasecall us on 132 652.

Automatic insuranceYou may receive automatic insurancecover, subject to certain eligibilityconditions. This will be either insuranceyour Employer has selected for you, or wehave selected for you.

If you cancel your MLC MasterKeyBusiness Super automatic insurance coverwithin 14 days of us telling you we've:

provided that cover to you, orincreased that cover

it will be cancelled effective from the datethe cover started or increased (asapplicable). We'll refund any premiumsdeducted from your account. This meansyou can’t later make a claim on that cover.

This excludes any existing insurancecover that continues when we transferyour account to MLC MasterKey PersonalSuper.

Voluntary insurance

We know that everybody’s needs aredifferent. The insurance that meets yourneeds will depend on a range of factorsincluding your family and financialcommitments, income and lifestyle.

To apply for, or increase, your insuranceplease log in to your account online, orcomplete the insurance applicationavailable at mlc.com.au.

Get to know your insuranceYou’ll receive the details of your insurancein Your Insurance Summary including:

what type of insurance you havethe amount of insurance cover you haveyour occupational rating classificationyour premium and insurance rate table,andwhen your cover started.

Please check the details on yourWelcome Kit and Your InsuranceSummary are correct and let us knowif they are not. It’s important you dothis, since we’ll start deductingpremiums for your cover priced on thedetails for you, unless you:

tell us you’re not eligible forinsurance cover, ortell us you don’t want the insurance.

The information we hold about youdetermines your insurance. If youroccupation, nature of youremployment, salary, or any otherpersonal details change it could impactyour insurance and the premiums youpay.

Occupational ratingclassificationWhen you join MLC MasterKey BusinessSuper, your Employer will provide us withan occupational rating classification - thisis determined by the duties you perform.We may use the occupational ratingclassification to determine:

the cost of your insurance, andyour waiting period and benefit period,if you have Income Protectioninsurance cover (see page 12).

We'll disclose your occupational ratingclassification in your Welcome Kit and inYour Insurance Summary. It is yourresponsibility to check that youroccupation rating is correct. An incorrectoccupational rating classification oremployment status may impact youreligibility for insurance cover. Also, if youchange the type of work you're engagedin, you should review your occupationrating details to keep them up to date.


Insurance thatfits just right


Employer selected insuranceYour Employer may have selected tailoredinsurance cover for your plan.

This can include Death and Total andPermanent Disablement (TPD) insurance,and Income Protection insurance.

If your Employer has selected tailoredinsurance cover for your plan, this will bedetailed in Your Insurance Summary.

MLC Lifestage insuranceIf your Employer hasn’t selected tailoredinsurance cover for your plan, we’llprovide you with MLC Lifestageinsurance. It provides a combination ofDeath and TPD insurance designed tocater to your needs through different lifestages. You’ll have more insurance whenyou’re younger, when you’re most likelyto have a high mortgage or children athome, and lower insurance when you’reolder and most likely to be financiallysecure.

We’ll adjust your level of insurance eachyear on your birthday and each year we’llconfirm your level of insurance andpremiums paid in your Annual statement.

Your actual sum insured amount andpremium is shown in Your InsuranceSummary.

MLC Lifestage sum insuredamountsThis table shows the sum insuredamounts if you have MLC Lifestageinsurance.

The latest MLC Lifestage sum insuredamounts are available at mlc.com.au/mkbs/insurancerates

MLC Lifestage sum insured ($)

TPDDeathAge nextbirthday

180,00090,00016203,000117,00017224,000144,00018247,000171,00019270,000197,00020292,000224,00021315,000251,00022338,000278,00023359,000305,00024382,000332,00025415,000353,00026415,000363,00027415,000374,00028415,000380,00029415,000388,00030415,000397,00031415,000404,00032415,000411,00033415,000412,00034415,000415,00035411,000411,00036393,000393,00037383,000383,00038368,000368,00039353,000353,00040337,000337,00041317,000317,00042296,000296,00043274,000274,00044254,000254,00045233,000233,00046218,000218,00047202,000202,00048191,000191,00049174,000174,00050157,000157,00051142,000142,00052127,000127,00053111,000111,0005496,00096,0005583,00083,0005670,00070,0005756,00056,0005847,00047,0005941,00041,0006032,00032,0006127,00027,0006222,00022,0006317,00017,0006412,00012,00065

010,00066010,0006708,0006807,0006905,00070


Automatic insurance

https://www.mlc.com.au/content/dam/mlc/fb/common/support-material/mkbs_insurance_rate_tables.pdf


Everybody has different needs andinsurance is no exception.

That’s why we help you create aninsurance solution to suit you and yourfamily’s needs.

You can choose to apply for or changeyour:

Death insuranceDeath and Total and PermanentDisablement (TPD) insurance, andIncome Protection insurance.

How much insurance do youneed?While nobody likes to dwell on thenegatives, without enough insurance youcould put your, and your family's, lifestyleat risk.

Your plan adviser can go through thetypes of insurance on offer and assesshow much you may need.

Family mattersSubject to the terms, conditions andrestrictions of the MLC Master Policy,members of your family who join MLCMasterKey Business Super may also applyfor voluntary:

Death insuranceDeath and TPD insurance, andIncome Protection insurance.

Eligible family members include yourspouse, de facto spouse, parents, brothers,sisters and children.

Please see the How to Guide at mlc.com.au/howto/mkbs to find out more.

How much insurance can youapply for?

You can apply for up toInsurance type

UnlimitedDeath

Unlimited Death insurance and up to a maximum $5 million of TPDinsurance

Death and TPD

Generally, up to 75% of your Monthly Income, subject to the maximumon page 12

Income Protection


Voluntaryinsurance

https://www.mlc.com.au/content/dam/mlc/fb/common/support-material/mkbs_how_to_guide.pdf


Death insurance

The intention of Death insurance is tohelp the dependants of someone who haspassed away.

How does it work?This insurance pays a lump sum to yourbeneficiaries if you die*, or to you if you’rediagnosed with a Terminal Illness.

To be eligible for this insurance, you mustbe between ages 15 and 64 (or 69depending on the arrangements selectedby your Employer).

Your insurance can continue up to age 70depending on the arrangements selectedby your Employer.

When won't a benefit be paid?If you have Voluntary insurance yourself,a benefit won’t be paid if you commitsuicide within 24 months of starting,restarting or increasing your insurance.

If you are increasing your Deathinsurance, this only applies to theincrease.


The types ofinsurance available

Death and Total and PermanentDisablement (TPD) insurance

The intention of TPD insurance cover isto pay you a lump sum if you becometotally and permanently disabled andyou’re unable to ever work again due toIllness or Injury.

How does it work?This insurance pays a lump sum if youdie*, are diagnosed with a Terminal Illness,or become Totally and PermanentlyDisabled.

If we pay a TPD benefit to you, your Deathinsurance will reduce by the amount ofthe payment, and your ongoing premiumswill reduce accordingly.

If you have Voluntary insurance, your TPDinsurance can’t exceed the amount of yourDeath insurance.

To be eligible for this insurance, you mustbe between ages 15 and 64 (or 69depending on the arrangements selectedby your Employer).

Most insurance formulas will reduce yourTPD insurance as you get older. If yourinsurance formula doesn’t, we’ll reduce itby equal amounts each year on yourbirthday from age 61, until the age yourTPD insurance ends. Your Employer mayhave chosen to remove this reduction. Ifthey have, your TPD insurance will remainat the same level after age 61 until coverceases.

Generally, TPD insurance ceases at age 65and Death insurance can continue up toage 70.

Your insurance may end earlier dependingon the arrangements selected by yourEmployer.

When won't a benefit be paid?If you have Voluntary insurance, a benefitwon’t be paid if within 24 months ofstarting, restarting or increasing yourinsurance, you:

commit suicide, orare disabled as a result of an intentional,self-inflicted injury.

If you are increasing your Death or TPDinsurance, this only applies to theincrease.

Features of Death insurance and Death and TPD insurance

*We’ll pay your Death Benefit early (up to $3 million) if you’re diagnosed with a Terminal Illness.Terminal Illnessbenefit✓ Your Death and TPD insurance will then be reduced by the amount of this payment, and your ongoing premiums

will reduce accordingly.You won’t have to repay the Terminal Illness benefit if you live longer than 24 months.

You can take up to 24 months’ employer-approved leave and keep your insurance provided premiums continueto be paid and no more than 16 months has elapsed since your last contribution or rollover into your account (oryou have provided us with your written election to retain your cover). You can also apply to extend this period

Leave ofabsence/parentalleave

✓

by giving us at least 60 days notice before your leave ends.

If you have an accident while the Insurer assesses your application for Voluntary insurance, you or your beneficiariesmay be paid a lump sum of the amount you’ve applied for up to the maximum levels. Conditions apply—seethe Interim Accident Insurance on page 33.

Interim AccidentInsurance (whilethe Insurer assesses

✓

your application forVoluntaryinsurance)

You can apply to consolidate your insurance from your other providers. To do this, you can access the Consolidateyour insurance form available at mlc.com.au. (Conditions apply)

InsuranceConsolidation✓

From ages 15 to 64 you can apply to increase your Death and TPD insurance without further medical evidence,when you:

Increases withoutmedical evidence✓

adopt or have a childbecome a carer for the first timesuffer the death of a spouseget married or divorcedcomplete your first undergraduate degree at an Australian Government-recognised institution have a child who starts secondary school for the first time, or take out a mortgage for your first ever purchase of a principal place of residence or an increased loan to renovateyour principal place of residence.

Your application may be rejected if your total sum insured is greater than $1 million. The increase can be up to25% of your original insurance amount, but it can’t be more than $200,000. To apply for the increase, you mustcomplete and return the Increases without medical evidence form available at mlc.com.au

You must also apply within 90 days of the event occurring. You can only use this feature once in any 12 monthperiod, and up to three times in total.





Income Protection insurance

The intention of Income Protectioninsurance cover is to provide you withongoing income and financial support,should you become temporarily unable towork due to an Illness or Injury. It can helpto give peace of mind knowing you haveincome to help pay your expenses whileyou focus on your health and recovery.

How does it work?

