Member outcomes assessment summary

The products offer a number of options, benefits and facilities to members, supported by a digital platform (i.e. ‘the platform’), including:

• A large investment menu covering a wide range of asset classes,
• A choice of insurers and insurance products,
• Industry leading security capabilities, including Macquarie Authenticator,
• Individual tax reporting, and
• Flexible pension payment options for those drawing an income stream.

MIML’s ability to attract and retain members, in a competitive market, supports the assessment that the options, benefits, and facilities offered to members are appropriate.

Through each of the products, members can access a variety of investment options (subject to Trustee investment limits) from which the member, generally in conjunction with their adviser, can construct a portfolio that is tailored to the member’s needs and objectives. The Trustee does not make investment choices on behalf of members.

On an ongoing basis, The Trustee assesses the investment options available to members within each superannuation or pension product in accordance with its Investment Governance Framework.

Members of the MSP can choose whether they require insurance cover through the MSP and, if so, the type of insurance and level of cover they require from three external insurers. The Trustee does not make insurance choices on behalf of members.

The Trustee assesses the suitability of insurance products and insurers available to members. Once an insurance product is available to members, the Trustee monitors these products and insurers against standards and service levels.

The Trustee has assessed that its insurance strategy is appropriate for its members and provides members with access to a diverse choice of insurance options, giving them the flexibility to tailor their insurance cover (if obtained) to meet their needs.

When members obtain insurance, the Trustee considers that members and their advisers are in the best position to determine whether the premium payable is appropriate to the member’s individual needs.

The Trustee monitors the insurance premiums that are paid from members’ superannuation accounts and writes to members and advisers if premiums exceed Trustee determined thresholds. This correspondence highlights that advisers and members should consider balancing the need to maintain affordable insurance cover and preserving their retirement savings.

The Trustee has assessed that the scale of its business operations is appropriate to promote members’ financial interests and deliver the Trustee’s business plan objectives and initiatives that may not otherwise be available without sufficient scale.

The positive account growth rate, net cash flow ratio and net rollover ratio (key APRA sustainability metrics) over the last three years highlights the ongoing viability of the MSP.

The Trustee has assessed that the operating costs of the Trustee’s business operations are appropriate and sustainable for members. Operating costs are paid from the administration fees the Trustee collects from the MSP, rather than being paid directly from the MSP's assets.

The MSP’s operating cost ratio compared to peer funds supports the competitiveness of MIML’s operating model.

The process for setting administration fees includes consideration of the Trustee’s legal duties, member impact, competitor products and pricing, feedback from existing members and their financial advisers and sustainability of the fund. The Trustee has assessed that its basis for setting fees is appropriate for members.

Following a detailed assessment, the Trustee has assessed that, overall, the fees charged to members for its open products are:

• industry competitive,
• appropriate to its members, and
• commensurate with the options, benefits and facilities offered to members.

The Trustee has used a comparison tool developed by an external research, data insights and technology company to compare the administration fees disclosed in the relevant PDS for the products against a set of competitor products.

Note: The fees disclosed within the PDS and used within the comparison tool may vary to the actual fees charged to members. For example, the Trustee may exercise discretion to offer certain fee arrangements to members or to not charge certain fees (e.g. Regulatory and operating expenses).

The competitor products are contemporary choice platform products offered by large, established competitors which provide members with access to a range of investment options and typically require a financial adviser upon application. The competitor products selected for comparison include:

• MyNorth Super and Pension,
• BT Panorama Super,
• CFS Edge Super and Pension,
• CFS FirstWrap Plus Super and Pension,
• HUB24 Super and Pension,
• Expand Extra Super and Pension, and
• Netwealth Super Accelerator.

For the purposes of this summary, the Trustee has published the median competitor fee. Fees were calculated using average balances for members of the Trustee’s products and average asset allocations for each individual product to reflect member experience more accurately.

Fee Comparison – Macquarie Superannuation Plan (Open products)

Fees for MIML’s open products (with the exception of Macquarie Super and Pension Consolidator II – Elevate and Macquarie Vision – Macquarie Super/Pension) are below the peer group median.

For the Macquarie Vision - Macquarie Super and Pension products, administration fees as disclosed in the PDS are in the bottom quartile when comparing to peers. However, actual administration fees paid by all current members are lower than those disclosed in the PDS.

Note: the Macquarie Product Fee includes all fees disclosed within the relevant Macquarie PDS. During the period 1 April 2024 to 31 March 2025, certain PDS fees were not charged to member accounts, such as the Operational Risk Financial Requirement (ORFR) Fee and Regulatory and operating expenses – the actual fees paid by members may be lower than those stated in the comparison above.

Fee Comparison – Macquarie Superannuation Plan (Closed products)

MIML has closed several of its older ‘Series I’ products. MIML has provided advisers with a fee calculator to compare the costs of older style products to open products and the ability to seamlessly switch if it is in the member’s best interests.

For closed products, administration fees disclosed in the Product Disclosure Statement (PDS) were in the bottom or third quartile when comparing to peers. However, through customised fee arrangements typically with the Trustee, the member and the member’s adviser, many of these members are paying fees at levels below those disclosed in the PDS. There are no product restrictions preventing members from transferring from closed to open products.

The Trustee will continue to take appropriate action to promote the financial interests of members that hold these products, including its ongoing communication strategy to inform members of the availability of the Trustee’s open products.

Note: that in assessing the appropriateness of the fees charged to members, the Trustee has not compared or assessed fees relating to specific investment options as these fees are set and retained by the relevant fund manager. Similarly, financial advice fees have not been taken into consideration, as any advice fee charged to a member’s account is agreed between the member and their financial adviser.

Under its Investment Governance Framework, the Trustee conducts an upfront assessment of the expected risk and return of investment options, as well as a range of ongoing investment risk monitoring processes, and market risk stress testing.

To mitigate risk and support diversification in members’ portfolios, the Trustee:

• applies and monitors investment limits: these are limits placed on the ability to purchase assets and/or asset classes once exposure to that asset and/or asset class has exceeded a specific limit, noting that there are various circumstances where members may move above those limits, including as a result of market movements, and
• assesses investment risk through stress testing: this involves identifying accounts with stress test flags to detect those members who may be at risk of an inappropriate loss of funds in certain simulated market downturns.

Following this assessment, the Trustee has assessed that, given the policies and procedures it has in place, it is appropriately monitoring the level of investment risk in its products.

The Trustee provides members with a wide choice of quality investment options, enabling members and their advisers to tailor their portfolio to suit their needs and objectives. In providing these options, the Trustee does not make investment choices – these decisions are made by members, generally in conjunction with their financial adviser. This presents limitations in assessing absolute member returns because:

• each member, usually with the help of a financial adviser, constructs their own asset portfolio utilising the large investment menu made available by the Trustee,
• portfolios and the returns generated by the investment options in those portfolios are unique to each member, and
• assessing return data at the fund level is not relevant for members as it does not reflect actual member outcomes.

Considering the limitations noted above, to assess returns, the Trustee monitors the performance and integrity of the investment options made available to members. Following this assessment, the Trustee has assessed that the returns from its products are appropriate.