Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
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.
Restricted public sector fund
PSSap is CSC's accumulation fund for eligible current and former Australian Government employees.
Joining normally requires eligible government employment. After 12 continuous months in eligible employment, a member can receive contributions from other employers. Some CSS and PSS members can open a personal accumulation account, subject to eligibility.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
| Measure | Choose an investment option | PSSap MySuper |
|---|---|---|
| Return basis | Choose an option | MySuper net return after administration costs, $50,000 representative member |
| 3-year return, per year | Choose an option | 9.74% |
| 5-year return, per year | Choose an option | 6.77% |
| 7-year return, per year | Choose an option | 7.10% |
| 10-year return, per year | Choose an option | 7.57% |
| APRA strategic growth allocation | Choose an option | 69.06% |
| Reported total fees, net of tax, at $50,000 | Choose an option | $455 a year (0.91%) |
| Administration and advice costs, net of tax (included in total) | Choose an option | $75 a year |
| 2026 performance test | Choose an option | Pass |
| New-member status at reporting date | Check the current product eligibility rules | Check the current product eligibility rules |
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 | MLC | PSSap |
|---|---|---|
| Membership and access | 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 | Joining normally requires eligible government employment. After 12 continuous months in eligible employment, a member can receive contributions from other employers. Some CSS and PSS members can open a personal accumulation account, subject to eligibility. Sources123 |
| Accounts and products | 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 | Public Sector Superannuation Accumulation Plan. CSCri retirement accounts use the same fund ABN but have separate terms. PSSap employer-sponsored membership PSSap personal accumulation CSCri retirement income Sources123 |
| Investment choices | 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 | PSSap MySuper Balanced Members can choose among four investment options. The MySuper comparison applies to Balanced; it does not describe every PSSap account. Sources123 |
| Insurance | 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 | lifePLUS can provide death, total and permanent disability and income protection cover. Automatic cover depends on eligibility. Sources123 |
| Retirement income | 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 | CSCri is a separate retirement income product. Its fees and tax treatment need a separate comparison. Sources123 |
| Advice and support | 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 | This detail has not been verified for this profile. Check the current product documents. |
| Fee details to check | 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 | This detail has not been verified for this profile. Check the current product documents. |
| Comparing investment performance | 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 | Use the same balance, investment risk and reporting date on both sides. Sources123 |
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.
THE SUPERGURU VIEW
PSSap deserves a place on an eligible employee's shortlist, especially when assessing their employment package. Check the contribution and insurance arrangements attached to the job before comparing funds on fees alone.
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 MLC profile · Read the full PSSap 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.