Hundreds of thousands of people experience financial hardship because of the coronavirus have rushed to withdraw up to $10,000 from their superannuation fund after the government’s scheme went live on April 20.

Industry fund First State Super is responsible for more than $100 billion in retirement savings and CEO Deanne Stewart tells Brooke Corte the fund is prepared to give eligible members their cash.

“We’re assuming nearly 10% of members are likely to want early access to their super,

“I think super funds are at least anticipating a significant amount so that they’re well geared up and really able to support their members as best they can,”

Some industry funds have faced heavy criticism due to their investment portfolios containing a high mix of illiquid and unlisted assets, which in some cases have been sold cheaply and out of cycle to ensure the fund has enough cash to meet withdrawal requests.

Ms Stewart says this isn’t an issue for First State.

“We’re a $100 billion fund that has close to $20 billion in very liquid assets like cash and fixed income,

“Our estimates show the 10% that is likely to gain access is really only about $1 billion, so in terms of liquidity and access to it, there’s no issue at all.”

Click PLAY to hear Deanne Stewart with Brooke Corte on Money News: