The federal government aims to save about $4.5 billion over four years through welfare savings.
A bill introduced to parliament on Thursday by Social Services Minister Scott Morrison comprises six measures designed to improve the "fairness and sustainability" of the pension system.
It includes measures announced in the May budget and others that were previously introduced and are now stuck in the Senate.
Measures include increasing the pension assets test taper rate from $1.50 to $3 a fortnight for each extra $1000 in assessable assets, which Mr Morrison said would reduce support for pensioners with higher asset levels and who had greater capacity to support themselves.
Such people should draw down on their assets to support themselves rather than calling on the taxpayer for support, he said.
Those most affected would only have to draw down a maximum of 1.84 per cent of their assets to make up for the loss from their part pension.
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