Election 2016: Superannuation changes to hit 1.3m

Sally Rose, Phillip Coorey and Sally Patten

Updated Jun 2, 2016 – 7.30pm, first published at 2.50pm

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Up to 1.3 million people, or 9 per cent of superannuation savers, will be hit by one or more of thesuperannuation changes in this year's budget, challenging the government's assertion that only 4 per cent would be affected.

The figures suggest the government has underestimated the number of people who will be hurt by the proposed measures, including a $1.6 million limit on super pension transfers,a $500,00 lifetime cap on after-tax contributions, and a new 15 per cent tax on the transition-to-retirement scheme, which is meant to make it easier for older people to work.

Sally Rose previously covered superannuation, financial services and business

Phillip Coorey is the political editor based in Canberra. He is a two-time winner of the Paul Lyneham award for press gallery excellence.

Sally Patten edits BOSS, and writes about workplace issues. She was the financial services editor and personal finance editor of the AFR, The Age and the Sydney Morning Herald. She edited business news for The Times of London.