Wealthy super tax 'fair and targeted': PM

Prime Minister Malcolm Turnbull has defended plans to impose 15 per cent tax on superannuation earnings of $1.6m, saying super is a good deal.

Malcolm Turnbull has defended plans to reduce superannuation tax concessions for the very wealthy. (AAP)

Malcolm Turnbull has defended government plans to reduce superannuation tax concessions for the very wealthy, describing them as fair and well-targeted.

The prime minister won't be winding back a policy that taxes at 15 per cent earnings from retirement account balances over $1.6 million, arguing the rate was lower than the bottom income tax rate.

"Superannuation remains a very good deal," he told Alan Jones on 2GB radio on Wednesday.