This insurance provides a monthly benefitof up to 75% of your Monthly Incomewhile you’re Totally Disabled and unableto work.

If you become eligible for automaticIncome Protection insurance, your coverwill be limited to a 90-day waiting periodand a two year benefit period. There maybe exceptions where your Employer hasmade special arrangements with us aboutmeeting the cost of your cover—in thoseinstances, a different waiting periodand/or benefit period may apply to yourautomatic Income Protection insurance.

If you want a different waiting periodand/or benefit period, you can apply forthat cover by completing an Increase yourcover form available online at mlc.com.au

You may need to provide medical andemployment information as part of yourapplication and premiums may be moreexpensive.

In order to be eligible for a benefit youmust be:

Totally Disabled for the first 14consecutive days of the waiting period,andTotally Disabled or Partially Disabledfor the remainder of the waiting period.

You may also have a SuperannuationContribution Benefit, which will providean additional benefit as a percentage ofyour pre-disability Monthly Income whileyou’re Totally Disabled and unable to workor Partially Disabled and working with areduced income. This is paid into yoursuper account, or another complyingsuper fund of your choice, to cover youremployer superannuation contributions.

Maximum monthly benefitpayableThe maximum monthly benefit payableto you is:

75% of the first $40,000, and50% of the next $40,000

of your pre-disability Monthly Income atthe Date of Claim.

If you have a SuperannuationContribution Benefit, an additionalamount may be paid into your superaccount, up to a maximum of 15% of yourpre-disability Monthly Income at the Dateof Claim.

This is subject to an overall totalmaximum benefit of $50,000 per monthfor the first two years of your benefitperiod, including any SuperannuationContribution Benefit.

If your benefit payment continues beyondtwo years, the overall total maximumbenefit payable is $30,000 per month, forthe remaining benefit period includingany Superannuation Contribution Benefit.

Making sure you're eligibleTo be eligible for Income Protectioninsurance you must be Employed in:

Permanent Full Time EmploymentPermanent Part Time Employment, orFixed-term Contract Employment

for 15 hours or more per week and bebetween ages 15 and 64.

You’re not eligible for this insurance ifyou’re:

not EmployedEmployed for less than 15 hours a weekEmployed in Casual Employment, orEmployed in Seasonal or ContractEmployment.

If your occupation is classified as SpecialRisk, you’ll be limited to a 90-day waitingperiod and a two year benefit period.Special Risk occupations are defined inthe Occupational ratings guide forinsurance, which is available at mlc.com.au/occupation

When will benefits be reduced?Benefits will be reduced by income you’reentitled to from other sources so that yourtotal benefit does not exceed 75% of yourMonthly Income, including:

any regular income received from youremployer (including sick leave)payments made under any other similarpolicies, andany entitlement to or payments madeunder workers’ compensation or similarlegislation. This doesn’t includeCentrelink payments or benefits atcommon law, where such benefits arepayable on a periodic basis (whetherpaid or not).

When won't benefits be paid?Benefits won’t be paid to you for disabilitydue to:

an intentional self-inflicted injury orattempted suicide (regardless ofwhether you are sane or insane)normal and uncomplicated pregnancyor childbirth, orany act of war or service in any armedforces other than the AustralianDefence Force Reserves not deployedoverseas.

Important information

It’s important to check what otherinsurance policies you hold. ForIncome Protection cover, you cangenerally only claim on one policy. Ifyou have multiple policies, you mightbe paying premiums for policies youdon’t require – or you’re not eligible toclaim on.







Cover is available worldwide, however benefit payments are limited to one year if you are not continuously a resident in an ApprovedCountry.

Features of Income Protection insurance

You can choose from a range of waiting periods. This is the initial period of your Total Disability when you don’treceive monthly benefits. Waiting periods include 30, 60 and 90 days, and you can also choose a waiting periodof 180 days if you have a benefit period of 5 years or to age 65.

Choice of waiting periodand benefit period✓

You can apply for a benefit period of:

two yearsfive years, orto age 65.

Benefit payments stop at the end of the benefit period you have chosen.

If you’re Employed in Fixed-term Contract Employment and choose the:

two or five-year benefit period, the benefit period will expire on the earlier of your nominated benefit periodor your contract end date.to age 65 benefit period, the benefit period will expire on the later of two years or the expiry of the term ofyour contract. The term of your contract must be agreed before the date of the event leading to a claim foran Income Protection benefit.

Your cover will end no later than the maximum insurable age of 65.

If you have an accident while the Insurer assesses your application for Voluntary insurance, you may be entitledto receive a monthly benefit of the amount you’ve applied for up to a maximum of $50,000 per month for upto two years.

Interim AccidentInsurance (while theInsurer assesses your

✓

Conditions apply—see the Interim Accident Insurance available on page 33.applicationfor Voluntary insurance)

You can return to work during the waiting period, for up to:Return to work duringthe waiting period✓

five days if your waiting period is not more than 30 days, orten days if your waiting period is more than 30 days.

Your waiting period will be extended by the amount of days you work. If you return to work for more than themaximum days above, your waiting period will start again. These working days don’t have to be consecutive.If the waiting period restarts, you must be Totally Disabled for the first 14 days of the new waiting period to beeligible for a benefit.

The insurance selected for you may increase in line with any salary increase you receive, by up to 30% withinany 12-month period. You won’t need to provide medical information.

Salary-linked insuranceincreases✓

You can apply for a Superannuation Contribution Benefit of up to 15% of your Monthly Income (subject to themaximum monthly benefit limit). The sum of the Superannuation Contribution Benefit and the Monthly benefitcannot exceed the maximum monthly benefit limit. The Superannuation Contribution Benefit will be paid into

SuperannuationContribution Benefit✓

your super account or another complying superannuation fund of your choice.

If you receive benefits for 12 consecutive months, they’ll be increased by the lesser of; CPI, or 5%, during eachsubsequent period. This does not apply for the two-year benefit period.

CPI-linked benefits✓

You can claim the cost of approved special equipment or treatment as extra benefits so long as the Insurerdirectly pays the rehabilitation expenses or provides the rehabilitation services to you.

Rehabilitation expensesbenefit✓

If you’re Totally Disabled for a period of 14 consecutive days or more, and then return to work in a reducedcapacity, earning a reduced income, you may receive a partial benefit.

Partial benefit(or partial disability)✓

Your waiting period may be waived if your Total Disability recurs within six months of your return to yourusual Occupation because it will be considered part of your earlier claim, provided the cause of the recurrenceis the same or related to the cause of the original Total Disability.

Recurring disability✓

While you receive monthly benefits, you don’t pay any Income Protection insurance premiums.Waiver of premiums✓

You can apply to consolidate your insurance from your other providers. To do this, you can access the Consolidateyour insurance form available at mlc.com.au (Conditions apply)

Insurance consolidation✓

You can take up to 24 months’ employer-approved leave and keep your insurance if you continue to pay yourpremiums. You can also apply to extend this period by giving us at least 60 days’ notice before your leave ends.

Leave ofabsence/parental leave✓




Features of Income Protection insurance

If you die whilst in receipt of Income Protection benefits and have no Death cover in MLC MasterKey BusinessSuper, the Insurer will pay an amount equal to 3 months of Total Disability benefits (or 6 months if your benefitperiod is to age 65), subject to the expiry of the benefit period.

Bereavement Benefit✓



How to applyTo apply to increase your insurance,please log in to your account online, orcomplete the insurance applicationavailable at mlc.com.au. You can contactus or your plan adviser to find out whatthe additional premiums will be.

Cancelling or reducing cover

You can change, cancel or reduce yourinsurance at any time by contacting us. Areduction or cancellation will be effectivefrom the date your request is received,and the associated premiums will nolonger be deducted from yoursuperannuation account.

If your insurance is cancelled, you won’tbe able to claim for an Illness or Injury foran event that occurs after the cancellationdate. However, you’ll still be able to makea claim for events that happen before yourcover was cancelled. The Insurer willassess any claim you make, and theTrustee will let you know if it's beenaccepted or declined.

If you’re replacing this cover withalternative cover, you should make sureyour replacement cover is in place beforeyou cancel this cover.

Before cancelling your cover, considerspeaking with your financial adviser. Ifyour insurance is cancelled and you thenreapply for cover, you may need toprovide information related to yourmedical history, employment andpastimes and be accepted by the Insurer.

The type and amount of insurance coverthat’s right for you depends on yourpersonal, family and financialcircumstances—as well as your incomeand lifestyle. To decide which options arebest for you, your financial adviser canhelp, or you can call us for moreinformation.

IMPORTANT!

When you apply for any insurancecover, you should take reasonablecare not to make anymisrepresentations. Failure to do somay significantly impact your abilityto claim on any cover granted. Forexample, the Insurer may be able tocancel the cover and treat it as if itnever existed, or vary the amount ofthe cover, premium payable, expirydate, or other terms of the cover. Amisrepresentation can be a falseanswer, an answer that is only partiallytrue, or an answer which does notfairly reflect the truth. If you apply andyour application is accepted before 5October 2021, you have a duty to tellthe Insurer anything that you know,or could reasonably be expected toknow, which may affect its decision toinsure you and on what terms. Furtherdetails are set out in the paperworkthat is provided as part of theapplication process.

Your claims history

If, before the most recent date you becameinsured, you have ever been paid, or areentitled to be paid, a TPD or TerminalIllness benefit from us or anothersuperannuation fund or insurer,Pre-existing Conditions are excluded foras long as you are covered through MLCMasterKey Business Super (including MLCMasterKey Personal Super).

Keep your details up to dateYou need to let us know about changes toyour personal details, such as a change inyour Occupation, or your Monthly Income,within 130 days.

If you don’t notify us within this time,any:

claims may be declined, orrequest for an increase in yourinsurance may require medical and/orfinancial information.

Replacing your existinginsuranceBefore you consider cancelling anyexisting insurance you have with anotherprovider, you need to make sure yourinsurance is right for you. Please wait forus to confirm that you’re insured beforeyou cancel any existing insurancearrangements.


