This article applies to MLC MasterKey clients invested in the Colonial First State Wholesale Income Fund option.

To apply, you’ll need to complete the relevant Switch Form linked below and return it to us by mail. Completed forms will need to be received by 3pm on 17 December 2009.

Colonial First State Switch Form (PDF, 150KB) – MLC MasterKey superannuation and pension products, or

Colonial First State Switch Form (PDF, 229KB) – MLC MasterKey Investment Service (incl. Fundamentals)

An information guide about how the offer will operate is available via the link below:

Colonial First State switch offer guide (PDF, 39KB)

Investments of less than $1,000

MLC MasterKey superannuation and pension clients who apply for the offer, and have less than $1,000 invested in the Fund, will have the full value of their holdings switched into the alternative investment option they’ve selected.

This will apply to the following MLC MasterKey products:

• MLC MasterKey Super & Pension (including Fundamentals)
• MLC MasterKey Superannuation (Gold Star & Five Star)
• MLC MasterKey Allocated Pension (Gold Star & Five Star) & Term Allocated Pension, and
• MLC MasterKey Business Super (including Personal Super).

More information

A letter has been sent to all MLC MasterKey clients invested in the Fund with more information on the switch offer as well as the relevant Colonial First State Switch Form with which to apply.

Any questions?

If you have any questions please contact us on 132 652, weekdays between 8am and 6pm (AEST/AEDT).

Subsequently, Colonial made available a period in March 2009 that enabled MLC to provide members with the opportunity to make a switch request.

Colonial has notified MLC of the outcome of this offer, which has allowed us to process switch requests received.

Colonial advised that the total value of all requests received exceeded the value of cash available in the Fund. As a result, Colonial confirmed they were only able to fulfil approximately 8.43% of the value of all requests received.

Based on this, we were able to satisfy 8.43% of the value of each switch request received for MLC MasterKey Investment Service (including Fundamentals) investors.

However, due to the structure of MLC MasterKey’s superannuation and pension products, we were able to satisfy more than 8.43% of the value of each switch request. The approximate percentages for each product (based on the total value of the requests we received within each) are provided below:

• MLC MasterKey superannuation products – 37%
• MLC MasterKey pension products – 18%

All switch requests received during this period have been processed and confirmation letters have been mailed to those clients who participated.

Colonial First State has advised that they expect to provide details of the next offer in July 2009.

[This article applies to MLC MasterKey investors with holdings in the Colonial First State Wholesale Income Fund option.]

In October 2008, Colonial First State suspended transactions on the Colonial First State Wholesale Income Fund.

The Fund continues to be suspended. However, Colonial First State has now announced they will be offering a second withdrawal period between 6 March and 3 April 2009. You will have an opportunity to switch a portion of your Colonial First State Wholesale Income Fund investment into another investment option.

To apply, you will need to complete the relevant Switch Form and return it to us via mail. Completed forms will need to be received by MLC before 3pm on 3 April 2009. The Colonial First State Switch Forms are provided via the links below:

• Colonial First State Switch Form – Superannuation and Pension products (including Fundamentals) (PDF File, 151 KB)
• Colonial First State Switch Form – Investment Service (including Fundamentals) (PDF File, 229 KB)

To find out more about how the offer will operate and how to apply, please read the information guide provided via the link below:

• Guide to Colonial First State switch offer (PDF File, 44KB)

Colonial First State have advised that due to cash levels being reduced in January, following income distributions and withdrawal offer payments, they anticipate paying lower amounts for this offer than the December 2008 offer.

If you have any questions or would like to discuss further, please speak to your financial adviser or contact the MLC Client Service Centre on 132 652, weekdays between 8am and 6pm (AEDT).

With effect from 3pm Friday 24 October 2008, Colonial First State has frozen the assets of their Colonial First State Wholesale Income Fund.

This decision impacts investors in some MLC products because the Colonial First State Wholesale Income Fund is an investment option on the MLC MasterKey platform.

In simple terms, Colonial’s decision to freeze transactions means investors with balances in the Colonial First State Wholesale Income Fund on the MLC MasterKey platform will not be able to invest, withdraw or switch into or from the fund. Importantly, MLC will continue to make Pension and Regular Withdrawal Facility payments as scheduled.

For more information about Colonial First State’s decision to freeze the fund, please contact Colonial directly.

No MLC funds have been frozen for redemptions and all are operating as normal.

Read the full notice…