The Labor Union Co-operative Retirement Fund (LUCRF Super) is set to apply for an Australian Financial Services Licence (AFSL) to expand the financial advisory service it offers to members.
"Currently we can only offer limited advice, but we want to take a more complete view of what members are entitled to," LUCRF Super chief executive Greg Sword said.
Sword said the industry fund planned to increase its focus on members in the pension stage.
"We are committed to looking after people's interests and it's important to do that as they reach the pension stage," Sword said.
Members would not be charged for the advice they received and Sword said the fund had no plans to offer advice outside the scope of superannuation.
"It's a continuation of what we do and will be part of the normal services we offer. If you're a superannuation fund, you've got to give advice," Sword said.
"We already have people who can give advice, but we need the licence to be able to do this."
As part of the AFSL requirement process, LUCRF Super is searching for a manager of its financial advisory services.
Reporting to the chief executive, the new manager would be the central driver for the expansion of qualified financial advice.
"This appointment would be the start of the development of the licence," Sword said.
Sword expects the process to be complete by the end of this year.