Insurance– the details


When your insurance will endYour insurance will end on the earliest ofthe following:

the date you’re no longer eligible forinsuranceif you don’t have enough funds in youraccount to cover the cost of insurance,30 days after the premium due datethe date you transfer your total accountbalance to another provider (eventhough you’re still Employed with yourEmployer)the day after you’ve been on leave ofabsence for more than 24 months(unless otherwise approved by theInsurer) the day before you start working withthe armed services of any country,except for the Australian Defence ForceReserves not deployed overseasthe day you reach the maximuminsurable agethe date a Death or TPD benefit is paidfor Death and TPD cover, the date aTerminal Illness or InterimAccident benefit is paid which is notless than your Death coverthe date your account is closedyou make a fraudulent claimyou cancel your insuranceat the end of the period for which yourpremiums have been paid if your superaccount hasn’t received a contributionor rollover for a continuous period of 16months, and you have not provided usthe Choose to Keep My InsuranceCover formthe date your Employer ceases to paythe full premium for cover and you areunder age 25 and/or your accountbalance is under $6,000 and you havenot completed a Choose if you wantinsurance cover in super formfor Income Protection insurance, theday your account is transferred to MLCMasterKey Personal Super and you donot elect to reinstate your IncomeProtection insurance, orfor Income Protection insurance witheither the two-year or five-year benefitperiod, the date the Insurer pays you alump sum Total and PermanentDisablement (TPD) or Terminal Illnessbenefit. Any existing Income Protection

claim will continue to be paid if youcontinue to be disabled due to the sameIllness or Injury but after the end ofyour current claim, no further claim willbe paid.

Reinstating your cover

If your insurance has ended because therehas not been a contribution or rolloverinto your account for a continuous periodof 16 months, or your Employer hasstopped paying your cover, and you hadnot provided us with your written electionto retain your cover, you can reinstateyour cover by applying in writing within60 days of cover ceasing. Reinstatementof cover may require you to pay unpaidpremiums from your account. Should youraccount balance be insufficient to coverany unpaid premiums, we’ll provide youan opportunity to make contributions toyour account to top up the balance if youwish.

If your insurance has ended for any otherreason, you can apply for insurance cover,subject to the approval of the Insurer.


Insurance– the details

Once your Employer tells us you‘re nolonger their Employee, we’ll transfer yoursuper account, and any family members'super account, to MLC MasterKey PersonalSuper. If you have insurance cover whenyou leave your Employer, you cangenerally keep your insurance cover inyour MLC MasterKey Personal Superaccount if you are under age 65.

If you do not have insurance when youraccount is transferred to MLC MasterKeyPersonal Super, you can apply forvoluntary cover by logging in to youraccount online, or completing theinsurance application available atmlc.com.au

Death and TPD insurance fromyour employer planSubject to meeting the eligibilityrequirements, we’ll transfer the exactamount of Death and TPD cover that youhold at the time we transfer your super toMLC MasterKey Personal Super.

If you’re 40 or older, from yournext birthday, any Death and TPD coveryou have in MLC MasterKey PersonalSuper will reduce each year by 5%.

Once your Death cover is reducedto $20,000 in MLC MasterKey PersonalSuper, we’ll keep it at that amountuntil your cover ceases, but you canalways apply to change or cancel yourcover, if that’s what you’d like to do. Ifyour Death cover is already less than$20,000 when you transfer to MLCMasterKey Personal Super, it will remainfixed until it ceases, or you apply tochange it. There is no minimum TPD coveramount.

Once you reach age 61, any TPD coveryou have in MLC MasterKey PersonalSuper will reduce each year on yourbirthday by equal amounts, until it endsat age 65.

Your Death and TPD cover won't reduceeach year if you apply to:

fix your cover by completing the Fixyour Death and Total and PermanentDisablement cover form available atmlc.com.au/fixyourcoverchange your cover by logging in to youraccount online, or completing theinsurance application available at mlc.com.auconsolidate your insurance from yourother providers by completing theConsolidate your insurance formavailable at mlc.com.au

Income Protection insurancefrom your employer planAny Income Protection insurance youhave will be cancelled the day we transferyour super to MLC MasterKey PersonalSuper.

You can apply to reinstate your IncomeProtection insurance cover if youcomplete the form at mlc.com.au/reinstateIP within 60 days of transferringto MLC MasterKey Personal Super.

If you reinstate your Income Protectioninsurance cover, it’s important to note:

The cost of your insurance will generallybe different in MLC MasterKey PersonalSuper (it’s usually higher than what itis in MLC MasterKey Business Super)The cost of your insurance is deductedfrom your super accountYour sum insured will not changeaccording to your salary as it may havein MLC MasterKey Business Super. It'simportant that you regularly reviewyour Income Protection sum insured toensure it is aligned with your salary.You may be paying premiums for highercover than you're eligible to claim, andThe default 90-day waiting period andtwo year benefit period will apply inMLC MasterKey Personal Super, unlessyou applied and were accepted for adifferent waiting period and/or benefitperiod in MLC MasterKey BusinessSuper. In that case, your waiting periodand/or benefit period will stay the sameupon reinstatement.

If the Income Protection reinstatementform isn’t returned within 60 days oftransferring to MLC MasterKey PersonalSuper, you’ll need to complete a newinsurance application form and may needto provide medical and employmentinformation as part of your application.

The maximum Monthly Benefit paid willbe based on your income at the date ofyour disablement. We won’t pay morethan your insured amount.


Keeping your insurance when you leave yourEmployer

https://mlc.com.au/fixyourcover




https://mlc.com.au/reinstateIP

https://mlc.com.au/reinstateIP

You can continue your insurancecover under a personal policy withthe Insurer if you leave the Fund

If you cease Employment and transferyour super from MLC MasterKey BusinessSuper to another provider, your insurancewill continue for 60 days after you leaveEmployment. During this time, you canlet us know if you wish to apply for similarinsurance through a retail insurance policyheld directly with the Insurer.

More informationYou can find more information inthe How to Guide including:

applying for additional insurancemaking a claimtransferring and consolidating yourinsurance, andchanging your insurance.

Please visitmlc.com.au/howto/mkbs


Keeping your insurance when you leave your Employer


How are premiums calculatedand deducted?We calculate premiums based on thetype and amount of insurance you haveand things like your age, gender, andusually Occupation (but not always) -the premium you pay will usually changeif you leave your Employer. Also, if youhave Income Protection insurance,the premium you pay will include anamount to cover the cost of stamp duty,in addition to the premium rates shownin this guide.

Premiums are deducted monthly fromthe account balance in yourinvestment options other than theMySuper investment option. If you haveno balance in those investment options,or your balance in those investmentoptions is insufficient to cover thepremiums, the premiums (or remainderof premiums) are deducted from yourMySuper balance.

If we ask you to provide evidence of yourhealth, your premium can also beinfluenced by factors such as your:

medical history, andlifestyle and leisure activities.

We’ll start deducting premiums for yourcover based on the details we have foryou. Please let us know if any of thedetails shown on your Welcome Kit orYour Insurance Summary are incorrector need updating, as this could impact thetype and cost of your insurance - youcould be paying a higher premium thannecessary.

Insurance feeAn insurance fee may apply to youraccount. This fee is charged by us for thecost of administering insurance includingunderwriting, policy renewal, and claimsprocessing.

Where this fee applies, it’s collected whenyour insurance premiums are deducted,so you won’t see it as a separatetransaction. If applicable, the fee iscalculated at a rate of up to 8% of yourpremium (up to a maximum of $300 pa �or on a pro rata basis if less than a fullfinancial year). Any amount charged inexcess of $25 per month will be refundedautomatically to your super account. Ifany additional refunds are required, theywill be made at the end of the financialyear or on exit.

The premium rates shown in thisInsurance Guide are not inclusive of theinsurance fee charged by us.

Will premiums change?Your premiums may be adjusted for:

your agechanges to your insurance, orchanges in your circumstances, such aschanges to your Occupation orEmployment.

The Insurer may also make changes topremium rates, which could increase ordecrease your premiums. We’ll tell youabout any material increases to premiumrates 30 days before they take effect.Notification of any non-material changesmay be made available online at mlc.com.au but you may not be directly notifiedof these updates. You may, however,obtain a paper copy of these changecommunications on request.

Important

If we don't know your occupation,you'll be classified as Light blue collarand the factor listed in the table forthat classification will apply to yourpremium rates. If we're not informedof your gender, you'll be charged malerates for Death and TPD insurance andfemale rates for Income Protectioninsurance.

To update your details, please contactus.


Cost of insurance



MLC MasterKey Business Super(Standard) insurance premiumratesThe insurance premium rates shownbelow generally apply when you join MLCMasterKey Business Super, as well aswhen any Family members join the Fund.The MLC MasterKey Business Super(standard) insurance premium rates arealso available at mlc.com.au/mkbs/insurancerates

If you belong to a large Employer plan, youwill generally be charged a tailoredinsurance premium rate. If tailoredpremium rates apply to your insurance,we’ll provide these to you inyour Welcome Kit.

Death and TPDDepending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation

To update your occupation, please contactus or your Employer.

TPDDeathOccupationclassification

0.850.90Professional

1.001.00White collar

1.371.20Light Blue collar

1.601.35Blue collar

2.851.98Heavy Blue collar

4.231.98Special Risk

Annual cost per $1,000 sum insured ($)FemaleMale

Age next birthdayTPDDeathTPDDeath0.050.190.140.42160.050.200.140.54170.050.220.140.65180.050.250.140.73190.050.270.140.79200.050.280.140.83210.050.270.140.86220.050.260.140.88230.060.250.150.88240.060.230.180.87250.080.230.190.79260.110.250.210.76270.120.260.230.75280.130.260.260.74290.150.270.280.73300.190.270.300.72310.210.270.340.72320.260.280.360.70330.280.320.410.70340.320.350.460.72350.350.380.520.72360.400.410.570.72370.430.460.650.73380.490.490.700.79390.550.530.770.84400.620.570.860.91410.690.620.940.99420.770.671.021.04430.900.691.151.16441.030.741.291.29451.180.791.451.43461.370.821.641.58471.560.881.841.75481.760.942.101.88491.961.002.392.01502.181.082.722.16512.431.173.112.31522.711.263.532.49532.971.353.992.66543.261.444.502.85553.581.545.093.05563.911.645.743.27574.281.766.473.50584.531.866.993.85594.812.017.544.25605.102.118.144.66615.402.258.775.10625.722.399.475.59636.182.5510.466.05646.692.7011.576.55657.622.9013.447.18668.643.1215.607.86679.783.3718.088.616811.043.6520.919.586912.443.9624.1410.6670


Cost of insurance





Income ProtectionDepending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation


Benefit Period2 yrs or 5 yrs

Occupationclassification

0.90Professional

1.00White collar

1.40Light Blue collar

1.58Blue collar

2.18Heavy Blue collar

5.35*Special Risk

*Income Protection cover is limited to a90-day waiting period and a two yearbenefit period for members classified asSpecial Risk.

