Australia’s MUFG Wins ElectricSuper Administration Deal Worth AUD $1.8 Billion
Synopsis
MUFG Retirement Solutions has secured a new administration partnership with ElectricSuper, taking over services for a superannuation fund managing around AUD $1.8 billion in assets. The transition will include accumulation, pension and defined benefit accounts for roughly 3,300 members connected to South Australia’s electricity supply industry. The migration is expected to be completed later this year as both organisations focus on maintaining service quality, governance standards and operational continuity during the transfer process.
Australia's MUFG Retirement Solutions has established a new administration partnership with ElectricSuper, providing services for the fund’s 3,300 members and AUD $1.8 billion in retirement savings.
Key Highlights
- ElectricSuper selected MUFG as the new admin partner
- Deal includes about AUD $1.8 billion worth of assets
- Approximately 3,300 members will migrate to MUFG systems
- Migration includes accumulation, pension and defined benefit accounts
- Transition is expected to be complete by the end of this year
MUFG Lands Major Corporate Super Administration Mandate
MUFG Retirement Solutions has been appointed as the new administration provider for ElectricSuper, a superannuation fund associated with South Australia’s electricity supply industry. The agreement is for roughly AUD $1.8 billion in funds under management and around 3,300 members, including pensioners and defined benefit members.
As part of the deal, MUFG will deliver core administration services, including contact centre, digital member services, security systems, and fraud management. The migration will be concluded later this year.
Transition Covers Multiple Member Segments
The transfer will be broader and more complex than a typical superannuation transition, encompassing accumulation accounts, pension accounts, and defined benefit schemes. There are about 700 pensioners receiving benefits from ElectricSuper, and approximately 300 defined benefit members in conjunction with accumulation members.
For the superannuation industry, administration transitions are highly sensitive issues because they raise fundamental questions about moving member records, maintaining payment arrangements, and maintaining service standards whilst the transition is underway. They will use integrated technology platforms and governance systems to ensure operational continuity while enhancing data security, MUFG said.
Governance And Member Experience Take Centre Stage For Leaders
According to MUFG Retirement Solutions CEO Frank Lombardo, the partnership demonstrates their ability to balance complex fund transitions with strong governance and member services. The deal also advances MUFG’s growth strategy in Australia’s superannuation sector, he added.
ElectricSuper CEO Melanie Muston said the partnership focuses on enhancing member experience and building the operational foundations of the fund. MUFG had experience managing both accumulation and defined benefit schemes, which played a key role in the decision, she said.
As the Australian retirement savings sector restructures, the agreement also reflects mounting pressure on smaller and sophisticated super funds to consider their operating model in light of compliance obligations and administrative costs.
FAQs
- What is the amount of money the deal covers?
The assets under the agreement is up to AUD $1.8 billion
- How many members are affected?
Approximately 3,300 of ElectricSuper’s members will move to MUFG systems.
- What services will MUFG provide?
Administration, digital services, contact centres, security and fraud management will be run by MUFG.
- When will they finish the migration?
The switch is anticipated to be complete later this year.
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