NAB bullish on major APRA super fund merger
NAB has merged five of its superannuation funds to create one $70 billion retail super fund named MLC Super Fund, and is confident of its potential to attract and retain super members.
The creation of MLC Super Fund, as part of NAB’s simplification plan, includes NAB’s two main super offerings, MLC Masterkey and Plum superannuation and pension offerings, and will have more than one million members.
Paul Carter, NAB’s executive general manager for superannuation and investments platform, said the merger was also created in anticipation of new wealth products.
“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,” Mr Carter said.
“This $300 million investment will help us deliver an even better customer and adviser experience through digital innovation, product and platform enhancement, making it simple to navigate our products.”