MLC MySuper class action

You are a group member in the MLC MySuper class action if:

• your superannuation was invested in the MLC MasterKey Business Super or the MLC MasterKey Personal Super product (MasterKey) and you held an accrued default amount in MasterKey that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017; or
   

• you received payment from a deceased MasterKey member of all or part of their interest that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017; or
   

• you were the spouse of a MasterKey member and under the Family Law Act or a superannuation agreement you received a transfer of the member’s interest that was transferred by NULIS to a MySuper product in the MLC Super Fund on or about 3 December 2016 or 25 March 2017.

If you are a Group Member and you have not opted out of the proceeding, there is nothing you need to do to participate in the settlement.

It is not necessary for Group Members to register to receive a settlement payment under the  settlement.

Further information regarding how eligible Group Members will be contacted in relation to settlement payments is set out below. 

We are unable to provide an estimate as to how much compensation group members will each receive.

Further information regarding the calculation of settlement payments is set out in the Settlement Distribution Scheme which is available in the Key Documents section below.

Group Members who continue to be members of the MLC Super Fund will be notified of any settlement payment in their periodic MLC superannuation statement once the payments have been made.

Group Members who are no longer members of the MLC Super Fund will receive an email or letter from the Trustee for the MLC Super Fund once settlement payments have been made.

Group Members who wish to update their contact details in order to ensure that they receive communications regarding settlement payments should contact the Trustee of the MLC Super Fund on 132 652 (or +61 3 9966 5802 outside Australia).

Please note that Maurice Blackburn is unable to update your contact details. 

There are no “out of pocket” costs for Group Members to participate in the settlement.

The costs of running the class action to date have been undertaken by Maurice Blackburn. As part of the settlement, the Supreme Court of Victoria has considered and approved the deduction of Maurice Blackburn’s costs from the Settlement Sum prior to the distribution of compensation to Group Members.  

The cost of distributing the settlement payments will be borne by the Trustee for the MLC Super Fund.

No funding commission will be payable to a third party litigation funder as there is no third party litigation funder involved in the MLC MySuper class action.

These two names refer to the same proceeding. The case was previously referred to as the 'NAB MySuper Class Action' because when this case was commenced in January 2020, the Defendant trustees were part of the NAB Group. On 1 June 2021, the Defendant trustees were sold to Insignia Limited (formerly known as IOOF Limited). Following this sale, the class action is now referred to as the 'MLC MySuper Class Action'.

An accrued default amount is the balance of a member’s account where an investment choice has not been exercised by the member, or if it is held in a default investment option of the fund.

A member may have had an accrued default amount if they did not tell or direct their super fund how they want their super invested.

Both are companies that were formerly within the NAB Group.

MLC Nominees Pty Limited was a registrable superannuation entity licensee and trustee of The Universal Super Scheme (TUSS) until 1 July 2016. Originally, MLC MasterKey Business Super and MLC MasterKey Personal Super were products within TUSS.

NULIS Nominees (Australia) Limited has been a registrable superannuation entity licensee since 1 March 2006 and the trustee of the MLC Super Fund since 9 May 2016.

On 1 July 2016, MLC Nominees Pty Limited transferred the assets of members of TUSS (including MasterKey members who held accrued default amounts) to the MLC Super Fund by way of a Successor Fund Transfer. Following this transfer, the members of TUSS became members of the MLC Super Fund instead of TUSS, with the trustee of the MLC Super Fund being NULIS Nominees (Australia) Limited.