Sunsuper is set to offer its members a new advice and retirement planning program that includes free financial planning.
Many members were often deterred from getting financial advice due to high fees, Sunsuper manager of member and employer services Steve Travis said.
"A full financial plan could cost $1200, but this program will deliver this for between $300 and $500. We are waiving this fee for those who choose Sunsuper as their retirement partner, so for most people it will be free," Travis said.
The service, dubbed On Track, gives all Sunsuper members access to qualified financial planners who will work out retirement targets and create plans so that members can work towards achieving them.
As part of the service, Sunsuper's team of financial planners will regularly review and update the plans to make sure members are still on track in achieving targets.
"Every three years members will get a statement of advice, which is also supported by web interface and an annual written checkpoint," Travis said.
As members get closer to retirement age they will be moved into a personalised retirement plan.
To access the service, members call the member advice centre. However, if their needs are more complex, Sunsuper still offers a financial planning service for a fee.
"We've kept the cost of our financial planning service as low as we can. We don't take commissions from any products we recommend you invest in," Sunsuper said.
Last week, Sunsuper launched a new retirement pension that caters more specifically to the needs of retirees.
Sunsuper has more than one million members and around $12 billion in funds under management.
