DFRDB
Closed public sector scheme
DFRDB is a closed Defence pension scheme with benefits determined by salary and service rules.
Membership
The scheme serves eligible existing members and pensioners.
DFRDB vs MLC
Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
MLC
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.
Membership
MasterKey Super Fundamentals is designed for individual members. Business Super is arranged through employers, and employer discounts or insurance subsidies can affect the comparison.
Compare fees and investment returns
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
Choose an investment option to see the figures
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.
How the products differ
| What to compare | DFRDB | MLC |
|---|---|---|
| Membership and access | The scheme serves eligible existing members and pensioners. Sources1 | 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 | Defence Forces Retirement and Death Benefits Scheme. DFRDB pension and scheme benefits Separate MilitarySuper ancillary account where eligible Sources1 | 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 |
| Insurance | Serving members have built-in death and invalidity protection. Sources1 | 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 | Service and super salary affect retirement pay. Eligible members can consider a pension and an optional lump-sum commutation under scheme rules. Sources1 | 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 |
| Comparing investment performance | Keep the pension and ancillary accumulation account separate. Sources1 | 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 |
| Investment choices | This detail has not been verified for this profile. Check the current product documents. | 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 |
| Advice and support | This detail has not been verified for this profile. Check the current product documents. | 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 | This detail has not been verified for this profile. Check the current product documents. | 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 |
THE SUPERGURU VIEW
Our take on DFRDB
DFRDB belongs in an explanation of retirement entitlements. It does not belong in a league table of funds to switch into. The value of pension income and any commutation decision needs individual calculation.
Who this profile is for
- Current DFRDB members and pensioners reviewing entitlements.
What deserves a closer look
- Any investment menu applies to a separate ancillary account, not to the core DFRDB pension.
- A commutation changes the form of retirement benefits; compare its full effect before deciding.
Sources1
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
Our take on MLC
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.
Who might put it on their shortlist
- Employees assessing negotiated MasterKey plan benefits.
- People who want access to multiple investment managers through a super product.
- Members using an adviser and willing to compare the full product-plus-advice cost.
What deserves a closer look
- The removal of an insurance-fee cap can increase charges for affected members even where the administration cap falls.
- A large investment menu is useful only if there is a reason for the investments selected.
- MLC MasterKey, Plum and Expand must not inherit one another's fees, test outcomes or insurance terms.
Sources5
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Before choosing between DFRDB and MLC
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 DFRDB profile · Read the full MLC profile · Choose another comparison
Sources for DFRDB
Checked 2026-09-11. Documents and product terms can change after this date.
Sources for MLC
Checked 2026-09-11. Documents and product terms can change after this date.