Premium rates for Males with a benefit period of two years or five years

Income Protection (IP) annual cost per $1,000 sum insured ($)Benefit Period

Age nextbirthday

5 years2 yearsWaiting Period

180 Day90 Day60 Day30 Day90 Day60 Day30 Day0.520.721.181.450.631.031.28160.530.721.181.460.641.031.30170.530.721.181.460.641.031.30180.540.721.201.470.651.051.31190.540.731.201.480.661.051.31200.540.751.221.500.661.061.33210.560.761.251.530.661.061.34220.570.771.281.550.661.061.34230.580.791.301.580.671.081.34240.600.791.331.610.681.081.37250.600.811.351.640.691.121.40260.620.821.401.680.721.151.44270.630.841.431.740.751.181.49280.660.861.491.800.771.221.53290.690.891.541.870.791.281.58300.690.911.591.930.821.311.64310.750.951.672.010.851.371.70320.781.001.762.100.891.421.77330.821.031.852.220.931.471.85340.861.091.942.330.961.541.93350.911.152.052.461.001.612.01360.971.212.162.591.061.682.10371.041.292.312.751.101.772.21381.121.372.462.931.171.872.34391.191.462.603.101.211.952.44401.311.572.803.311.302.072.59411.411.692.993.541.372.192.75421.541.833.203.791.462.322.90431.671.983.454.061.552.473.08441.842.153.714.351.642.623.28452.012.353.994.671.752.803.49462.222.564.315.031.862.983.73472.452.814.645.411.983.173.97482.683.065.015.812.103.384.22492.973.365.396.252.253.594.49503.303.695.836.732.403.824.79513.644.066.307.262.564.085.10524.154.617.018.022.724.365.44534.775.247.818.892.924.665.83545.475.988.729.853.114.996.24556.306.859.7610.953.355.356.67567.287.8810.9512.213.595.757.16578.479.1112.3313.613.856.177.72589.9310.6413.9615.274.156.648.31598.609.7613.0214.564.487.168.96607.608.9312.1513.874.847.749.67616.708.5411.3113.605.238.3610.46625.788.1610.4613.347.779.9412.67632.904.555.987.834.325.687.43640.020.921.502.320.881.432.1965


Cost of insurance



Premium rates for Females with a benefit period of two years or five years


Age nextbirthday


180 Day90 Day60 Day30 Day90 Day60 Day30 Day1.021.402.292.811.231.982.47161.021.402.302.831.231.992.50171.021.412.312.841.252.012.50181.031.422.332.851.272.032.52191.031.432.342.871.272.032.54201.051.452.372.911.282.052.55211.081.462.422.971.292.062.58221.101.492.473.011.292.072.59231.131.502.503.061.312.102.59241.151.522.553.111.322.102.63251.161.552.613.181.362.152.70261.201.582.693.281.402.222.80271.231.622.783.381.452.312.87281.271.662.873.491.492.382.97291.331.722.993.621.532.473.09301.361.773.093.751.582.533.16311.431.843.243.901.642.633.31321.491.933.404.091.712.763.43331.582.013.574.301.802.853.57341.662.113.764.511.862.983.75351.772.223.974.771.963.133.90361.892.364.225.032.053.284.09372.022.494.465.332.143.434.29382.152.664.775.672.273.624.52392.322.845.066.012.373.794.74402.533.055.426.422.504.015.02412.743.285.806.852.654.255.32422.993.546.237.352.814.505.63433.253.846.707.872.994.795.97443.564.177.208.443.175.096.36453.904.547.759.073.395.426.77464.314.978.349.753.605.787.22474.765.449.0110.493.846.157.71485.225.949.7111.274.096.548.16495.766.5010.4512.114.366.968.71506.387.1411.3013.054.657.429.28517.077.8712.2314.074.957.919.89528.078.9313.6015.565.298.4410.55539.2410.1515.1517.235.659.0411.3054

10.6011.6016.9019.116.059.6912.085512.2213.2918.9221.256.4810.3812.965614.1315.2921.2323.676.9611.1313.905716.4217.6923.9126.427.4711.9614.975819.2720.6427.0929.628.0512.8916.125916.6918.9225.2528.248.7013.9017.366014.7517.3123.5726.909.3915.0018.756112.9816.5721.9326.3910.1316.2220.296211.2115.8420.2925.8815.0419.2724.58635.628.8111.6015.188.3811.0214.41640.041.792.914.471.702.784.2565


Cost of insurance

Depending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation


Benefit Period toage 65


0.90Professional

1.00White collar


1.58Blue collar


Not applicableSpecial Risk

Premium rates for Males and Females with a benefit period to age 65

Income Protection (IP) annual cost per $1,000 sum insured ($)Female to age 65Male to age 65Age next

birthday Waiting Period180 Day90 Day60 Day30 Day180 Day90 Day60 Day30 Day

4.425.126.077.461.972.303.133.85164.425.126.077.461.972.303.133.85174.425.126.077.461.972.303.133.85184.425.126.077.461.972.303.133.85194.425.126.077.461.972.303.133.85204.655.356.407.802.072.393.304.02214.835.556.748.152.162.483.474.22225.085.797.098.522.282.593.654.40235.326.067.438.932.382.713.844.61245.586.307.849.372.492.824.044.83255.496.167.949.412.462.754.094.85265.436.068.099.542.432.714.174.92275.436.008.319.772.432.684.285.03285.456.068.6110.062.442.714.435.18295.556.148.9610.452.482.754.615.39305.736.309.4110.942.562.824.855.63315.966.539.9111.502.662.935.105.93326.246.8310.5012.122.803.055.416.27336.627.2611.1812.912.963.245.776.65347.097.7411.9513.753.173.466.157.09357.668.3312.7814.683.423.736.597.56368.308.9813.7015.723.704.017.068.10379.079.8114.7216.834.064.387.588.68389.9110.7215.8318.074.434.798.159.3239

10.9211.7817.0019.384.895.268.789.994012.0412.9818.2820.815.385.809.4210.744113.3214.3319.6522.325.956.4010.1211.514214.7215.8421.0923.936.577.0710.8712.344315.9617.1722.6125.667.217.7511.6613.234417.2718.5724.2327.457.878.4612.4914.164518.6520.0425.9029.328.579.2213.3615.124620.1321.6227.6831.299.3410.0214.2716.134721.6623.2729.4633.3110.1210.8715.1917.184823.2724.9631.3035.3810.9711.7616.1518.244924.9226.7233.1937.4911.8512.7017.1119.335026.6028.5035.0439.5912.7413.6618.0520.405128.2730.2936.8441.6513.6614.6318.9921.485231.7734.0240.9346.3015.4516.5321.0923.875335.3437.8245.0551.0017.3218.5223.2226.295438.9741.7049.0455.6519.2220.5525.2828.685542.4845.4352.8360.0721.1222.5627.2330.985645.7148.8756.1263.9922.8524.4128.9232.985748.4351.7358.5767.1124.3626.0130.2034.595850.2653.6859.8568.9825.4427.1830.8535.565950.7854.2259.3269.0425.8827.6230.5835.596049.3452.6456.2766.4125.2926.9729.0134.246145.0848.0949.6560.1123.2424.7925.6030.986224.3935.4037.8948.3512.5417.5719.5324.91637.3418.8421.6828.353.768.9311.1814.63640.114.995.458.370.052.222.814.3265


Cost of insurance



MLC MasterKey Personal Superinsurance premium ratesWhen your account, or your familymember’s account, is transferred to MLCMasterKey Personal Super, the premiumrates shown below will apply. The MLCMasterKey Personal Super insurancepremium rates are also available at mlc.com.au/mkbs/insurancerates

Death and TPDDepending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation

To update your occupation, please contactus.

TPDDeathOccupationclassification

0.850.90Professional

1.001.00White collar

1.371.20Light Blue collar

1.601.35Blue collar

2.851.98Heavy Blue collar

4.231.98Special Risk

Annual cost per $1,000 sum insured ($)FemaleMale

Age next birthdayTPDDeathTPDDeath0.060.240.180.55160.060.260.180.70170.060.290.180.84180.060.320.180.95190.060.350.181.02200.060.370.181.08210.060.350.181.12220.060.340.181.15230.080.320.201.15240.080.310.231.13250.110.310.241.02260.140.320.280.99270.150.340.310.98280.170.340.340.96290.200.350.370.95300.240.350.400.93310.280.350.440.93320.340.370.470.92330.370.410.530.92340.410.460.600.93350.460.490.670.93360.520.530.750.93370.570.600.840.95380.640.640.921.02390.720.691.011.10400.810.751.121.19410.900.811.221.28421.010.871.331.36431.180.901.501.51441.340.961.681.68451.541.021.891.86461.791.072.142.06472.031.152.402.28482.291.222.732.44492.551.303.122.61502.841.413.542.81513.161.534.053.01523.531.634.603.24533.871.765.193.47544.251.885.873.71554.662.006.633.97565.092.147.474.26575.582.298.434.55585.902.439.115.01596.262.619.825.53606.652.7510.606.07617.032.9311.436.65627.463.1212.337.29638.053.3213.637.88648.713.5115.068.53659.933.7717.519.356611.264.0620.3210.246712.744.3823.5411.216814.384.7527.2412.486916.215.1631.4413.8970


Cost of insurance





Income protectionDepending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation


Benefit Period2 yrs or 5 yrs


0.90Professional1.00White collar1.40Light Blue collar1.58Blue collar2.18Heavy Blue collar5.35*Special Risk

*Income Protection cover is limited to a90-day waiting period and a two yearbenefit period for members classified asSpecial Risk.

