Australia's largest retail superannuation fund launched

MinterEllison has one of the largest and most specialised superannuation and investment fund practices in Australia, recognised as a Chambers Asia Pacific Band 1 Investment Funds firm, and by Best Lawyers and Who's Who.

In 2016, the firm's skills spanning the full spectrum of the industry were called on to advise on the recent restructure of NAB's wealth management business as part of the sale of 80 per cent of its life insurance business to Japanese insurer Nippon Life.

The restructure separated NAB's superannuation and investments business from its life insurance operation and combined five of its superannuation funds to create a new flagship fund.

The new fund, known as the MLC Super Fund, lays claim to being Australia's largest retail super fund with more than $[70] billion in funds under management, and the second largest fund in the country's superannuation sector.

The MLC Super Fund now looks after the superannuation and retirement requirements of more than [1.3] million Australians.

“We are proud to be associated with this landmark transaction and honoured to have been entrusted to assist NAB to realise its vision for the future of its wealth management business”

"Given the magnitude of the transaction, it inevitably generated a number of complex legal and governance issues and we enjoyed working closely with the team at NAB and the other firms involved in the transaction to navigate through those issues and deliver commercial outcomes."

Maged Girgis, Lead Partner

The creation of the MLC Super Fund was overseen by Matt Lawrance (EGM Wealth, NAB and CEO of MLC Super), assisted by Maged Girgis (Partner) and Andrew Bradley (Special Counsel) from MinterEllison's Superannuation team.

The five funds consolidated to form MLC Super Fund are Plum Superannuation Fund, Universal Super Scheme, National Australia Bank Group Superannuation Fund A, BHP Billiton Superannuation Fund and Worsley Alumina Superannuation Fund.

The creation of MLC Super Fund simplifies the structure of NAB's superannuation business and is a critical part of NAB's plans to streamline its wealth management business and deliver better customer and adviser outcomes.