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.

It will not be necessary for Group Members to register to receive a settlement payment under the proposed settlement.

Further information regarding settlement payments will be set out in the Settlement Notice that will be sent to Group Members in March 2025.

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

The Settlement Notice will include information regarding how settlement payments are proposed to be calculated. Further information will also be set out in a Settlement Distribution Scheme will be available for review on this website by 21 February 2025.

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

The costs of running the class action to date have been undertaken by Maurice Blackburn.

As part of the Proposed Settlement, Maurice Blackburn will seek to have its costs reimbursed from the Settlement Sum. These costs must be considered and approved by the Court. Only costs that the Court decides are fair and reasonable will be deducted from the Settlement Sum.

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.