Industry superannuation fund HESTA has stepped up its intra-fund advice offering in order to provide more of its 650,000 members with free personal financial advice.
HESTA's decision to upgrade the service follows the government's ruling earlier this month which confirmed superannuation funds' ability to provide advice to members on superannuation contributions, allocation of assets and insurance.
While HESTA has had the program in place for three years, the new legislation enables much shorter statements of advice to be written.
This will allow the fund's superannuation service advisers to provide more members with intra-fund advice, HESTA chief executive Anne-Marie Corboy said.
"HESTA's limited personal advice service is free. The new legislation will enable more members to take a more active role in their superannuation, including retirement planning and insurance," she said.
"We believe our program empowers our members, 85 per cent of whom are women, to take real control over their financial wellbeing."
HESTA's advice service is part of its education and advice program, which is delivered at the workplace with the co-operation of HESTA employers.
If a member wants personal advice about their options within HESTA, they may consult a superannuation service adviser who can provide written recommendations as part of the fund's general member servicing.
Members who require advice outside the scope of the limited advice areas are referred to Industry Fund Financial Planning.
