MLC cuts fees on self-managed super options

National Australia Bank’s subsidiary MLC said it would change the way its administration fees are charged on the MasterKey Custom Self Managed Super product. MLC has not cut actual fee levels, but has changed thresholds at which customers can reduce fees. MLC said it would lead to savings for most customers. Fees on this MLC product vary from 1.12 per cent for small amounts, and decline to 0.37 per cent for super savings under management in excess of $1 million.