Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Retail investment platform
Centric is an adviser-led super platform for members who want a portfolio built around selected investments.
Designed for members working with a financial adviser. Confirm the available service and minimum balance with the adviser.
Retail fund
MLC's MasterKey range includes employer, personal and Super & Pension Fundamentals accounts. The investment and insurance terms depend on which product you hold.
MasterKey Super Fundamentals is designed for individual members. Business Super is arranged through employers, and employer discounts or insurance subsidies can affect the comparison.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
The costs and returns belong to the selected product, option or lifecycle stage.
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
| What to compare | Centric Super | MLC |
|---|---|---|
| Membership and access | Designed for members working with a financial adviser. Confirm the available service and minimum balance with the adviser. Sources123 | MasterKey Super Fundamentals is designed for individual members. Business Super is arranged through employers, and employer discounts or insurance subsidies can affect the comparison. Sources24 |
| Accounts and products | Centric Super accumulation and retirement accounts. Sources123 | MLC MasterKey products in MLC Super Fund. Expand, Plum and NAB-specific plans are separate product propositions. MLC MasterKey Business Super MLC MasterKey Personal Super MLC MasterKey Super and Pension Fundamentals MLC MySuper Sources17 |
| Investment choices | Centric Choice provides a broad investment menu. Centric One centres on multi-asset model portfolios, with consolidated online reporting. Sources123 | MLC MySuper for eligible MasterKey Business and Personal Super members; check the selected investment in Fundamentals. MasterKey Super Fundamentals offers ready-made choices, lower-cost and socially responsible portfolios, plus asset-class options for a member-built portfolio. MLC MySuper invests across mainstream asset classes with some private and alternative assets and uses active and passive managers. Sources23 |
| Insurance | Insurance arrangements should be checked in the current super disclosure and the proposal supplied by your adviser; investment-platform access alone does not establish your cover. Sources123 | The insurance offer differs between Business, Personal and Fundamentals accounts. Business and Personal Super can include both an insurer premium and an insurance administration fee; Fundamentals insurance charges consist of the insurer premium. Check the applicable guide rather than assuming all MLC insurance is priced the same way. Sources47 |
| Retirement income | The platform supports transition-to-retirement and pension accounts. Sources123 | MasterKey Pension Fundamentals provides account-based and transition-to-retirement pension pathways. A member can assess the pension menu as part of planning a move into retirement, but the pension fee schedule must be checked separately. Sources67 |
| Advice and support | Portfolio selection is part of an advised service. Ask for the ongoing advice scope and fee in writing. Sources123 | Members can use MLC without a financial adviser. If they engage an adviser, fees for super-related advice may be deducted with consent and subject to product rules. Advice fees should be included in the overall cost of an advised arrangement. Sources4 |
| Fee details to check | Add the platform and account charges, cash-account margin, investment costs, transaction costs and any adviser remuneration. A monthly account fee alone does not describe the whole cost. Sources123 | An employer may have negotiated reduced fees, shown in the plan's Features At A Glance document. Changes from 1 April 2026 removed the insurance-fee cap for affected Business and Personal Super members and reduced the cap on the percentage administration fee. These are distinct changes: lower administration fees do not necessarily mean a lower total cost for an insured member. Sources45 |
| Comparing investment performance | There is no single Centric return. Compare the actual model or selected holdings after all relevant costs, using a consistent period and risk level. Sources123 | Compare the exact MySuper portfolio or chosen MasterKey investment. Age and product matter, and a return from one underlying fund is not the return from an entire member account after every administration, insurance and advice charge. Show the MasterKey product name and employer discount assumptions. Separate insurance premium, insurance administration charge and adviser fee where relevant. Sources1234567 |
THE SUPERGURU VIEW
May suit someone who has a clear reason for using an adviser and wants that adviser to manage investments within super.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
MLC deserves an account-level review rather than a verdict based on the brand. The breadth of investments can help someone with a deliberate portfolio, while a workplace subsidy may change the price materially. For current members, the 2026 insurance-fee-cap change is a practical reason to check the statement.
Sources5
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Use the membership rules to establish which accounts are available to you. Then compare the total price of the investment option and cover you need. A lower fee or higher historical return alone does not tell you which fund is suitable.
Ask both funds to confirm insurance acceptance, exclusions, waiting periods and whether cover would change when you leave your employer. Obtain advice before giving up a defined benefit or an insurance policy you may not be able to replace. ASIC Moneysmart explains the comparison checks.
Read the full Centric Super profile · Read the full MLC profile · Choose another comparison
Checked 2026-09-11. Documents and product terms can change after this date.
Checked 2026-09-11. Documents and product terms can change after this date.