Super funds are “doing their very best” to ensure people who are experiencing financial hardships due to the coronavirus can access their money as soon as possible, according to First State Super CEO Deanne Stewart. At least 520,000 Australians have been given the green-light to access their superannuation early under a federal government scheme rolled out during the early phase of the coronavirus crisis.
Under the plan, people who are out of work or can prove they have lost 20 per cent of their income will be able to withdraw $10,000 from their superfund before July – with another $10,000 available between July and October.
Ms Stewart told Sky News unless a worker is in dire financial straits they should be “mindful of the impacts” withdrawing super early will have on their retirement savings.
"At the end of the day, the first and foremost rule in a super fund is to do things in a members’ best interest,” she said.
“We are a $100 billion fund, we are expecting the early access will only come to $1 billion…so we want to know our members are there for the right help, guidance and advice to make sure they are making an educated decision when deciding to access the money or not.”
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