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Our new beginning with IOOF


On 31 August 2020, National Australia Bank (NAB) announced an agreement to sell their wealth division to wealth manager, IOOF Holdings Ltd (IOOF). PremiumChoice is included as part of this sale, which was completed on 31 May 2021.

While this is a big change for us, for you it won’t be. You’ll still enjoy the same service you have in the past.

Throughout the sale and beyond, we’ll continue to provide our investment and super services to our clients and we’ll always put you at the heart of everything we do.

An important part of this is keeping everyone informed about the progress of the sale. You can see updates and major announcements regarding the sale below.
 

About IOOF


IOOF is an Australian wealth management group providing financial advice, investment, superannuation and trustee services. They’ve been helping Australians secure their financial independence for over 175 years and have grown to become a leading provider of quality financial advice, products and services.

Key facts:
  • Founded in 1846 as a friendly society
  • ASX top 200 company (ASX code: IFL)
  • $500 billion in FUMA*
  • ~5,000 employees
  • Offices in Melbourne, Sydney, Adelaide, Brisbane, Perth and Hobart

Get to know more about IOOF at ioof.com.au

*As at 31 March 2021, excludes MLC FUAdvice. Sources:

  1. IOOF Q3 2021 Business Update. Available here
  2. NAB Appendix 4D (released to the ASX 6 May 2021), page 74
  3. IOOF acquisition of MLC, page 14. Available here.

Communications and announcements
 

August 2020

Announcement of the sale:

NAB Sales Announcement (PDF, 43KB)
IOOF Sales Announcement (PDF, 207KB)

May 2021

Announcement of APRA approval:

NAB Announcement
IOOF Announcement (PDF, 95KB)

May 2021

Completion of sale announcement:

NAB Announcement (PDF, 107KB)
IOOF Announcement (PDF, 173 KB)

December 2021

Change of name to Insignia Financial Ltd

IOOF Announcement (PDF, 153KB)

Changes due to the sale


While most things have stayed the same, there are a couple of changes you should be aware of.

Some policies have changed now we’ve joined IOOF, with the privacy policy being a key one. There were also a number of entities that are included in the sale—some of which are involved in the management of your investments.

We provide more detail about these two changes below.
 

Privacy policy changes


Protecting clients’ privacy is very important to us and IOOF.

Prior to the sale to IOOF, the NAB Privacy Policy covered NAB and its related companies which included NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited who issue superannuation, investment and retirement products in PremiumChoice.

Now that we’re part of IOOF, the IOOF privacy policy applies to NULIS Nominees (Australia) Limited, Navigator Australia Limited and MLC Investments Limited. A copy of IOOF’s policy is available at ioof.com.au/privacy

Although the privacy policy has changed and we may start to share your information with IOOF, the way we use your information hasn’t changed. We may disclose your personal information to other IOOF Group members, and to external parties including your employer and MLC Limited for account management, product development and research, just like we have in the past.
 

Product issuers and operators


We’re part of a group of companies offering a range of superannuation, investment and retirement products. The following entities were part of the sale and have transitioned to IOOF:

  • NULIS Nominees (Australia) Limited
  • Navigator Australia Limited
  • MLC Investments Limited
  • MLC Asset Management Services Limited
  • Antares Capital Partners Ltd.

FAQs

  • PremiumChoice and IOOF are highly complementary businesses, both with a common purpose to support Australians in securing their financial future.

    Once the sale is completed, the new IOOF will be:

    • the number one retail wealth manager by funds under management and administration - $510 billion1
    • the number one advice business by number of advisers - 1,884 advisers2
    • the second largest superannuation provider by funds under administration - $173 billion3


    "As the financial service industry reshapes, a much bigger and better IOOF will position it at the forefront of the industry transformation. In this new era, and in response to changing societal and technological needs, the new IOOF will have the ability to offer unmatched choice and accessibility of quality financial advisory and wealth management services to all Australians," says Renato Mota, CEO IOOF.
     

    1 For MLC, FUMA sourced from NAB as at 30 June 2020. For IOOF, FUMA based on reported FUMA as at 30 June 2020.

    2 IOOF financial adviser numbers sourced from ASIC financial adviser register (as at 20 August 2020). MLC adviser numbers sourced from NAB as at 30 June 2020. Assumes all current MLC financial advisers transition to IOOF. Based on active MLC advisers only.

    3 Based on APRA annual fund-level superannuation statistics June 2019 (issued 10 December 2019).

  • No, there’s nothing you need to do.

  • No, in the short term our products and services won’t change as a result of the sale to IOOF.

    In the future there may be other changes that aren’t related to the sale to IOOF, such as changes in legislation or general product updates. We’ll let anyone impacted know of changes, just like we do today.

  • No, the product issuer or operator will remain the same but will become part of the IOOF Group.

  • Yes, NULIS Nominees (Australia) Limited will continue to be the Trustee of the PremiumChoice Retirement Service.

  • No, fees and costs won’t change as a result of the change of ownership.

  • No, there is no change to the investment management teams, asset allocation or investment objective as part of this change. Changes to investment options will be made from time to time. We’ll notify you of the changes in the same way we always have by mail, email or making the information available on the website.

  • No, contributions can be made the same way they are today using the same details.

  • No, your pension payments and how your account is assessed won’t change.

  • Yes, all your account details will remain the same. It’s important your details remain up to date with us. If your personal details have changed, please log in to your account to update your details.

  • No, as your account details remain the same, you won’t need to update Centrelink or DVA.

  • No, we’ll continue to assess any death benefit claims.

  • No, your relationship and any agreements you’ve made with your financial adviser won’t change. If you’ve agreed with your financial adviser to deduct an Adviser Service Fee from your PremiumChoice super, pension or investment account, this will continue.  

  • Yes. Supporting your needs remains our absolute priority. We’ll continue to put you at the centre of everything we do, focusing our efforts on bringing you the best service and support we can.