National Australia Bank (NAB) has merged five of its super funds to create the largest retail super fund in Australia.
The new fund, known as MLC Super Fund, will include the bank’s MLC MasterKey and Plum superannuation and pension offerings. The offering will include about $70bn in funds under management.
NAB Superannuation and Investment Platforms executive general manager Paul Carter said: “The MLC Super Fund is a welcome development for customers. This consolidation of our super funds will, over time, make it easier for customers to move between various products and features within the fund as their needs change throughout their life.
“This work is strategically important and lays the groundwork for our planned $300 million investment across our wealth activities in new wealth products and services for our customers and financial advisers. This $300 million investment will help us deliver an even better customer and adviser experience through digital innovation, product and platform enhancement, and making it simple to navigate our products.”
In October 2015, the bank struck a long term partnership deal with Nippon Life to create a stand-alone life insurance unit. As part of the deal, the bank separated its life business from the superannuation and investments business, and simplified its superannuation business structure.
NAB Wealth group executive and MLC CEO Andrew Hagger said: “Our old superannuation structure has served our customers well, but as we look forward, we want to innovate more. Now that we’ve created Australia’s largest retail super fund, we’ll be looking to find new ways to make it easier for our customers to engage with us as they create and protect their wealth, and save for their retirement.”