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Plum ownership update

Joining IOOF

We're now part of IOOF

We're excited Plum is now part of IOOF Holdings Ltd (IOOF). The sale from National Australia Bank (NAB) was completed on 31 May 2021.

While it's a big change for us, for our clients its business as usual. Our clients will continue to enjoy the same services they have in the past. And their product’s terms, conditions and design haven’t changed due to our sale. We'll continue to put our clients' best interests first and continue to support them in the same way.

On this page you'll find information about IOOF, a list of communications and announcements made about the sale, what has changed due to the sale, and some frequently asked questions.

Changes due to the sale

While most things have stayed the same, there are a couple of changes you should be aware of.

Some policies have changed now we've joined IOOF, with the privacy policy being a key one. There are also a number of entities that were included in the sale—some of which are involved in the management of your investments.

We provide more detail about these two changes below.

Privacy policy changes

Protecting clients’ privacy is very important to us and IOOF.

Prior to the sale to IOOF, the NAB Privacy Policy covered NAB and its related companies which included NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited who issue superannuation, investment and retirement products.

Now that we're a part of IOOF, the IOOF privacy policy applies to NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited. A copy of the IOOF policy is available at ioof.com.au/privacy

Although the privacy policy has changed and we may start to share your information with IOOF, the way we use your information hasn't changed. We may disclose your personal information to other IOOF Group members, and to external parties including your employer and MLC Limited for account management, product development and research, just like we have in the past.

MLC Wealth entities

The MLC Wealth Limited group of companies offers a range of superannuation, investment and retirement products. The following entities are a part of the sale and have transitioned to IOOF:

  • NULIS Nominees (Australia) Limited
  • Navigator Australia Limited
  • MLC Investments Limited
  • MLC Asset Management Services Limited
  • Antares Capital Partners Ltd.

 

MLC Asset Management, a division within MLC Wealth Limited partners with some of the best boutique investment managers from around the world. The investment managers listed below were wholly or partly owned by NAB. The portion owned by NAB was included in the sale to IOOF, with no change to the remaining portion not owned by NAB.

  • Antares Capital Partners Ltd
  • Fairview Equity Partners Pty Ltd
  • Intermede Investment Partners Limited
  • MLC Asset Management Pty Limited
  • Presima Inc.


JANA Investment Advisers Pty Ltd (JANA) has been appointed by NULIS Nominees (Australia) limited to advise them on the investment menu within the MLC Super Fund. JANA was partly owned by NAB and this portion was transferred to IOOF.

FAQs

  • MLC and IOOF are highly complementary businesses, both with a common purpose to support Australians in securing their financial future.

    The combined MLC and IOOF business will form one of Australia's leading advice-led wealth management organisations working to secure the financial future of 2.4 million Australians. . IOOF has stated the transaction is a “Compelling opportunity to create long-term value for the benefit of clients, members and shareholders.”1

    With the completion of the sale, the new IOOF will be:

    • the number one retail wealth manager by funds under management and administration - $510 billion2
    • the number one advice business by number of advisers - 1,884 advisers3
    • the second largest superannuation provider by funds under administration - $173 billion4.


    "As the financial service industry reshapes, a much bigger and better IOOF will position it at the forefront of the industry transformation. In this new era, and in response to changing societal and technological needs, the new IOOF will have the ability to offer unmatched choice and accessibility of quality financial advisory and wealth management services to all Australians," says Renato Mota, CEO IOOF.

  • NAB's agreement to sell MLC follows the strategic decision announced by NAB in 2018 to pursue an exit of MLC and is in line with NAB's strategy to simplify and focus on its core banking business, while creating a stronger future for MLC.

    "We have a clear plan and we are getting on with it. The sale of MLC will enable NAB to prioritise investment and focus on executing our refreshed strategy of delivering simpler, more streamlined products and processes for our customers and colleagues,"5 NAB Group CEO, Mr Ross McEwan said.

    "We have explored a range of transaction options and are confident this sale provides the best outcome for NAB shareholders and for MLC stakeholders. We recognise the specialised nature of wealth management and the opportunity for the MLC business as part of IOOF,"5 he said.

  • No, there’s nothing you need to do.

  • No, in the short term our products and services haven't changed as a result of the sale to IOOF.

    In the future there may be other changes that aren’t related to the sale to IOOF, such as changes in legislation or general product updates. We’ll let anyone impacted know of changes, just like we do today.

  • No, the product issuer or operator remains the same but is now part of the IOOF Group.

  • Yes, NULIS Nominees (Australia) Limited is still the Trustee of the MLC Super Fund, the MLC Superannuation Fund, PremiumChoice Retirement Service and DPM Retirement Service.

  • No, fees and costs haven't changed as a result of the change of ownership.

  • No, there is no change to the investment management teams, asset allocation or investment objective as part of this change. Changes to investment options will be made from time to time. We’ll notify you of the changes in the same way we always have by mail, email or making the information available at plum.com.au.

  • No, contributions can be made the same way using the same details.

  • No, your pension payments and how your account is assessed hasn't changed.

  • Yes, all your account details have remained the same. It’s important your details remain up to date with us. If your personal details have changed, please log in to your account to update your details.

  • No, as your account details remain the same, you won’t need to update Centrelink or DVA.

  • No, there will be no changes to your insurance cover due to the change in ownership. The amount and cost of your cover, its terms and conditions your ability to submit an insurance claim will stay the same.

    In the future there may be other changes that aren’t related to the sale to IOOF, such as changes in legislation or general product updates. We’ll let anyone impacted know of changes, just like we do today.

  • No, we’ll continue to assess any death benefit claims.

  • No, your relationship and any agreements you’ve made with your financial adviser haven't changed. If you’ve agreed with your financial adviser to deduct an Adviser Service Fee from your MLC Wealth super, pension or investment account, this will continue.

  • Yes. Supporting your needs remains our absolute priority. We’ll continue to put you at the centre of everything we do, focusing our efforts on bringing you the best service and support we can.

1 Investor Presentation - Acquisition of MLC 31 August 2020.

2 For MLC, FUMA sourced from NAB as at 30 June 2020. For IOOF, FUMA based on reported FUMA as at 30 June 2020.

3 IOOF financial adviser numbers sourced from ASIC financial adviser register (as at 20 August 2020). MLC adviser numbers sourced from NAB as at 30 June 2020. Assumes all current MLC financial advisers transition to IOOF. Based on active MLC advisers only.

4 Based on APRA annual fund-level superannuation statistics June 2019 (issued 10 December 2019).

5 ASX Announcement: NAB announces agreement to sell MLC Wealth to IOOF. 31 August 2020.