Premium rates for Males with a benefit period of two years or five years


Age nextbirthday




Cost of insurance



Premium rates for Females with a benefit period of two years or five years


Age nextbirthday




Cost of insurance

Depending on your occupation, you’ll needto multiply the factor in the table belowto the rates shown. For more informationplease refer to the Occupation RatingGuide for Insurance at mlc.com.au/occupation


Benefit Period toage 65


0.90Professional

1.00White collar


1.58Blue collar


Not applicableSpecial Risk

Premium rates for Males and Females with a benefit period to age 65

Income Protection (IP) annual cost per $1,000 sum insured ($)Female to age 65Male to age 65Age next

birthday Waiting Period180 Day90 Day60 Day30 Day180 Day90 Day60 Day30 Day

4.304.995.917.261.922.243.053.75164.304.995.917.261.922.243.053.75174.304.995.917.261.922.243.053.75184.304.995.917.261.922.243.053.75194.304.995.917.261.922.243.053.75204.535.216.237.592.022.333.213.91214.705.416.567.942.112.413.384.10224.955.636.918.302.222.523.564.28235.185.907.238.692.322.643.744.49245.446.137.639.122.422.743.934.70255.356.007.739.162.392.673.984.72265.295.907.889.292.362.644.064.79275.295.848.099.512.362.614.164.90285.315.908.399.802.372.644.315.05295.415.988.7210.172.412.674.495.25305.576.139.1610.652.492.744.725.48315.806.369.6511.202.592.854.975.77326.076.6510.2211.802.722.975.276.10336.457.0610.8812.572.883.155.616.48346.917.5311.6413.383.093.375.996.91357.468.1112.4414.293.333.636.427.36368.088.7413.3315.303.613.906.887.89378.839.5514.3316.383.954.267.388.45389.6510.4315.4117.604.314.667.949.073910.6311.4716.5518.874.765.128.559.734011.7212.6417.8020.265.245.649.1710.454112.9713.9519.1321.735.796.239.8611.214214.3315.4220.5323.306.406.8910.5812.014315.5416.7122.0124.987.017.5411.3512.884416.8118.0823.5926.737.668.2412.1613.784518.1519.5125.2228.558.358.9713.0114.724619.5921.0426.9530.469.099.7613.8915.704721.0822.6528.6932.439.8610.5814.7816.724822.6524.3030.4734.4510.6811.4515.7217.764924.2626.0132.3136.5011.5412.3616.6518.825025.8927.7434.1138.5412.4013.2917.5819.865127.5229.4935.8740.5513.2914.2418.4920.925230.9333.1239.8445.0815.0416.1020.5323.245334.4136.8243.8649.6516.8618.0322.6025.605437.9440.6047.7454.1818.7120.0124.6127.925541.3544.2351.4358.4820.5621.9626.5130.165644.5047.5754.6462.3022.2523.7728.1632.105747.1550.3757.0265.3423.7225.3329.4033.675848.9452.2658.2767.1624.7726.4630.0434.625949.4452.7957.7567.2225.2026.8929.7734.656048.0351.2554.7864.6524.6226.2628.2433.346143.8946.8248.3458.5222.6224.1324.9230.166223.7534.4736.8947.0712.2117.1119.0224.25637.1418.3421.1027.603.668.6910.8814.24640.114.865.318.150.052.172.734.2065


Cost of insurance



You can find the specific details about theterms and conditions of your insurancein the MLC Master Policy. Just call us andwe’ll send you a copy.

Approved countryApproved Country means Australia,Belgium, Canada, Denmark, France,Germany, Hong Kong, Italy, Japan,Netherlands, New Zealand, Singapore,Sweden, Switzerland, the United Kingdom,the United States of America or any othercountry to which the Insurer may agreein writing.

At WorkMeans you were actively performing, orcapable of actively performing all of theduties of your usual occupation with youremployer (for at least 30 hours per week)free from any limitation due to Illness orInjury.

Australian ResidentMeans a person who is an Australiancitizen or has come to Australia to live andis eligible to work in Australia. (A personwho goes overseas temporarily is anAustralian Resident for the purpose of thisdefinition.)

CPIMeans the Consumer Price Index(weighted average of eight capital citiescombined) as published by the AustralianBureau of Statistics or its successor. Thisis based on the 12-month periodconcluding at the end of the last quarterprior to the anniversary of thecommencement of your IncomeProtection Benefit. If the index is notpublished, the increase shall be calculatedby reference to another retail price indexwhich in the Insurer’s opinion most nearlyreplaces it.

Date of ClaimMeans:

a. for a Total and PermanentDisablement Benefit:

For the Any Occupation definition- see the table on page 31

- means the first day of the sixconsecutive month period whereyou were absent from yourOccupation solely through Injuryor Illness.

For the Everyday Work Activitiesdefinition - see the table onpage 31

- means the first day of the sixconsecutive month period that theInsured Member is completelyunable to perform at least twoEveryday Work Activities solelythrough Injury or Illness.

For the Domestic Activitiesdefinition - see the table onpage 31

- means the first day of the sixconsecutive month period thatyou have been incapacitated fromperforming any Normal PhysicalDomestic Household Activitiessolely through Injury or Illness.

b. for a Terminal Illness Benefit, the laterof the dates on which two registeredMedical Practitioners, at least one ofwhom is a specialist practising in anarea related to the Illness or Injurysuffered by you, certifies your lifeexpectancy is reduced to less than 24months.

c. for a Death Benefit, the date of yourdeath.

d. for an Interim Accident Benefit, thedate of the Injury causing your death,quadriplegia, major brain injury orinability to perform Normal PhysicalDomestic Household Activities.

e. for an Income Protection Benefitmeans the later of:

– the first day of the first period of 14consecutive days that you areTotally Disabled, and

– the date on which you first receivemedical advice and are confirmedby a Doctor to suffer from an Illnessor Injury that is the cause of theTotal Disability.

Death BenefitA lump sum will be paid in the event ofyour death or Terminal Illness, subject tothe provisions in the MLC Master Policy.The amount of the Death Benefit will bedetermined on the relevant Date of Claim.

Employed/EmploymentMeans you are engaged in Permanent FullTime Employment, Permanent Part TimeEmployment, Fixed-term Employment,Casual Employment or Seasonal orContract Employment.

Permanent Full Time Employment

Means you’re engaged in permanentemployment for a minimum of 30 hoursper week where your employer guaranteescontinuity of employment and whereyou’re entitled to conditions and benefitsnormally associated with full timeemployment.

Permanent Part TimeEmployment

Means you’re engaged in permanentemployment for only part of the normalworking day or week and you are entitledto conditions and benefits normallyassociated with Permanent Full timeEmployment but on a pro-rata basis.

Fixed-term Contract Employment

Means you are Employed for a fixed-termperiod of employment of at least threemonths’ duration, which was determinedat the start of your employment. Youmust also be in receipt of annual leave,sick leave, superannuation and otherbenefits normally associated withPermanent Full-time Employment.


Definitions

Casual Employment

Means you’re engaged in employment ofa temporary nature (other than on acontract basis through an employmentagency) where continuity of employmentis not guaranteed by the employer,regardless of hours worked or the periodof employment.

Seasonal or Contract Employment

Means you’re not in Fixed Term ContractEmployment but are Employed orcontracted:

in your own namein your business name, orthrough an agency,

to complete a specific job and withoutguarantee of continuity of employment,irrespective of the hours worked or theperiod of employment.

EmployerAn employer who has chosen MLCMasterKey Business Super as the defaultfund for its employees and who hasnominated that its employees be providedwith cover under the MLC Master Policy.

Health ConditionMeans a physical or mental condition,Illness or Injury, however arising orcaused.

IllnessMeans a sickness, disease or disorder.

Important DutiesMeans the duties essential in producinga salary.

Income Protection BenefitA monthly benefit will be paid to youwhile you are Totally Disabled and unableto work. The amount of monthly benefitwill be determined based on your agreedbenefit, subject to the maximum monthlybenefit and your Monthly Income at theDate of Claim.

InjuryMeans bodily injury that is caused byaccidental means independently of anyother cause and is not intentionallyself-inflicted irrespective of whether youare sane or insane.

Medical and Other RelevantEvidenceMeans, but is not limited to, medicalvocational or other expert evidenceregarding:

a. any treatment, detoxification or drugor alcohol program, rehabilitation,retraining, re-skilling or voluntarywork you have undertaken, or whichit would be reasonable for you toundertake, taking into account themedical condition, and skills andknowledge you have acquired byeducation, training and experience;and

b. the likelihood you would be able toengage in or work on a full-time orpart-time basis if you undertook suchreasonable treatment, detoxificationor drug or alcohol program,rehabilitation, retraining, re-skillingor voluntary work.

Medical Practitioner or Doctora. If the claimed condition is a

psychological condition, means aperson who is legally qualified andregistered as a practising psychiatristby the relevant medical registrationboards and/or the SpecialistRecognition Advisory Committeecoordinated through the AustralianHealth Insurance Commission, or

b. Otherwise, means a medicalpractitioner(s) legally qualified andregistered to practice in Australia withspecialisation in the relevant medicalcondition(s)

But shall not include:

a. chiropractors, physiotherapists,psychologists or alternative healthproviders

b. youc. your spouse or partner in a de facto

relationship, parent, child, sibling orclose family relative

d. your business partner, associate,employer or employee, or

e. a fellow shareholder or unit holder ofyours, in a company or trust that isnot a publicly listed company or trust.

Member Commencement Date

Means the later of:

the date you joined your employer, or the date your employer became a MLCMasterKey Business Super Employer.


Definitions

Monthly IncomeMeans (in respect of an Income Protectionbenefit):

a. one-twelfth of your annual incomederived from your Occupation,including the value of any non-cashremuneration taken as a salarysacrifice (for example, voluntaryemployee superannuationcontributions and company vehicle),as approved by the Insurer, or

b. where you’re self employed, a workingdirector or a partner in a partnership,one-twelfth of the income generatedby the business or practice due to yourpersonal exertion or activities lessyour share of necessarily incurredbusiness expenses, for the previous12 months prior to the start of yourdisability.

