“Direct Access provides Telstra Super members with the ability to choose from a range of term deposit options, and real-time online trading access to the domestic share market,” the announcement said.

“Members who were looking to set up a self-managed super fund now have a real alternative that is simpler than an SMSF.”

Telstra Super said term deposits are being offered by ME Bank, NAB and RaboDirect.

“We are delighted to be working with Telstra Super to provide an investment solution that offers their members the choice of managing their own investments conveniently and cost effectively while remaining under the umbrella of their super fund,” said UBS’ Scott Webster.