MLC has cut fees and commissions on its platform for MLC MasterKey Investment Service and MLC MasterKey Unit Trust.
For MLC MasterKey Investment Service the administration fee on the cash fund will reduce from 0.81% to 0.55%.
The admin fee for the MLC Vanguard Australian Share Index Fund will reduce from 1.13% to 0.72% and the admin fee for all other investment options will reduce from 1.35% to 0.94%.
For the MLC MasterKey Unit Trust fees on the MLC Vanguard Australian Share Index Fund will reduce from 1.4% to 0.99% and fees on the MLC cash fund will reduce from 1.06% to 0.80%.
|Sponsored by BlackRock|
See trends that matter | Global Healthcare
Fees on a range of other funds offered in MLC MasterKey Unit Trust have reduced too.
Investors will also now receive a monthly fee rebate applied to all options excluding the cash fund.
On a balance between $50,000 and $100,000 the rebate will be 0.056% and that increases incrementally to a rebate of 0.205% on account balances over $400,000.
Any contribution fees investors pay or asset-based or contribution based commissions will stop.
The changes to fees and commissions will be effective from 2 November 2020.
"We're committed to giving you the best opportunity to reach your financial goals. That's why we're continuing our efforts to improve our products—for the benefit of you and all our investors," MLC said.
"As part of this, there will be a few updates to our MLC MasterKey Investment Service and MLC MasterKey Unit Trust products."