Monthly Income does not include:

director’s fees, overtime payments,penalty or shift allowances, investmentincome, income received from deferredcompensation plans, disability incomepolicies, retirement plans or income notderived from vocational activitiescommission or bonuses generated byyour personal efforts unless approvedby the Insurer on a case by case basis,oremployer superannuationcontributions.

OccupationMeans your main profession, trade, lineof work, vocation, calling or otheroccupation at the relevant time. If you arenot Employed, it means the last mainoccupation you engaged in.

Pre-existing ConditionMeans a Health Condition that existedprior to the commencement of yourinsurance, of which you were aware beforebecoming insured, or of which areasonable person in the circumstancescould have been expected to have beenaware.

Superannuation ContributionBenefitA monthly benefit will be paid intoyour MLC MasterKey Business Super orMLC MasterKey Personal Super accountor another complying superannuationfund of your choice, while you are TotallyDisabled and unable to work. The amountof monthly benefit will be determinedbased on your agreed benefit, subject tothe maximum monthly benefit and yourMonthly Income at the Date of Claim.

Terminal IllnessMeans you suffer an Illness or Injury thattwo registered Medical Practitioners (atleast one of whom is a specialist practisingin an area related to the Illness or Injurysuffered by you) have certified, jointly orseparately, is likely to result in your deathwithin 24 months after the date ofcertification (Certification Period). TheCertification Period in each of thecertificates must not yet have expired andthe reduced life expectancy must occurwhile you hold Death insurance throughthe MLC Master Policy.

Total DisabilityThis definition applies to IncomeProtection insurance.

Means that in the Insurer’s opinion, solelydue to Illness or Injury, you arecontinuously:

unable to perform the Important Dutiesof your Occupation, and under the care of, and following theregular and continuous advice fortreatment from, a Doctor in relation tothat Illness or Injury, andnot otherwise Employed or engaged inany Occupation, paid or unpaid.

Total and PermanentDisablement BenefitA lump sum will be paid in the event ofyou becoming Totally and PermanentlyDisabled, subject to the provisions of theMLC Master Policy. The amount of theTotal and Permanent Disablement Benefitwill be determined on the relevant Dateof Claim.


Definitions

Totally and Permanently DisabledYou are assessed on different Total and Permanent Disablement (TPD) definitions depending on your Employment status. This tableoutlines which one applies to you.

TPD definitions

TPD means...If you...

(a) Total and permanent disability – unable to do a suited occupation ever again (Any Occupation)definition:

have worked in paid Employment at anytime in the 13 month period immediatelypreceding the Date of Claim You:

a. have been absent from your Occupation solely through Injury or Illness for a period of sixconsecutive months, and

b. have, with respect to that Injury or Illness:i. undertaken all reasonable treatment (which may include rehabilitation, drug or alcohol

programs or detoxification), andii. attended for that treatment at intervals and frequencies as recommended by a Doctor or

Medical Practitioner, andc. are incapacitated to such an extent that, in the Insurer’s opinion, based on Medical and Other

Relevant Evidence you were, as at the end of the initial period of six consecutive monthsabsence from your Occupation, unable to ever engage in or work in any occupation on a full-timeor part-time basis, for which you are reasonably suited by education, training or experience.

(b) Total and permanent disability – unable to do basic activities associated with work ever againand unlikely to do a suited occupation ever again (Everyday Work Activities) definition:

have not worked in any paidEmployment in the 13 month periodimmediately preceding the Date of Claim You:

a. have, solely through Injury or Illness, been completely unable to perform at least two EverydayWork Activities by yourself, even if using appropriate aids, for a period of six consecutivemonths

b. are, solely through Injury or Illness, at the end of the initial period six consecutive months,taking into account Medical and Other Relevant Evidence, unable ever to engage in or workfor reward in any occupation for which you are reasonably suited by education, training orexperience, and

c. have, with respect to that Injury or Illness:

i. undertaken all reasonable treatment (which may include rehabilitation, drug or alcoholprograms or detoxification), and

ii. attended for that treatment at intervals and frequencies as recommended by a Doctor orMedical Practitioner.

For the purposes of this definition, Everyday Work Activities means the following six activities asdescribed:

1. Moving and Travel – the ability to:a. plan and execute travel and be able to move more than 200m without stopping; orb. bend, kneel or squat to pick something up from the floor and straighten up again, and get

in and out of a standard sedan car.2. Communicating – when engaging with family, friends or other members of the community, the

ability to:a. hear and speak with sufficient clarity to be able to hold a conversation in a quiet room in

your first language; orb. understand a simple message given in your first language and relay that message to another

person.3. Vision – the visual acuity to read ordinary newsprint and pass the standard eyesight test for a

car licence.4. Lifting – the ability to lift a 5 kilogram weight with either or both hands from bench/table height,

carry it over a 5 metre distance and place it back down at bench/table height. 5. Using the hands – the ability to use the hands or fingers to handle small objects with precision

and success. 6. Comprehension and concentration – the ability to understand, follow, and carry out instructions,

or effectively maintain concentration and routinely complete tasks without excessive rest breaks.


Definitions

TPD definitions continued

ORhave not worked in any paidEmployment in the 13 month periodimmediately preceding the Date of Claim (c) Total and permanent disability – unable to do domestic activities ever again and unlikely to

do a suited occupation ever again (Domestic Activities) definition: continuedYou:

a. have been incapacitated from performing any Normal Physical Domestic HouseholdActivities solely through Injury or Illness for a period of six consecutive months, and

b. have with respect to that Injury or Illness:

i. undertaken all reasonable treatment (which may include rehabilitation, drug or alcoholprograms or detoxification), and

ii. attended for that treatment at intervals and frequencies as recommended bya Doctor or Medical Practitioner; and

c. are incapacitated to such an extent that, in the Insurer’s opinion, based on Medical and OtherRelevant Evidence, you are, at the end of the six-month period:

i. completely unable to perform any Normal Physical Domestic Household Activities, andii. unlikely to ever engage in or work for reward in any occupation for which you are reasonably

suited by education, training or experience.For the purposes of this definition, Normal Physical Domestic Household Activities means:

a. cleaning the family homeb. shopping for food or household itemsc. meal preparation and laundry servicesd. looking after dependent children under the age of 16 years or in full time secondary education,

where applicable, ande. leaving the house without the assistance of another person.


Definitions

We provide Interim Accident insurance, at no extra cost, while yourapplication for Voluntary insurance is being considered.

When does Interim Accidentinsurance start?For new Voluntary insurance (includingfamily member insurance), InterimAccident insurance starts the date wereceive a properly completed application,provided we’ve received contributionsinto your account.

When will we pay?We’ll pay the Interim Accident insurancebenefit for claims arising from an accidentwhile you’re waiting for your insuranceapplication to be accepted.

Death and TPD insuranceWe’ll pay the Interim Accident benefit ifyou die as a result of Injury, provided yourdeath occurs within 365 days of theInjury.

If your application includes TPDinsurance, we’ll pay the benefit for:

quadriplegiamajor brain injury, orthe inability to perform any NormalPhysical Domestic HouseholdActivities.

To be eligible to receive a benefit youmust also satisfy a condition of releaseunder superannuation law.

We’ll pay you or your beneficiaries a lumpsum of the amount you’ve applied forup to a maximum of:

$3 million if you have an accident andsuffer one of the following conditions:– quadriplegia,– major brain injury, or– the inability to perform any Normal

Physical Domestic HouseholdActivities as a result of any Injuryoccurring during the period of risk.

unlimited if you have an accident anddie while we’re assessing yourapplication.

Income Protection insuranceThe Interim Accident benefit will be paidif you:

applied for or are increasing yourIncome Protection insurance, andare Totally Disabled as a result of anInjury.

We’ll pay the lowest of:

$50,000 a monththe benefit you applied for, orthe Income Protection benefit we allowunder our assessment guidelines.

This benefit will be paid each monthyou’re continuously Totally Disabled afterthe end of the waiting period you appliedfor, up to a maximum of two years.

We pay one benefit

We won’t pay more than one benefitunder this Interim Accident Insurance.

When won't we pay?In addition to our standard exclusions(outlined in the current MLC MasterPolicy, PDS and Insurance Guide), wewon’t pay a benefit under this insurancefor death or disability arising from orcontributed to by:

an Injury occurring before the date ofyour insurance application or increase,oryou engaging in any hazardouspastimes or sports that we wouldn’tinsure under our normal assessmentguidelines.

Also, we won’t pay if:

the insurance applied for would havebeen declined under ourassessment guidelines, oryou lodge a claim for an event orcondition that would have beenexcluded in the underwriting processor in the insurance provided to you.

When does Interim Accidentinsurance end?Your Interim Accident insurance will endon the earliest of:

180 days after the start of your InterimAccident insurance for Death and TPDinsurance 90 days after the start of your InterimAccident insurance for IncomeProtection insurancewhen we let you know your applicationor increase has or hasn’t been acceptedwhen you withdraw your application,or your super account hasn’t received acontribution or rollover for a period of16 months, and you have not providedus the Choose to Keep MyInsurance Cover form.


Interim AccidentInsurance

For more information call us fromanywhere in Australia on 132 652 orcontact your financial adviser.


Registered officeGround Floor, MLC Building105–153 Miller StreetNorth Sydney NSW 2060

mlc.com.au

OB

JA12

6156

-102

1


MLC MasterKey Business SuperClaims Guide

Preparation date 1 October 2021

Issued by The Trustee NULIS Nominees (Australia) LimitedABN 80 008 515 633 AFSL 236465

The Fund MLC Super Fund ABN 70 732 426 024

2 | MLC MasterKey Business Super Claims Guide

Contents

The information in this document forms part of the Product Disclosure Statement (PDS) dated 1 October 2021

Together with the Insurance Guide, Investment Menu and Fee Brochure, these documents should be considered before making a final decision. They are available when you log on to mlc.com.au

This document has been prepared on behalf of NULIS Nominees (Australia) Limited, ABN 80 008 515 633, AFSL 236465 (NULIS) as Trustee of the MLC Super Fund, ABN 70 732 426 024 (the Fund). NULIS is part of the group of companies comprising IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate (IOOF Group).

