Industry superannuation fund Care Super will provide free advice to its membership of over 200,000.
Members will receive telephone advice on their superannuation savings, including the provision of simplified statements of advice (SOA), at no additional charge.
"The fund has taken into account the cost of providing these SOAs as we believe that members expect advice in relation to their superannuation account issues and it is therefore of real value to them," Care Super chief executive Julie Lander said.
The SOAs are simplified to provide specific details around member investment advice, contributions and insurance arrangements.
Lander said low-cost advice was an important service the super fund needed to offer its members.
"Fund research indicated that cost-effective advice is something that members at all stages of their lives needed and wanted," she said.
"Care Super has also introduced its own pension and advice is particularly sought prior to and following retirement."
For more detailed financial advice which goes beyond superannuation or the pension to include estate planning or managing assets outside super, fees are agreed upfront between the member and the planner and are charged on a fee-for-service basis.
