The Labor Union Co-operative Retirement Fund's (LUCRF Super)more than $10 million insurance contract is up for grabs, with the fund to kick-start the tender process upon the completion of an internal review. 

"We haven't finalised the technical details, but we're going through an internal review to decide what it is we want, how we compare with the marketplace and what improvements, if any, we want," LUCRF Super chief executive Greg Sword said.

"So we're going through the process and then once we've prepared properly we can make a final decision about it."

LUCRF's current insurer, ING Life, would most likely re-tender for the contract, Sword said.

He said he envisioned the tender process being completed during 2010.

Meanwhile, LUCRF Super will offer its members an increased number of investment options.

Sword said they would be aimed at members who had become risk averse due to the financial downturn.

The new options could include a 50 per cent growth, 50 per cent defensive combination and a 25 per cent growth, 75 per cent defensive option.

"We still believe that people should stay in the balanced, but we want to give people different investing options as they get closer to retirement or have become risk averse," Sword said.

Currently LUCRF Super has six investment options, including the balanced option, which has 75 per cent growth assets and 25 per cent defensive.

The fund has 180,000 members and around $2.2 billion in assets under management.