What a load of rubbish! The government has not closed off the wealth transfer. A 65 year old person who had $30m in their super fund before all these ridiculous changes, had to draw 5% of the value of the fund as a pension ie $1.5m. Now they only need to draw 5% of $1.6m or $80k and they can leave the rest in their fund until they die. Tax can be completely avoided with the right tactical asset allocation.
The government has created the very estate planning vehicle it was seeking to prevent. The cost of this nonsense is the complete undermining of the superannuation system. The aged pension will not be available for most people. NO future government can afford it.. All governments should be giving tax incentives to middle income earners to be self funded retirees so it can fund the really needy.