Wealthy super tax 'fair and targeted': PM

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.