Frank Lombardo

MUFG Retirement Solutions, a division of MUFG Pension & Market Services, has announced that it has been appointed by ElectricSuper as the fund’s new administration partner. The appointment marks the commencement of a strategic partnership supporting members across South Australia’s electricity supply industry.

Under the agreement, MUFG Retirement Solutions will provide core administration services supported by its integrated technology platform, bank-grade governance framework, and Clientfirst operating model. The partnership also covers contact centre support, online member services, and security and fraud management.

The transition, scheduled to complete in late 2026, will migrate accumulation, pension, and defined benefit members using MUFG Retirement Solutions’ proven methodology. The approach prioritises service continuity, data integrity, and operational resilience, ensuring ElectricSuper members benefit from a secure, scalable service model underpinned by modern digital capability and strong risk and compliance disciplines.

ElectricSuper, a South Australian exempt public sector superannuation fund, serves approximately 3,300 members, including around 700 pensioners and 300 defined benefit members, with funds under management of approximately $1.8 billion.

Frank Lombardo, CEO of MUFG Retirement Solutions ANZ, commented: “We are proud to partner with ElectricSuper. This collaboration demonstrates our ability to deliver complex fund transitions efficiently while maintaining the highest standards of governance and member service.

“It also reinforces our commitment to growth and innovation in the Australian superannuation market, helping funds like ElectricSuper navigate evolving regulatory requirements and member expectations while building a platform for long-term success.”

Melanie Muston, CEO of ElectricSuper, said: “Appointing MUFG Retirement Solutions as our administration partner supports our dedication to member experience excellence through each member’s superannuation journey. We are confident that working with MUFG Retirement Solutions will provide a smooth transition for our members and strengthen our operational capability.

“Their proven experience with both accumulation and defined benefit schemes and commitment to strong governance will bring benefits to our members and the fund. We are looking forward to working closely with MUFG Retirement Solutions and are confident that this partnership will enhance the overall member experience.”

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The nationally representative findings detailed in the Protecting Australia’s Retirement Savings in a Digital World whitepaper explores consumer sentiment following recent cyber incidents.

The research calls for an industry-wide uplift in digital identity and fraud protection capabilities after the 2025 Cybersecurity Ventures Cybercrime Report found cybercrime is a booming global industry, projected to hit $10.5 trillion annually in 2025. Australia’s superannuation sector is a prime target with total assets now more than $4.1 trillion in the March quarter of this year.

Among other standout results from the new whitepaper:

• Confidence in superannuation fund security was rated just 3 out 5
• 61% of Australians say stronger security features would increase their loyalty to a fund
• 69% already use and are familiar with fingerprint or facial recognition tools
• 91% expect verification for high-risk and major transactions
• 64% say they now check their super more than once per month

The whitepaper also outlines how MUFG Retirement Solutions is responding – from piloting biometric eKYC onboarding and exploring verifiable credentials with leading innovators, to expanding its ALERT fraud detection system, which actively protects more than 30 million accounts and recently prevented an estimated $21 million in attempted fraud.

These tools are part of the broader MUFG Retirement Solutions prisma Security Platform – a suite of products and services delivering world-class security and risk management. Built to protect member data and assets, prisma combines advanced technology, specialist expertise, real‑time anti‑fraud tools, identity verification, access controls, and threat monitoring – all supported by ISO 27001 certification and global best practices.

Frank Lombardo, CEO of MUFG Retirement Solutions (ANZ), said: “Trust is everything in superannuation, and the growing cybersecurity threat is putting that trust to the test. Members now expect the highest levels of protection and a seamless experience from their service providers – and our research shows that if they don’t get it, they’ll consider moving funds.

“MUFG Retirement Solutions is investing in next‑generation identity and fraud prevention tools so our clients can give their members confidence that their retirement savings are safe, without compromising on convenience.”

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The appointments are a part of the broader reshape of the business, allowing IOOF to be ‘fit for purpose’ both now and in the future, as the company enters a new phase of its transformation.

Key changes made are:

• Mr Frank Lombardo will assume the role of Chief Operating Officer
• Mr Darren Whereat will assume the position of Chief Advice Officer
• Mr Mark Oliver will take the new title of Chief Distribution Officer

On the changes, Mr Renato Mota, IOOF Chief Executive Officer, commented: “These promotions and changes to the Executive Team are designed to better align our teams and reflect the integration of the recent acquisition of ANZ’s Pension and Investments business (P&I). This marks the commencement of an exciting new phase of IOOF’s development.

“We are building solid foundations for IOOF’s future success. Through a purpose-led culture we continue to challenge ourselves to deliver better outcomes for clients and members. The recent increase in our size and scale through the P&I acquisition has improved our ability to invest in and deliver market leading solutions, offering more value to our clients.”

Mr Lombardo’s change in role reflects a focus on the integration of P&I as well as continued ClientFirst transformation. Mr Mota commented, “The operations function will now encompass new areas, including Transformation & Integration, a new Commercial Management capability and supporting ClientFirst thinking adoption across the IOOF enterprise.”

As Chief Advice Officer, Mr Whereat is to continue to have carriage of the Advice business, ensuring consistency and further cementing the central role advice is set to play in the company’s future strategy. Mr Mota commented that, “Mr Whereat assuming the role of Chief Advice Officer reinforces the importance of financial advice to IOOF’s strategy and in particular the transformation of advice delivery.”

Mr Oliver taking the new role of Chief Distribution Officer reinforces the increased scale and scope of IOOF’s product and client businesses following the completion of the P&I transaction as well as incorporating responsibility for Group Marketing. Mr Mota said, “Mark’s new role reflects the importance of and opportunities from the continued development of efficient and engaging solutions for advisers, investors, members and employers.”

As part of these changes, Mr Mota announced that Candice Spence, Head of Marketing, has chosen to leave the company after 14 years with the organisation. Commenting on Ms Spence’s departure, Mr Mota said, “I would like to sincerely thank Candice for her significant contribution during her time at IOOF. Candice has successfully led the marketing and communications effort for 14 years through numerous acquisitions and integrations.”

The aforementioned appointments are effective immediately.

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Mr Frank Lombardo, IOOF’s Group General Manager, Client & Process, said: “We are pleased to have attracted someone of Mark’s calibre given his strong track record in financial services and passion for quality advice.

“Mark’s appointment supports our ongoing commitment to delivering the best experience possible for clients through IOOF’s client-first and advice-led approach.”

Mr Horton Andrews’ appointment expands the Client & Process team and provides additional support, through his responsibilities in overseeing the following teams:

• Compliance and Professional Standards
• Customer Care and Resolutions & Data Integrity
• Member Services
• Adviser Administration

Mr Horton Andrews was previously Executive Manager at Australian Unity, having joined the company in 2007, and prior to that was at Aviva Australia.

Mr Horton Andrews joined IOOF on 15th January 2018 and is based Melbourne.

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