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Will MLC’s ‘Pension Bonus’ offer gain traction?

Mike Taylor17 December 2021
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Integrity Wealth appears to be trying to boost support for the MLC superannuation products it picked up as a result of its MLC Wealth acquisition via a pension bonus offer to be implemented early next year.

Financial advisers have been told that the Pension Bonus offer will be made available in the first quarter of 2022 to clients who have had their superannuation in an eligible MLC MasterKey superannuation or transition to retirement pension for six months when they move to an MLC MasterKey Pension Fundamentals account and transfer some or all of their account balance.

It said this applied to clients with an MLC MasterKey Super Fundamentals, MLC MasterKey Business Super or MLC MasterKey Personal Super Account.

The promotional material around the so-called Pension Bonus states that it has been made possible as a tax saving passed on to a client’s pension account.

It describes the Pension Bonus as “a one-off payment which is paid within one or two weeks of opening a pension account” but comes with the caveat that if clients withdraw 50% or more of their opening balance within 12 months, MLC reserves the right to clawback the total amount of the Pension Bonus.

The MLC communication to advisers also reminded them of the company

S new adviser service fee arrangements, noting that ongoing Adviser Service Fee arrangements are not available on MLC MasterKey Business Super and MLC MasterKey Personal Super.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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