Retirees with more than $1.6 million in their pension accounts may be able to get around Treasurer Scott Morrison's new saving limit by reshuffling the investments and using outside pension accounts.

Days after the budget revealed new limits to how much can be kept in pension accounts, two schools of thought have emerged around how precisely those assets should be split between pension mode, where no tax is payable, and accumulation mode, where earnings are taxed at 15 per cent or 30 per cent.