Major superannuation funds are urging their members not to panic after the sharemarket recorded its largest one-day loss in five years, cautioning them against switching their retirement savings into conservative options because the meltdown presents an opportunity to buy stock cheaply.

With almost $100 billion wiped from the S&P/ASX 200 on Monday – following steep declines on Wall Street at the end of last week – Aware Super said it would “lean in” to the sharemarket rout despite fears that the Trump administration’s tariff plans would lead to a global recession.