On 1 July 2016 the NAB Group successfully transferred five of our super funds into one new fund called the MLC Super Fund, on a successor fund transfer basis.
The MLC Super Fund is operated under the governance of another trustee in the NAB Group, NULIS Nominees (Australia) Limited. Consolidating our super funds streamlines our business and creates the scale to allow us to become more efficient, easy to deal with and deliver even more value to our members.
Please note, this website contains some information that was issued by or on behalf of PFS Nominees Pty Limited in relation to the Plum Superannuation Fund, one of the super funds that transferred into the MLC Super Fund. We have retained this information as it remains useful in assisting members with their superannuation journey.
On 3 October 2016, National Australia Bank Limited (NAB) announced completion of the sale of 80% of its life insurance business (MLC Limited) to Nippon Life Insurance Company (Nippon Life).
In preparation for this sale, on 1 July 2016, some of NAB Group’s superannuation funds (including the Plum Superannuation Fund) which invested through MLC Limited, transferred their underlying investments in MLC Limited to a new fund within the NAB Group, the MLC Super Fund. This occurred by way of a ‘successor fund transfer’.
Importantly, NAB retains ownership of 20% of the new life insurance business, MLC Life Insurance, and full ownership of the existing investments business which includes superannuation, platforms, advice and asset management.
In preparation for the 80% sale of its life insurance business (MLC Limited) to Nippon Life, MLC separated its insurance and super and investment businesses. This involved removing a number of superannuation assets out of MLC Limited prior to the sale.
To pave the way for the transfer of Plum Superannuation Fund accounts to the MLC Super Fund, there were some changes to the features and pricing of the Plum Superannuation Fund so there is better alignment across all the superannuation offerings moving into the new fund. These changes occurred from 1 May this year.
Rest assured, your Plum Superannuation Fund account continues to be managed in the same way and by the same team of people. Your super contribution and insurance arrangements have stayed the same, as have your account details and customer numbers. Our contact details have also remained the same.
Successor Fund Transfers (SFT) are regulated under the Superannuation Industry Supervision Act 1993 and the Superannuation Industry Regulations 1994. The regulations define an SFT as the transfer of benefits of a member from the current fund to the new fund as long as it satisfies a number of conditions.
There was no cost to members to make this change as the NAB Group covered the costs and tax impacts of implementing the change.
Members of funds transferred to the MLC Super Fund on 1 July 2016 and who make payments or contributions by Direct Debit or Bpay will notice a different payee/biller name on their bank statement. This is because the MLC Super Fund is operated under the governance of a different NAB Group trustee, NULIS Nominees (Australia) Limited.
Direct Debit or Bpay payments or contributions made to the previous funds will be redirected automatically to NULIS Nominees (Australia) Limited and there is nothing you need to do as a result of this change.
A Product Disclosure Statement (PDS) summarising the features and terms of your account is available for all members transferred to the MLC Super Fund on 1 July 2016.
To access your PDS, please log into your account here with your member number and password and you’ll find the documents within the ‘Forms and Publications’ tab under the heading ‘Product Disclosure Statement for members transferred to the MLC Super Fund on 1 July 2016’.
Alternatively, to receive a copy of your PDS by email or post, please call us on 1300 55 7586 between 8am and 7pm AEST (8pm daylight saving time), Monday to Friday.
Call us on 1300 55 7586 between 8 am and 7 pm AEST, Monday to Friday.