$78
$723

Based on your details, you can compare and save on the following superannuation
Pros and Cons
Pros and Cons
- Reduction of fees based on plan size.
- Integrated clearing house facilities.
Summary
MLC MasterKey Business Super is part of the MLC Super Fund and is a corporate superannuation solution designed for small to large businesses.The MySuper option is the fund's default investment option, whilst choice members may also select from a range of Diversified and Single Sector options, as well as managed investments across a range of asset classes. The fund's MySuper offering changed from a single diversified investment option to a lifecycle option in March 2019. Limited performance history is currently available for this product. Please note that the rated MySuper Growth option sits within the Growth (77-90%) option category.Fees are higher than industry average on medium and large account balances assessed. No investment switching fees are charged; however, buy/sell spreads may apply.MLC MasterKey Business Super's insurance offering allows eligible members to apply for an unlimited amount of Death cover and up to $5 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Premiums and insurance design can be tailored to each Employer Plan, alternatively members will automatically be provided with MLC Lifestage insurance. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 90% of salary, is available following a 30-, 60-, 90- or 180-day waiting period. Members can also access Best Doctors services.The fund offers a range of additional benefits to its members, including access to financial advice, investor educational material, regular newsletters and online access, allowing members to view and update account details online, as well as perform transactions. Additionally, Work Life NAB provides access to offers and discounts on lifestyle and financial products and services.
Features and Fees
MLC Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $78 | Administration fee (%) 0.51% |
Switching fee $0 | Investment fee 0.46% |
Indirect cost ratio (%) 0.32% | Exit fee $0 |
Pros and Cons
- Reduction of fees based on plan size.
- Integrated clearing house facilities.
MLC MasterKey Business Super is part of the MLC Super Fund and is a corporate superannuation solution designed for small to large businesses.The MySuper option is the fund's default investment option, whilst choice members may also select from a range of Diversified and Single Sector options, as well as managed investments across a range of asset classes. The fund's MySuper offering changed from a single diversified investment option to a lifecycle option in March 2019. Limited performance history is currently available for this product. Please note that the rated MySuper Growth option sits within the Growth (77-90%) option category.Fees are higher than industry average on medium and large account balances assessed. No investment switching fees are charged; however, buy/sell spreads may apply.MLC MasterKey Business Super's insurance offering allows eligible members to apply for an unlimited amount of Death cover and up to $5 million of TPD cover. Members can also apply to increase cover following the occurrence of a prescribed Life Event without additional underwriting. Premiums and insurance design can be tailored to each Employer Plan, alternatively members will automatically be provided with MLC Lifestage insurance. Income Protection with a benefit period of 2 years, 5 years or to age 65, covering up to 90% of salary, is available following a 30-, 60-, 90- or 180-day waiting period. Members can also access Best Doctors services.The fund offers a range of additional benefits to its members, including access to financial advice, investor educational material, regular newsletters and online access, allowing members to view and update account details online, as well as perform transactions. Additionally, Work Life NAB provides access to offers and discounts on lifestyle and financial products and services.
Read More
MLC Fees and Features
- Features
- Insurance Cover
- Fees
Features
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 $78 | Administration fee (%) 0.51% |
Switching fee $0 | Investment fee 0.46% |
Indirect cost ratio (%) 0.32% | Exit fee $0 |
Fund fees vs. Industry average
Fund past-5-year return vs. Industry average
Investment allocation
Investment option performance
Product | Past 5-year return 5.29% | Admin fee $78 | Company ![]() | Calc fees on 50k $1k | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return New | Admin fee $78 | Company ![]() | Calc fees on 50k $723 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
Product | Past 5-year return 5.58% | Admin fee $78 | Company ![]() | Calc fees on 50k $913 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Past 5-year return New | Admin fee $78 | Company ![]() | Calc fees on 50k $723 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 5.58% | Admin fee $0 | Company ![]() | Calc fees on 50k $735 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Past 5-year return 4.95% | Admin fee $375 | Company ![]() | Calc fees on 50k $786 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details | |
Product | Past 5-year return 4.95% | Admin fee $375 | Company ![]() | Calc fees on 50k $786 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() | Go to site | More details |
Product | Past 5-year return 5.29% | Admin fee $78 | Company ![]() | Calc fees on 50k $858 | Features Advisory services Death insurance Income protection Online access Term deposits Variety of options | SuperRatings awards ![]() ![]() | Go to site | More details |
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FAQs
How much superannuation should I have at age 40?
The amount of superannuation you should have at age 40 is based on how much money you need to have at retirement. That, in turn, is based on how much money you expect to spend each week during your retirement. That, in turn, depends on whether you expect to lead a modest retirement or a comfortable retirement.
The Association of Superannuation Funds of Australia (ASFA) estimates you would need the following amount per week:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $465 | $668 |
Comfortable | $837 | $1,150 |
Here is the superannuation balance you would need to fund that level of spending:
Lifestyle | Singles | Couples |
---|---|---|
Modest | $50,000 | $35,000 |
Comfortable | $545,000 | $640,000 |
These figures come from the March 2017 edition of the ASFA Retirement Standard.
The reason people on modest lifestyles need so much less money is because they qualify for a far bigger age pension.
