MLC unveils new pension offerings

Responding to the new pension income rules, MLC has released two different pension products that give clients access to their superannuation and pension funds via a single, integrated account.

One of the products, MLC MasterKey Pension Fundamentals, is the third and final addition to MLC’s fee-for-service range, while the other, MLC MasterKey Pension, includes an asset-based commission structure.

The two products are similar in the fact they each offer the option to retain money in both super and pensions, with one account number for consolidated reporting and a single account fee.

Both offerings also feature a pension transfer from super facility and the ability to deduct management fees and insurance premiums from super or pension money.

The existing benefits of MLC’s MasterKey platform are also available to clients through the new products.

MLC Platforms general manager Anthony Waldron said, as transition to retirement would be a major focus of financial advice over the next few years, the products were built with the facilitation of financial planning strategies in mind.

“Financial advisers are starting to think of superannuation as one strategy with a pension being simply an add-on or just another phase of the client being invested in the superannuation environment,” he said.

“This is why it makes sense to provide access to both super and pensions via a single integrated account with one account number, one consolidated statement and one set of customer details.”

MLC MasterKey Pension Fundamentals and MLC MasterKey Pension will both be available from July this year.