The wealthiest superannuation savers with balances over $5 million have tucked away more than $90 billion in their accounts and are receiving more government support than low-income households in concessions deemed “not required” and a “tax minimisation strategy” by the government’s retirement income review.

The review has suggested the government should reform the billions in concessions flowing to the wealthiest savers, finding that the provision of tax concessions for very large superannuation balances “are not required for retirement income purposes, as they are unlikely to encourage additional saving”.