MLC Super Fund — superannuation fund performance
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MLC Super Fund reported A$94.0bn of total assets for 750,082 member accounts (average balance A$122k) in APRA's fund-level statistics for the year to 30 June 2025, with a one-year rate of return of 9.6%.
| Total assets | A$94.0bn |
| Member accounts | 750,082 |
| Average member balance | A$122k |
| 1-year rate of return | 9.6% |
| 5-year rate of return (annualised) | 8.4% |
| 10-year rate of return (annualised) | — |
| Investment options offered | — |
What running the fund costs
For its reporting year ended 30 June 2025, MLC Super Fund ran on an operating expense ratio of 0.3% — the running cost per dollar of savings (0.5% is 50 cents per A$100 a year). Payments to related parties — companies connected to the fund's own trustee or owner group — came to A$458.8m, equal to roughly 182.3% of its administration bill (a related-party payment is disclosed, not improper — but it is worth knowing who the fund pays).
| Operating expense ratio | 0.3% |
| Investment expense ratio | 0.2% |
| Administration and operating expenses | A$251.6m |
| Marketing spend | A$15.9m (about A$21 per member account) |
| Executive remuneration (expensed to the fund) | A$1.7m |
| Director remuneration | A$920k |
| Payments to related parties | A$458.8m |
The annual performance test
Every year the regulator tests most super products against a benchmark portfolio — fail twice and the product must close to new members. As at 30 June 2025, 62 of this fund's products and options were tested, and every one of them passed:
| Product / option | Type | Test result | 10-yr return | Admin fee |
|---|---|---|---|---|
| MLC MySuper | MySuper | Pass | — | 0.3% |
| MLC MasterKey Super and Pension Fundamentals — MLC Balanced | Choice | Pass | 6.9% | 0.3% |
| NAB Staff MySuper | MySuper | Pass | 7.2% | 0.1% |
| MLC MasterKey Super and Pension Fundamentals — MLC Growth | Choice | Pass | 7.8% | 0.3% |
| NAB Group Super Fund — MLC High Growth | Choice | Pass* | — | 0.1% |
| MLC MasterKey Super and Pension Fundamentals — MLC High Growth | Choice | Pass | 9.0% | 0.3% |
| Plum Super Accumulation — MLC Balanced | Choice | Pass* | — | 0.2% |
| Plum Personal Plan — MLC Balanced | Choice | Pass* | — | 0.2% |
| Plum Personal Plan — MLC High Growth | Choice | Pass* | — | 0.1% |
| Plum Personal Plan — MLC Growth | Choice | Pass* | — | 0.2% |
| MLC MasterKey Super and Pension Fundamentals — MLC Low Cost Growth | Choice | Pass | 8.0% | 0.3% |
| Plum Super Accumulation — MLC High Growth | Choice | Pass* | — | 0.1% |
Showing 12 of 62 tested products/options for this fund (largest first).
Does the insurance pay out?
Most super accounts carry insurance, paid from your balance. The admittance rate is the share of finalised claims the insurer accepted in the year to 30 June 2025 — the single best number for "does this cover actually pay". Over the year it collected A$288.8m in premiums and paid out A$506.4m in claims (claims paid in a year often relate to earlier years' cover, so this is a cash-flow picture, not a loss ratio).
| Cover type | Claims accepted (1-yr) | Claims paid | Premiums collected | Insurer |
|---|---|---|---|---|
| Life insurance (death cover) | 94.1% | A$179.0m | A$67.1m | AIA Australia Limited, MLC Limited, MetLife Insurance Limited, TAL Life Limited, Zurich Australia Limited |
| Total & permanent disability (TPD) | 82.0% | A$230.4m | A$172.5m | AIA Australia Limited, MLC Limited, MetLife Insurance Limited, TAL Life Limited, Zurich Australia Limited |
| Income protection | 85.4% | A$97.0m | A$49.2m | MLC Limited, MetLife Insurance Limited, TAL Life Limited, Zurich Australia Limited |
The gender gap in this fund
In MLC Super Fund, women's average balance was 27.4% lower than men's — from the fund-level member demographics APRA last published for the year to 30 June 2022:
| Average balance — female members | A$68k |
| Average balance — male members | A$94k |
| Member accounts (female / male) | 375,331 / 549,573 |
Compare MLC Super Fund with similar funds
The funds closest to MLC Super Fund in size, side by side — each with its own page for the fees, insurance and performance-test detail:
| Fund | Assets | 1-yr return | 10-yr return | Why comparable |
|---|---|---|---|---|
| Military Superannuation & Benefits Fund No 1 | A$99.8bn | 1.6% | 2.1% | Similar size |
| HESTA | A$101.2bn | 10.1% | 7.2% | Similar size |
| Retail Employees Superannuation Trust | A$101.6bn | 9.7% | 6.4% | Similar size |
| Mercer Super Trust | A$81.2bn | 11.3% | 6.6% | Similar size |
| Construction and Building Unions Superannuation Fund | A$107.0bn | 10.0% | 7.4% | Similar size |
| Colonial First State FirstChoice Superannuation Trust | A$107.6bn | 10.6% | 5.8% | Similar size |
Questions this page answers
How big is MLC Super Fund?
MLC Super Fund held A$94.0bn in total assets for 750,082 member accounts in the APRA fund-level statistics for the year to 30 June 2025.
What return has MLC Super Fund delivered?
MLC Super Fund reported a 9.6% one-year rate of return, at whole-of-fund level in the APRA fund-level statistics.
What does MLC Super Fund charge in fees?
MLC Super Fund reported an operating expense ratio of 0.3% and an investment expense ratio of 0.2% for its reporting year ended 30 June 2025 — the running cost per dollar of savings (APRA fund-level statistics).
Did MLC Super Fund's products pass the performance test?
62 of MLC Super Fund's products and options were tested against the regulator's annual performance test as at 30 June 2025, and every one passed.
Does MLC Super Fund's insurance pay out?
In its latest reported year MLC Super Fund's default cover collected A$288.8m in premiums and paid A$506.4m in claims, per the APRA fund-level statistics.
See also: Australian super in numbers — marketing spend, expenses, the gender gap and two decades of consolidation across all APRA-regulated funds · all tracked plans.