MLC

MLC Navigator Retirement Plan Series 2 - Super

Past 5-year return
5.56%
Admin fee

$375

Calc fees on 50k

$786

SuperRatings awards
MyChoice Silver
Past 5-year return
5.56%
Admin fee

$375

Calc fees on 50k

$786

SuperRatings awards
MyChoice Silver

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • No information was provided by the fund to SuperRatings. For available information refer to the fund's PDS.

Summary

MLC Navigator Retirement Plan Series 2 is a sub-plan of the MLC Superannuation Fund established in 2014 and is designed to enable the establishment of a diversified portfolio accessing the primary investment markets of cash, fixed interest, equities and property through the various investment strategies offered. An initial investment of $20,000 is required to commence membership.Members have access to an excellent range of investment options, including a range of wholesale investment alternatives managed by leading fund managers, a range of shares listed on the Australian Securities Exchange (ASX), Exchange Traded Funds (ETFs), various Term Deposits and a Separately Managed Account (SMA). The MLC Wholesale Horizon 4 Balanced Portfolio option underperformed the relevant SuperRatings Index over the 5 years to 30 June 2019.Fees are lower than the industry average across medium and large account balances assessed, with discounts and fee caps applying to the administration fee based on account balances over $200,000, including linked accounts, while a portion of the fees are negotiable with financial advisers. The fund does not charge an investment switching fee, although a buy/sell spread may apply.Although MLC Navigator Retirement Plan Series 2 does not provide insurance directly to its members, members are able to access a full suite of insurance cover through MLC Insurance.Members have online access to their portfolio information, with their financial adviser having the ability to transact and obtain reports on their behalf. Additionally, members have access to an automatic re-weighting facility which allows for eligible investment options to be re-weighted on a quarterly, half yearly or yearly basis.

Features and Fees

MLC Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$375

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.78%

Indirect cost ratio (%)

Exit fee

$0

Pros and Cons

  • No information was provided by the fund to SuperRatings. For available information refer to the fund's PDS.

MLC Navigator Retirement Plan Series 2 is a sub-plan of the MLC Superannuation Fund established in 2014 and is designed to enable the establishment of a diversified portfolio accessing the primary investment markets of cash, fixed interest, equities and property through the various investment strategies offered. An initial investment of $20,000 is required to commence membership.Members have access to an excellent range of investment options, including a range of wholesale investment alternatives managed by leading fund managers, a range of shares listed on the Australian Securities Exchange (ASX), Exchange Traded Funds (ETFs), various Term Deposits and a Separately Managed Account (SMA). The MLC Wholesale Horizon 4 Balanced Portfolio option underperformed the relevant SuperRatings Index over the 5 years to 30 June 2019.Fees are lower than the industry average across medium and large account balances assessed, with discounts and fee caps applying to the administration fee based on account balances over $200,000, including linked accounts, while a portion of the fees are negotiable with financial advisers. The fund does not charge an investment switching fee, although a buy/sell spread may apply.Although MLC Navigator Retirement Plan Series 2 does not provide insurance directly to its members, members are able to access a full suite of insurance cover through MLC Insurance.Members have online access to their portfolio information, with their financial adviser having the ability to transact and obtain reports on their behalf. Additionally, members have access to an automatic re-weighting facility which allows for eligible investment options to be re-weighted on a quarterly, half yearly or yearly basis.

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MLC Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$375

Administration fee (%)

0.04%

Switching fee

$0

Investment fee

0.78%

Indirect cost ratio (%)

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
HIGH GROWTH
CONSERVATIVE BALANCE
DIVERSIFIED FIXED INTEREST
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
+ View additional option performance information
Product
Past 5-year return
Admin fee
Company
Calc fees on 50k
Features
SuperRatings awards
Go to site
5.95%

$78

MLC

$913

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum
More details
New

$78

MLC

$723

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MySuper Platinum
More details
5.95%

$0

MLC

$735

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Gold
More details
-

$750

MLC

$1.1k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Silver
More details
5.56%

$375

MLC

$786

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Silver
More details
5.56%

$1.2k

MLC

$1.6k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Silver
More details
5.56%

$375

MLC

$786

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Silver
More details
5.68%

$78

MLC

$1k

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum5 Year Platinum Performance
More details
5.68%

$78

MLC

$858

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MyChoice Platinum10 Year Platinum Performance
More details
New

$78

MLC

$723

Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
MySuper Platinum7 Year Platinum Performance
More details

FAQs

How do you get superannuation?

You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Can I carry on a business in an SMSF?

SMSFs are allowed to carry on a business under two conditions.

First, this must be permitted under the trust deed.

Second, the sole purpose of the business must be to earn retirement benefits.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

How do you set up superannuation?

Before you set up a superannuation account, you’ll need to check if you’re allowed to choose your own fund. Most Australians can, but this option doesn’t apply to some workers who are covered by industrial agreements or who are members of defined benefits funds.

Assuming you are able to choose your own fund, the next step should be research, because there are more than 200 different superannuation funds in Australia.

Once you’ve decided on your preferred superannuation fund, head to that provider’s website, where you should be able to fill in an online application or download the appropriate forms. You’ll need your tax file number (assuming you don’t want to be charged a higher tax rate), your contact details and your employer’s details (if you’re employed).

