MLC reduces fees for retirement product

The fee reduction addresses concerns revealed in a recent MLC Investment Trends survey which found that when it comes to retirement savings, individuals believe they are “least prepared” for outliving their pension income and falls in financial markets.

“People saving for retirement are faced with the unique challenge of having to maintain an investment in growth assets in order to build sufficient savings, and convert these savings into an income stream to last their lifetime,” MLC's general manager for retirement solutions, Andrew Barnett, said.

“This all has to be balanced with managing their exposure to market risks.

“We’re pleased to be able to reduce the cost of MLC MasterKey Investment protection for people saving for or already in retirement, so they can invest for growth while protecting their retirement savings or income.”

The MLC MasterKey Investment Protection allows customers to, say, invest in growth assets as well as protect their superannuation from market downturns.

The product is designed for individuals over 50 with accumulated savings of between $30,000 and $2 million.

The reduction in fees applies both to protect capital and income for new customers and is already in effect.