As a response to fluctuating markets, Australian superannuation members are moving more money into term deposit accounts, according to financial services group Aviva.

Aviva's term deposits have grown $5 million in 2008, with 75 per cent from superannuation or pensions, to reach over $430 million in total.

More than $300 million in superannuation investments has been moved into term deposits through Aviva's platform this year, the vast majority of which was in the last three months.

"In uncertain markets, many financial advisers are allocating to more secure investments - such as term deposits, which are now generated by the Federal Government," Aviva general manager marketing and public relations Tim Cobb said.

He said many superannuation funds do not currently allow members to invest in term deposits, and that this needs to change, particularly with regard to the current financial environment.

"We have to put money into superannuation and members should have the choice of how it is invested. It is important for financial advisers to be able to provide a broad range of options for their clients," Cobb said.

"Customers who hold their term deposits through superannuation or their pension get the safety they are looking for, and receive a tax-effective return, as superannuation is taxed at just 15 per cent and earnings on pension assets are tax free."

Aviva is looking to increase the choices available in their platform to harness this market.

"Our platform has always been about trying to offer a wide range of choice," he said.

Aviva is the local face of the global Aviva group, which has $772 billion in assets under management.