The information in this document is general in nature and doesn’t take into account your objectives, financial situation or individual needs. Before acting on any of this information you should consider whether it is appropriate for you. You should consider obtaining financial advice before making any decisions based on this information.

References to ‘we’, ‘us’ or ‘our’ are references to the Trustee, unless otherwise stated.

This offer is made in Australia in accordance with Australian laws.

Subject to super law, the final authority on any issue relating to your account is the Fund’s Trust Deed, and the relevant insurance policy, which govern your rights and obligations as a member. Insurance is offered to members under insurance policies issued to the Trustee by the Insurer.

The insurance cover provided is subject to the terms and conditions contained in the insurance policies issued to the Trustee by the Insurer. The terms and conditions of the policies prevail over any inconsistent information in the Product Disclosure Statement (PDS), the Insurance Guide or this Claims Guide. The insurance information provided in the PDS, the Insurance Guide and this Claims Guide is based on the policies issued by the Insurer and information provided by the Insurer about the operation of the policies. Insurance benefits will only become payable if the Insurer accepts the relevant claim. For an approved insurance claim with a lump sum insured benefit (e.g. terminal illness or TPD benefit), the benefit amount can then be paid by the Insurer to the Trustee. Any benefit can only be paid to you when you meet a condition of release under the Superannuation Industry (Supervision) Act 1993. That benefit amount along with your superannuation account balance can then be paid to you by the Trustee. For an approved insurance claim with another type of insured benefit (e.g. income type payment), these payments may be made to you directly by the Insurer on behalf of the Trustee.

The information in this document may change from time to time. Any updates or changes that aren’t materially adverse will be available at mlc.com.au/pds/mkbs. You also can obtain a paper copy of these updates at no additional cost by contacting us.

An online copy of this document is available at mlc.com.au/pds/mkbs

Contents 2

Support when you need it most 3

Our claims process 4

Total and Permanent Disablement (TPD) insurance 5

TPD claims process 6

Income Protection (IP) cover 7

The Income Protection claims process 8

Death insurance 9

Death claims process 10

Terminal Illness 11

Terminal Illness claim process 12


https://www.mlc.com.au/pds/mkbs/

https://www.mlc.com.au/pds/mkbs/

MLC MasterKey Business Super Claims Guide | 3

Support when you need it most

This Claims Guide will help you understand the process required to finalise your claim as simply and quickly as possible so it can be assessed by the Insurer.

Our Claims Philosophy is to:

• communicate the process clearly

• treat our claimants, members and their beneficiaries with the utmost respect and empathy at all times

• pursue claims with the Insurer on the member’s behalf that we consider both reasonable and have reasonable prospect of success, and

• make prompt payments on successful claims.

We adopt a professional, compassionate and positive approach to claims management and actively seek to keep members at the heart of everything we do. We acknowledge that each claim is unique and must be dealt with on its own merits and we’re committed to being easy to deal with and providing outcomes to our members in a timely manner.

Managing your claim

Your claim is unique. That’s why we’ll take care to assess your personal situation on its own merits. When your claim is lodged with the Insurer, you’ll be appointed a dedicated claims assessor to guide you through the entire claims process. If you need help with the claims process, understanding what’s required of you, completing claim forms or providing requested claim information, we’ll work with you and the Insurer to find a solution.

What’s next?

In the following pages of this guide, you’ll find claims process information for specific insurance types to help you understand what’s required to make a claim and what’s involved at each step of the claims management process.

You can appoint a representative to act on your behalf during the claims process.

We understand that making a claim can often be a challenging time.

Our Claims Philosophy sets out our overall approach to managing claims in a respectful and empathic way for each unique claim made by our members.

Be assured, if you’re experiencing any personal or financial difficulties during this time, we’ll take that into account in our dealings with you.

Important information and definitions

Role of the Trustee

As the Trustee, we have a duty to act in the best interests of all our members. We’ll do this by providing insurance arrangements that aim to help support you and your beneficiaries at a time when it is needed most.

Once you’ve supplied your complete claims pack, we’ll do everything reasonable to pursue your claim with the Insurer so that it’s processed efficiently and fairly.

Role of the Insurer

The role of the Insurer is to provide us with insurance policies that support the insurance arrangements, and to assess, manage and pay claims covered by those policies.

We’ll work with the Insurer to make sure that all genuine claims are paid as quickly as possible.

The insurance policy

You’ll find specific details about the terms and conditions of the insurance arrangement in the Insurance Policy document.

If you’d like a copy of the Insurance Policy, please call us on 132 652.

Do you have cover under other insurance policies?

It’s important to check what other insurance policies you hold, particularly if you have more than one super account. If you have multiple insurance policies, you might be paying premiums for policies you don’t need.


Our claims process

Step 1: Make a claim

To make a claim, simply call us on 132 652, we’ll explain our claims process.

Step 2: We’ll ask you some questions

We’ll ask you some initial questions to make sure we send you the right claims pack.

If you need help with the claims process, understanding what’s required of you, completing claim forms or providing requested claim information, we’ll work with you and the Insurer to find a solution.

Remember, it’s important to provide complete and correct details in your claims pack. If you’ve already submitted a claims pack that may contain incorrect details, please contact us straight away.

Step 3: We submit your claim to the Insurer

When we receive your completed claims pack, we’ll:

• acknowledge receipt of your claim

• check if it contains all the required information, and

• conduct another assessment of your eligibility to claim.

If we need more information or we believe you aren’t eligible to claim, we’ll contact you. When we have all the information needed and we’re satisfied you’re eligible to claim, we’ll direct your claims pack to the Insurer.

Our insurance claims process typically has six key steps, and there are roles for us, the Insurer and you.

Step 4: The Insurer assesses your claim

The Insurer will start assessing your claim when they receive your claims pack and a dedicated claims assessor will be appointed to manage your claim. The Insurer may need more information to finalise the claim. We or the Insurer will let you know if that’s the case.

You’ll receive updates throughout the claims process. Of course, you can contact your claims assessor at any time if you have questions.

Step 5: We review the Insurer’s decision

Once the Insurer has made a decision about your claim, they will refer the decision to us for review.

Step 6: You’ll be provided with an outcome

Once we’re satisfied with the Insurer’s decision, we’ll confirm the outcome of your claim in writing.

Resolving complaints

If you have a complaint regarding your claim please call us on 1800 512 333. If you’d prefer to put your complaint in writing, you can email us at [email protected] or send a letter to GPO Box 4341, Melbourne VIC 3001. We’ll conduct a review and provide you with a response in writing.

If you’re not satisfied with our resolution, or we haven’t responded to you in 45 days, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA).

AFCA provides an independent financial services complaint resolution process that’s free to consumers. You can contact AFCA at any time by writing to GPO Box 3, Melbourne, VIC 3001, at their website (afca.org.au), by email at [email protected], or by phone on 1800 931 678 (free call).

To view our complaints management policy, visit mlc.com.au/complaint

Why does it take so long?

It’s important your claim is assessed correctly. In order for us to do that, we’ll work with the Insurer to review all the relevant information. This includes information from you, your doctor, medical specialists and your employer. This can take a while – sometimes even months – but we’ll make sure we keep you updated.

1. Make a claim

2. We check your eligibility

3. We submit your claim to the Insurer

4. The Insurer assesses your claim

5. We review the Insurer’s decision

6. You’ll be provided with an outcome

mailto:complaints%40mlc.com.au?subject=

https://afca.org.au/

mailto:info%40afca.org.au?subject=


Total and Permanent Disablement (TPD) insurance

When would I make a claim?

Generally, you must have stopped work for a set period of time before you can lodge a TPD claim. This is known as the waiting period. You’ll find details on the waiting period in the Insurance Guide.

How will my claim be assessed?

You may be eligible for a TPD benefit if the Insurer is satisfied that, due to an illness or injury, you:

• have ceased work, and

• satisfy a TPD definition.

Depending on your employment before your disablement, different TPD definitions may apply to you. Your claim will be assessed differently depending on whether you have been working or not. To find out which TPD definition applies to you, refer to the Insurance Guide.

The Insurer will assess your capacity to work under the definitions that apply to you, based on your ability to perform any reasonably suitable occupation relating to your education, training or experience – not just the occupation you hold when you become injured or ill.

When reviewing your claim and determining whether you’re unable to work, the Insurer may consider your level of education, any further study, qualifications and certifications you’ve obtained, as well as skills and abilities you’ve acquired through paid and unpaid work, as well as hobbies or interests.

How do I make a claim?

To make a TPD claim, call us on 132 652. We’ll ask you a few questions to make sure we send you the correct claims pack to complete.

Frequently asked questions

What forms need be completed?

You, your doctors and your employer will need to complete some of the following forms:

• Claim form (Completed by you)

• Tax File Number (TFN) Declaration (Completed by you)

• Two Treating Doctors’ Reports (Completed by your treating doctors), and

• Employer Statement (Completed by your employer). If your employer is unable or unwilling to provide this, we may request additional information from you about your employment in order to assess your claim.

Do I still pay premiums when I’m accepted for a TPD claim?

No. Any premiums deducted from the date of your disablement will be refunded to your super account.

What are the payment options if my TPD claim is approved?

Approved TPD claims will be paid into the MLC Cash Fund in your super account. You can choose to switch part, or all, of the proceeds into a different investment option within the fund.

You can also apply for the proceeds to be released to you in the following ways:

• as a lump sum

• as a pension, and

• to another complying super/pension account, via a rollover.

We recommend that you seek financial advice in relation to the payment of benefits.

What do I do if I want to make a Terminal Illness claim instead of a TPD claim?

Refer to page 11 for how to make a Terminal Illness claim.



Total and Permanent Disablement (TPD) claims process

We receive your completed TPD claim pack.

You’ll be informed of the outcome.

We’ll process your payment instructions.2

We’ll commence the review of your

payment instructions.1



Step 2: We check your eligibility




The Insurer assesses your claim and may contact you if they need more

information.

You may be required to provide additional information by the

Insurer’s claims assessor.

If your claim is accepted by the Insurer and

approved by us.

We’ll independently review the Insurer’s decision to

decline your claim.

If your claim is declined by the Insurer.

