Retirees with self-managed superannuation funds say they will become "second-class investors" under Labor's franking credit policy, which will slash their incomes while sparing other categories of shareholder.

For many SMSFs, it is already too late to avoid the consequences of a future franking crackdown: unless one or more members was in receipt of a part or full age pension on March 28 last year, the fund will be ineligible for refunds under a Labor government.