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.