1 A benefit can only be paid when a condition of release under the Superannuation Industry (Supervision) Act 1993 is met

2 For an approved insurance claim with a lump sum insured benefit (e.g. TPD benefit) the benefit amount will be paid by the Insurer to the Trustee. That benefit amount along with your superannuation account balance can then by paid to you by the Trustee. The Insurer is not part of the IOOF Group.


Income Protection (IP) cover


You may start an IP claim if you’re temporarily unable to work due to an illness or injury.


You may be eligible to claim for an IP benefit if the Insurer is satisfied that, due to illness or injury:

• you met a period of total disability where you weren’t engaged in any occupation, whether paid or unpaid

• you’re unable to perform at least one of the important duties in your job, and

• you’re in the care of a medical professional related to your illness or injury, and following regular and continuous advice from them, and

• you’ve not returned to the full hours and duties of your previous occupation.

To find out which IP definition applies to you, refer to the Insurance Guide.


To start an IP claim, call us on 132 652. We’ll ask you a few questions to make sure we send you the correct claims pack to complete.


How long do I have to wait before I can lodge a claim?

You can lodge a claim immediately.

What forms need to be completed?

You, your doctors and employer will need to complete some of the following forms we’ll send you:

• Claim form (Completed by you)

• Tax File Number (TFN) Declaration (Completed by you)

• Two Treating Doctors’ Reports (Completed by your treating doctors), and

• Employer Statement (Completed by your employer).

When will I receive my first payment?

In order for payments to commence, your claim needs to have been approved, and you need to have been absent from work for your nominated waiting period (30, 60, 90 or 180 days). You can check your waiting period online or on your annual statement. Payments are monthly and in arrears.

How long is my benefit paid for?

Depending on the terms of the policy, your benefit will be paid for a maximum of two or five years, or up to age 65 (for the time you continue to meet the relevant definition). You can check your chosen benefit period on your annual statement. Payment of this benefit will start to accrue from the first day after your waiting period has expired.

Will my premiums stop when I am on a claim?

Yes. Your IP premiums will be waived by the Insurer and we won’t charge your super account.

Can I claim on multiple policies?

It’s important to check what other insurance policies you hold. For IP cover, you can generally only claim on one policy. For example, your payments might be reduced by other disability income you may be receiving. If you have multiple policies, you might be paying premiums for policies you don’t require-or you’re not eligible to claim on.


The Income Protection (IP) claims process

We receive your completed IP claim pack.


decline your claim.


In order to receive further payments, you may be required to complete

ongoing treating doctor reports. This will be

confirmed by the Insurer.


Your payment instructions will commence and will generally occur on a monthly basis1.









information.




approved by us.

1 A benefit can only be paid when a condition of release under the Superannuation Industry (Supervision) Act 1993 is met. For an approved

insurance claim with an income type payment, these payments may be made to you directly by the Insurer on behalf of the Trustee. The Insurer is not part of the IOOF Group.


Death insurance

When should a claim be made?

A claim for a Death benefit should be made as soon as possible.

How is a claim made?

To make a Death claim, call us on 132 652. We’ll ask a few questions in order to provide a correct claims pack to complete.

Death benefit payments

The law and the Fund’s Trust Deed set out who is eligible to receive a Death benefit from a super fund. Generally, death benefits can only be paid from a superannuation fund to the deceased’s:

• dependant(s), and/or

• legal personal representative.

If we’ve made reasonable enquiries and

haven’t found either a dependant or legal

personal representative of the deceased,

only then can payment be made to

another person.

In addition to the deceased’s super

account balance, there may also be

Death insurance attached to the account.

Types of nominations

Binding Nomination: Where we’ve accepted a binding beneficiary nomination from a member and that nomination remains valid at the date of the member’s death, it must be followed. Once a binding nomination has been validated, the claim will be finalised as soon as practicable.

Non-Binding Nomination: You can make a non-binding nomination, which states the proportion of your account balance you would like paid to your nominated beneficiaries or legal personal representative. We decide how to distribute your death benefit, taking into consideration your preferred beneficiaries, the Trust Deed, relevant law and your personal circumstances at the time of your death.

No Nomination: It isn’t compulsory to nominate a beneficiary to receive your death benefit. If you don’t make a nomination and you die, we decide how to distribute your death benefit,


What happens to the deceased’s account when the fund is notified of their death?

The deceased’s super balance will be switched to the MLC Cash Fund investment option from the day we’re notified of their death to protect their assets while the Death benefit claim is being assessed.

What forms need to be completed?

Interested parties need to complete the following forms:

• Potential Beneficiary Statutory Declaration (Completed by interested parties)

• Proof of Identity form (Completed by interested parties), and

• Medical Authority (Completed by next of kin).

Does anything else need to be provided with the forms?

Yes. A certified copy of the deceased’s death certificate must be provided with the forms as well as proof of their age. A certified copy of their Will, Grant of Probate or a Grant of Letters of Administration of the deceased’s Estate may also be required.

What is a Grant of Probate or Grant of Letters of Administration?

This is a legal order issued by the Court which enables an executor or administrator (Legal Personal Representative) to deal with a deceased person’s assets.

Who is a dependant?

A dependant is generally defined as:

• a spouse, including de facto and same-sex spouse

• a child, including adult children, adopted children, or children of the person’s spouse

• any person with whom the deceased had an interdependent relationship, or

• any person who is wholly or partially financially dependent on the deceased.

What are the payment options if the Death claim is approved?

Approved Death claims can be paid:

• as a lump sum, or

• as a pension (if applicable).

We recommend that financial advice be sought in relation to the payment of benefits.

taking into consideration the Trust Deed, relevant law and your personal circumstances at the time of your death.

In the case of non-binding or no nomination:

• We’ll make reasonable enquiries to identify all potential beneficiaries and will generally advise all parties of our determination in writing. This notification will also outline how objections to the decision can be submitted and the applicable timeframes.

• If an objection is received by us, the information will be reviewed and further information may be requested. We can either re-affirm or rescind their original decision which will then be communicated to all parties. If we re-affirm their decision and you are not satisfied, or we have not responded to your objection within 90 days after the expiry of the 28 calendar day objection period, any complaints in relation to our decision can be directed to AFCA. No payment will be made until the AFCA process is finalised. (See ‘Resolving complaints’ on page 4 for more information).


Death claims process

The process outlined below generally applies to Death claims with insurance.

We receive a completed Death claim pack.

We’ll independently review the Insurer’s decision to decline

the claim.

If the claim is declined by the Insurer.

We’ll provide the claimant with an outcome.

If no objection is received by us within 28 days,

payment will proceed.

Potential beneficiaries be given a chance to

object to the decision within 28 days


Step 3: We submit the claim to the Insurer

Step 2: We check eligibility

Step 4: The Insurer assesses the claim


Step 6: The claimant will be provided with an outcome

The Insurer assesses the claim and may contact the claimant if they

need more information.

The claimant may be required to provide additional information

required by the Insurer’s claims assessor.

If there’s no binding beneficiary

nomination, we’ll decide on who

receives the Death benefit.

If the claim is accepted by the Insurer.

If the claim is accepted by the Insurer.

Where there’s a valid binding

beneficiary nomination,

we’ll follow that nomination.

A death benefit can only be paid when the member has met a condition of release under the Superannuation Industry (Supervision) Act 1993. For an approved insurance claim with a lump sum insured benefit (e.g. a death benefit), the benefit amount will be paid by the Insurer to the Trustee. That benefit amount along with the superannuation account balance will then be paid by the Trustee. The Insurer is not part of the IOOF Group.


Terminal Illness


You may make a claim for a Terminal Illness benefit if you have been diagnosed with a terminal illness.


You may be eligible to make a Terminal Illness claim if two doctors, one of whom is a specialist in the field of your illness or injury, certify that your life expectancy is reduced to less than 12 or 24 months (depending on the insurance policy which applies to you).

See the relevant Insurance Guide for more information.


To make a Terminal Illness claim, call us on 132 652.

We’ll ask you a few questions to make sure we send you the correct claims pack to complete.


How long do I have to wait before I can lodge a Terminal Illness claim?

There’s no waiting period to lodge a Terminal Illness claim, once you’ve been diagnosed by two doctors.

What forms need be completed?

You and your doctors will need to complete certain forms, including:

• Claim form (Completed by you), and

• Proof of identity form (Completed by you).

You’ll also need to obtain the following documents to attach to your claim submission:

• Treating Doctor’s Report (Completed by your treating doctor), and

• Treating Doctor’s Report (Completed by your treating specialist in the field of your illness or injury).

Do I still pay premiums when I’m accepted for a Terminal Illness claim?

No. Any premiums deducted from the date your claim is accepted will be refunded to your super account.

Do I have to repay my Terminal Illness benefit if I live longer than 12 or 24 months?

No. You won’t have to repay your Terminal Illness benefit if you live longer than 12 or 24 months.

What are the payment options if my Terminal Illness claim is approved?

Approved Terminal Illness claims will be paid into the MLC Cash Fund in your super account. You can choose to switch part, or all, of the proceeds into a different investment option within the fund.

You can also apply for the proceeds to be released to you in the following ways:

• as a lump sum

• as a pension, or

• to another complying super/pension account, via a rollover.

We recommend that you seek financial advice in relation to the payment of benefits.


Terminal Illness (TI) claims process

We receive your completed TI claim pack


We’ll process your payment instructions.2

We’ll commence the review of your

payment instructions.1








information.




approved by us.


decline your claim.


1 A benefit can only be paid when a condition of release under the Superannuation Industry (Supervision) Act 1993 is met

2 For an approved insurance claim with a lump sum insured benefit (e.g. Terminal Illness benefit) the benefit amount will be paid by the Insurer to the Trustee. That benefit amount along with your superannuation account balance will then by paid to you by the Trustee. The Insurer is not part of the IOOF Group.


Your notes


Your notes


For more information visit mlc.com.au or call us from anywhere in Australia on 132 652 or contact your financial adviser.

Postal address PO Box 200 North Sydney NSW 2059

Registered office Ground Floor, MLC Building 105–153 Miller Street North Sydney NSW 2060

M154370-0721

KIT A132925 - 1021


Documents

MLC MasterKey Business Super