MLC Wealth, the advice and wealth management unit of National Australia Bank (NAB), has announced plans to lower fees across its product range.

For MLC’s retail Wrap Series 2 platforms, the bank will halve the administration fees to 0.15% per year on balance between $200,000 and $500,000.

In case of balances exceeding $500,000, administration fees will be lowered 40% to 0.03% per annum.

Fees for retail MasterKey Super and Pension Fundamentals product will be reduced by 25% to 0.30% per year if the balance is less than or equal to $200,000.

Balances between $200,000 and $800,000 will have their fee lowered in the range of 0.25% to 0.20% per annum.

For balances below $50,000, fee will be reduced from $130 to $78 per annum.

Fee reduction for retail MasterKey Super and Pension Fundamentals product will take place from 1 April 2019.

In the case of the Wrap platform, fee changes will be effective from 4 February 2019.

Also, clients with up to four family members will now act as a single group.

Every superannuation family group and investment group will be charged maximum annual administration fees of $3,600 and $3,000, respectively.

MLC Wealth CEO Geoff Lloyd said: “We want to lead the industry in winning back trust, and these pricing changes are an important step in showing our clients and their advisers that we have listened to them, and we are changing.

“Today’s announcement is one of the biggest fee reductions ever undertaken by MLC Wealth, and signifies the beginning of a new chapter for the business as we work to deliver products and services that are more transparent and affordable to our clients.’’

The move forms part of a series of reforms in NAB’s wealth unit, which is due to be separated from the group by the end of this year.

In September 2018, NAB said that it will stop accepting grandfathered commissions from NAB Wealth superannuation and investment product providers.

‘’Over the next 12 months, we will be implementing a number of initiatives across the business to ensure our clients have access to competitive fees, and our products and services are meeting their changing needs,’’ Lloyd added.