Can I take money out of my superannuation fund?

Superannuation is designed to provide Australians with money in their retirement. The government has strict rules around when people can take that money out of their fund because it wants to prevent people eroding their savings before they reach retirement.

As a general rule, you can only take money out of your superannuation fund when you reach:

  • Age 65
  • Your ‘preservation age’ and retire
  • Your preservation age and begin a ‘transition to retirement’ while still working

That said, you can take money out of your superannuation fund early based on one of these seven special conditions:

  • Compassionate grounds
  • Severe financial hardship
  • Temporary incapacity
  • Permanent incapacity
  • Superannuation inheritance
  • Superannuation balance under $200
  • Temporary resident departing Australia

What happens to my superannuation when I change jobs?

You can keep your superannuation fund for as long as you like, so nothing happens when you change jobs. Please note that some superannuation funds have special features for people who work with certain employers, so these features may no longer be available if you change jobs.

How much is superannuation in Australia?

Superannuation in Australia is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

How do you calculate superannuation?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

What are concessional contributions?

Concessional contributions are pre-tax payments into your superannuation account. The payments made by your employer are concessional payments. You can also make concessional contributions with a salary sacrifice.

How do you find lost superannuation funds?

Lost superannuation refers to savings in an account that you’ve forgotten about. This can happen if you’ve opened several different accounts over the years while moving from job to job.

You can use your MyGov account to see details of all your superannuation accounts, including any you might have forgotten. Alternatively, you can fill in a ‘Searching for lost super’ form and send it to the Australian Taxation Office, which will then search on your behalf.

What is the age pension's assets test?

The value of your assets affects whether you can qualify for the age pension – and, if so, how much.

The following assets are exempt from the assets test:

  • your principal home and up to two hectares of used land on the same title
  • all Australian superannuation investments from which a pension is not being paid – this exemption is valid until you reach age pension age
  • any property or money left to you in an estate, which you can’t get for up to 12 months
  • a cemetery plot and a prepaid funeral, or up to two funeral bonds, that cost no more than the allowable limit
  • aids for people with disability
  • money from the National Disability Insurance Scheme for people with disability
  • principal home sale proceeds you’ll use to buy another home within 12 months
  • accommodation bonds paid on entry to residential aged care
  • any interest not created by you or your partner
  • a Special Disability Trust if it meets certain requirements
  • your principal home, if you vacate it for up to 12 months
  • granny flat rights where you pay more than the extra allowable amount

For full pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$253,750

$456,750

Couples living together

$380,500

$583,500

Couples living apart due to ill health

$380,500

$583,500

Couples with only one partner eligible

$380,500

$583,500

For part pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$550,000

$753,000

Couples living together

$827,000

$1,030,000

Couples living apart due to ill health

$973,000

$1,176,000

Couples with only one partner eligible

$827,000

$1,030,000

For transitional rate pensions, reductions apply when your assessable assets exceed these thresholds:

Category

Home owners

Non-home owners

Singles

$503,250

$706,250

Couples living together

$783,000

$986,000

Couples living apart due to ill health

$879,500

$1,082,500

Couples with only one partner eligible

$783,000

$986,000

How much is superannuation?

Superannuation is currently 9.5 per cent – which means that your employer must pay you superannuation equivalent to 9.5 per cent of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Who can open a superannuation account?

Superannuation accounts can be opened by Australians, permanent residents and temporary residents. You’re automatically entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

When did superannuation start?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

What is salary sacrificing?

A salary sacrifice is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Salary sacrifices come out of your pre-tax income, whereas personal contributions come out of your after-tax income.

Am I entitled to superannuation if I'm a casual employee?

As a casual employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

Can I buy a house with my superannuation?

First home buyers are the only people who can use their superannuation to buy a property. The federal government has created the First Home Super Saver Scheme to help first home buyers save for a deposit. First home buyers can make voluntary contributions of up to $15,000 per year, and $30,000 in total, to their superannuation account. These contributions are taxed at 15 per cent, along with deemed earnings. Withdrawals are taxed at marginal tax rates minus a tax offset of 30 percentage points.

Voluntary contributions to the First Home Super Saver Scheme are not exempt from the $25,000 annual limit on concessional contributions. So if you pay $15,000 per year into the First Home Super Saver Scheme, you have to make sure that you don’t receive more than $10,000 in superannuation payments from your employer and any salary sacrificing.

How does the age pension work?

Most Australians who are of retirement age can qualify for the age pension. However, depending on the size of your assets and post-retirement income, you might be entitled to only a reduced pension. In some instances, you might not be entitled to any pension payments.

What are the age pension's residence rules?

On the day you claim the age pension, you must be in Australia and you must have been an Australian resident for at least 10 years (with no break in your stay for at least five of those years). The following exceptions apply:

  • You’re exempt from the 10-year rule if you’re a refugee or former refugee
  • You’re exempt from the 10-year rule if you’re getting Partner Allowance, Widow Allowance or Widow B pension
  • You can claim the age pension with only two years of residency if you’re a woman whose partner died while you were both Australian residents
  • You might be able to claim the age pension if you’ve lived or worked in a country that has a social security agreement with Australia