AvSuper has unveilled a new conservative growth investment option to especially service members approaching retirement or who are risk averse.

The $1 billion-plus AvSuper last month announced the launch of the new option, which was introduced following member requests for greater choice and flexibility.

The conservative growth investment strategy is part of the fund's member investment choice menu, which also includes cash, stable growth, growth and high growth options.

"The conservative growth investment option is expected to demonstrate low volatility of investment returns in the short term, but generally conservative returns over longer periods.

"The trustee considers that the conservative growth option may be best suited to members approaching retirement or who are generally risk averse, but also want to maintain some investment growth potential," the fund said in a statement.

As a result, members will now be able to mix and match a number of different strategies within the investment choice menu should they wish to do so.

The AvSuper Fund was originally established in 1990 to provide superannuation benefits to employees and former employees of Airservices Australia and the Civil Aviation Safety Authority (CASA).

AvSuper opened membership to the general public from 1 July 2005 and currently has more than 5,500 members and funds under management in excess of $1 billion.