Hagger explains MLC Super rationale

Making it easier for bank customers to move between retirement products sat at the heart of the creation of MLC Super, according to National Australia Bank's chief customer officer, consumer banking and wealth management, Andrew Hagger.

Addressing the American Chamber of Commerce, Hagger described merging NAB/MLC's five superannuation funds into one, to create the $70 billion MLC Super represented a major move.

"This was a bold move — but an important one. It will make it far easier for our customers to move between retirement products in the future and it will ultimately deliver real value for them through this scale," he said.

"Creating Australia's largest retail super fund in less than nine months was like creating a new country, building a city infrastructure and writing a new national anthem all at the same time," Hagger said.

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"But I can tell you that despite all that hard work, we are still a long way from the top of the mountain. For all that work we've done, we're still only at base camp.

"To actually bring banking and wealth closer together for our customers, we have to continue to change the way we work, and the way we serve our customers."