Social Services Minister Scott Morrison has urged retirees facing a tougher pension assets test not to hoard their superannuation savings to pass on to their children.
"The purpose of providing tax incentives to encourage people to build up their super is so they can draw down on it in retirement, not maintain it as a capital pool to be passed on as an inheritance," Mr Morrison told the Australian Financial Review.
The government is tightening the pension assets test and expects about 91,000 part-pensioners to be cut off, 235,000 others to get less money and 170,000 retirees to get more.
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