Some things you should know This section is specific to MLC MasterKey. It is a reminder about how your account operates. Protecting all members Buy-sell spreads and transaction costs We look out for you, so we’ve introduced processes We are responsible for ensuring that the costs of that help protect the interests of all members. buying and selling assets when members transact are shared in an equitable way. This is achieved by Investment switching meeting costs as they arise: for an investment option as a whole by offsetting You can change your investment options any time. them against investment earnings. This is the We do not charge a fee for you to do this. However, approach when there is a single unit price, buy-sell spreads may apply. sometimes called no-spread unit pricing, or due to member transactions by offsetting them Monitoring of frequent switching against the individual member assets. This is the approach when investment options have a buy-sell This product is not appropriate for members who spread in the unit price. wish to switch their investments frequently in the The transaction costs borne by an investment option pursuit of short-term gains. are identical in each approach and, generally, both We monitor all investment options for abnormal methods work well. transaction activity because this sort of activity can For no-spread investment options, we allow for have adverse impacts for other members. expected transaction costs in the valuation of assets To maintain equity, we have the right to deal with to protect members in an investment option that is members who frequently switch by: in decline. delaying, limiting, rejecting or applying special Buy-sell spreads may change daily and in certain conditions to future switch requests circumstances, increase or decrease significantly. permanently cancelling membership The current buy-sell spreads of an investment option rejecting applications to open new accounts in the are available at mlc.com.au/buysellspreads Fund, and/or Note: Buy-sell spreads are managed through our rejecting contributions and rollovers to existing Product Governance Framework. accounts. Prudent management We reserve the right to refuse applications or vary the terms for processing any transaction in certain circumstances, such as when: there are significant falls in investment markets we have difficulty in completing transactions due to low liquidity We also reserve the right to suspend processing of requests for up to five business days at the end of the financial year. Should any of these events occur, we’ll use the unit price on the day we process your request. 12 | MLC Super Fund 2023 Annual Report