Here is how ASFA defines retirement lifestyles:
Category | Comfortable | Modest | Age pension |
---|---|---|---|
Holidays | One annual holiday in Australia | One or two short breaks in Australia near where you live | Shorter breaks or day trips in your own city |
Eating out | Regularly eat out at restaurants. Good range and quality of food | Infrequently eat out at restaurants. Cheaper and less food | Only club special meals or inexpensive takeaway |
Car | Owning a reasonable car | Owning an older, less reliable car | No car – or, if you do, a struggle to afford the upkeep |
Alcohol | Bottled wine | Casked wine | Homebrew beer or no alcohol |
Clothing | Good clothes | Reasonable clothes | Basic clothes |
Hair | Regular haircuts at a good hairdresser | Regular haircuts at a basic salon | Less frequent haircuts or getting a friend to do it |
Leisure | A range of regular leisure activities | One paid leisure activity, infrequently | Free or low-cost leisure activities |
Electronics | A range of electronic equipment | Not much scope to run an air conditioner | Less heating in winter |
Maintenance | Replace kitchen and bathroom over 20 years | No budget for home improvements. Can do repairs, but can’t replace kitchen or bathroom | No budget to fix home problems like a leaky roof |
Insurance | Private health insurance | Private health insurance | No private health insurance |
What is the superannuation rate?
The superannuation rate, or guarantee rate, is the percentage of your salary that your employer must pay into your superannuation fund. The superannuation guarantee has been set 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 age can I withdraw my superannuation?
You can withdraw your superannuation (or at least some of it) when you reach ‘preservation age’. The preservation age is based on date of birth. Here are the six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
When you reach preservation age, you can withdraw all your superannuation if you’re retired. If you’re still working, you can begin a ‘transition to retirement’, which allows you to withdraw 10 per cent of their superannuation each financial year.
You can also withdraw all your superannuation once you reach 65 years.
What is superannuation?
Superannuation is money set aside for your retirement. This money is automatically paid into your superannuation fund by your employer.
What happens if my employer falls behind on my superannuation payments?
The Australian Taxation Office will investigate if your employer falls behind on your superannuation payments or doesn’t pay at all. You can report your employer with this online tool.
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.
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.
What compliance obligations does an SMSF have?
SMSFs must maintain comprehensive records and submit to annual audits.
How can I increase my superannuation?
You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.
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
How do you access superannuation?
Accessing your superannuation is a simple administrative procedure – you just ask your fund to pay it. You can access your superannuation in three different ways:
- Lump sum
- Account-based pension
- Part lump sum and part account-based pension
However, please note that your superannuation fund will only be able to make a payout if you meet the ‘conditions of release’. The conditions of release say you can claim your super when you reach:
- Age 65
- Your ‘preservation age’ and retire
- Your preservation age and begin a ‘transition to retirement’ while still working
The preservation age has six different categories:
Date of birth | Preservation age |
---|---|
Before 1 July 1960 | 55 |
1 July 1960 – 30 June 1961 | 56 |
1 July 1961 – 30 June 1962 | 57 |
1 July 1962 – 30 June 1963 | 58 |
1 July 1963 – 30 June 1964 | 59 |
From 1 July 1964 | 60 |
There are also seven special circumstances under which you can claim your superannuation:
- Compassionate grounds
- Severe financial hardship
- Temporary incapacity
- Permanent incapacity
- Superannuation inheritance
- Superannuation balance under $200
- Temporary resident departing Australia
How do you open a superannuation account?
Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
- The name of your preferred superannuation fund
- The fund’s address
- The fund’s Australian business number (ABN)
- The fund’s superannuation product identification number (SPIN)
- The fund’s phone number
- A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund
You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.
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.
What is the age pension's income test?
These are the rules for most people who want to claim the standard pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 50 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 50 cents for each dollar over $300
These are the rules for most people who want to claim the transitional pension:
Single people
- If your income per fortnight is up to $168, you’re entitled to a full pension
- If your income per fortnight is over $168, your pension will reduce by 40 cents for each dollar over $168
Couples
- If your income per fortnight is up to $300, you’re entitled to a full pension
- If your income per fortnight is over $300, your pension will reduce by 40 cents for each dollar over $300
For most people, the age pension cuts off if your fortnightly income exceeds these thresholds:
Category | Fortnightly income |
---|---|
Standard pension for singles | $1,944.60 |
Standard pension for couples living together | $2,978.40 |
Standard pension for couples living apart due to ill health | $3,853.20 |
Transitional pension for singles | $2,038.00 |
Transitional pension for couples living together | $3,317.00 |
Transitional pension for couples living apart due to ill health | $4,040.00 |
What is lost superannuation?
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.
What will the superannuation fund do with my money?
Your money will be invested in an investment option of your choosing.
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 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
What superannuation details do I give to my employer?
When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:
- The name of your preferred superannuation fund
- The fund’s address
- The fund’s Australian business number (ABN)
- The fund’s superannuation product identification number (SPIN)
- The fund’s phone number
- A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund
You should also provide your tax file number – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.
What contributions can SMSFs accept?
SMSFs can accept mandated employer contributions from an employer at any time (Funds need an electronic service address to receive the contributions).
However, SMSFs can’t accept contributions from members who don’t have tax file numbers.
Also, they generally can’t accept assets as contributions from members and they generally can’t accept non-mandated contributions for members who are 75 or older.