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.
Retail fund brand
Raiz Invest Super gives members ready-made portfolios and a Plus option that allows more investment customisation through the Raiz app.
Available under the current Raiz Invest Super PDS and member guide.
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 | MLC | Raiz Invest Super |
|---|---|---|
| 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 | Available under the current Raiz Invest Super PDS and member guide. 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 | Raiz Invest Super accumulation. 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 | Nine portfolios include different diversified risk levels, Emerald, Property 10, Property 30 and Plus. Limits apply to shares and selected ETFs in Plus. 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 | Insurance is available when cover is held. The product documents include insurance-policy changes issued in June 2026. 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 | The reviewed pages do not establish a dedicated pension account; verify an income-stream pathway before retirement. 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 | Product support is available through Raiz. Personal advice should be scoped separately. Sources123 |
| 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 | The $50,000 Plus cost example excludes underlying accessible-product costs, which depend on the investments selected. Include those costs before comparing with a ready-made portfolio. Sources123 |
| 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 | Compare the precise super portfolio, not the returns of a regular Raiz account with different cash flows or fees. 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
Worth comparing for someone who wants its particular portfolio choices and will use the app to manage their account.
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 Raiz Invest Super 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.