Tasmanians forced into financial stress by coronavirus should only access their superannuation early as a last resort because it could cost them big-time in retirement.
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That is the warning from big Tasmanian fund Tasplan, which received more than 3000 applications and released more than $24 million in the first three days of the scheme.
"While super's primary role is to help people save for retirement, we recognise that for those significantly financially affected by COVID-19 accessing some of your super today may be an absolute necessity which outweighs the benefits of maintaining these savings until you finish working," Tasplan chair Naomi Edwards said.
"We would, however, urge all Tasmanians to view accessing their super early as a last resort, with the long-term loss of interest earnt on super totals potentially having a large impact on the amount of super savings you could have in retirement, especially for younger Tasmanians."
Ms Edwards said a Conexus Institute, Super Consumers Australia and Actuaries Institute information sheet showed a 30-year-old could potentially retire with about $50,000 less in their retirement benefits because of early super access.
"We understand that right now is an incredibly difficult and unprecedented time for us all, but I would again urge Tasmanians to exhaust all options available to them before accessing their super," she said.
"The Money Smart website at www.moneysmart.gov.au is the best place to find out about the range of financial support now available for individuals."
The federal government introduced the early access scheme as part of its effort to help people who had lost their jobs or had income severely reduced because of the economic crisis caused by the virus.
Ms Edwards said Tasplan was well placed to provide super payments immediately.
"Around 75 per cent of Tasplan's assets are completely liquid, which means we have a large amount of funds immediately available to be able to help people in need," she said.
She warned Tasmanians to beware of scammers.
Ms Edwards said many scams were "doing the rounds" offering to help people access their super.
She said eligible people could apply to the tax office through their myGov accounts, and did not need to contact their super funds.
More information was available at the ATO website.
