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Scale sees MLC cut MasterKey fees
Rapid growth in its MLC MasterKey Custom platform has seen MLC announce a range of fee changes, including a reduction in administration costs in its superannuation and investment service products, and an aggregate pricing strategy across pension and superannuation accounts within MasterKey Custom Superannuation.
Announcing the changes this week, MLC superannuation and investments general manager Anthony Waldron said scale had delivered efficiencies to the MasterKey platform and MLC wanted its customers to benefit.
“We have reduced our administration fees by up to 10 basis points on our MasterKey Custom Superannuation and MasterKey Custom Investment Service products,” he said. “We are also enabling customers to have both a superannuation and a pension account within MasterKey Custom Superannuation to aggregate their account balances and pay only one administration fee rather than two.”
Waldron said by allowing customers to aggregate their balances across multiple accounts within MasterKey Custom Super, they could take advantage of MLC’s pricing structure, where fees fall as account balances became higher.
The pricing changes came into effect on March 1.
AUTHOR
Mike Taylor
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