July 26, 2018 / 12:30 AM / 25 days ago

Australia's NAB says MLC trustee switches off fee of certain plans

July 26 (Reuters) - National Australia Bank Ltd said on Thursday that its retirement fund MLC’s trustee will stop deducting plan service fee from certain member accounts from Sept. 30.

The 305,000 members of the MLC MasterKey Personal Super will be fully refunded an average of about A$220 ($164) per member, plus interest, the lender said in a statement.

NAB said the refund will not be material to its second-half earnings as it has already made provisions for it. ($1 = 1.3414 Australian dollars) (Reporting by Aditya Soni in Bengaluru; Editing by Stephen Coates)

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