As spoz points out, it's not law yet and there's an election in July. Whatever the outcome of the election, changes to the superannuation rules will happen, rightly or wrongly, as the politics of envy will win out. The limit of $500,000 for tax paid contributions (non concessional) has a retrogressive application, in that the limit will take into account payments paid since 2007. My understanding is that if you haven't reached the limit since 2007, then you can make up the difference but they are not going to ask people to remove cash from their pensions if they have contributed more than $500,000 since 2007. That's providing the money went in prior to the budget announcement and met all the old, existing regulations. The personal limit proposed of a total pension fund size that can produce a tax free income is $1.6 million - above that there will be (for now) 15% tax payable on income generated.
Lots of changes but what will finally happen after the election is anyone's guess. The joys of having elections every three years.