Please explain Labor’s franked dividend policy

Could someone explain to me how the franking component of the labor party’s promises works.
As I see it, anyone receiving a pension and thus has up to $850,000 of assets will not be affected.
Thus, a person with over $850,000 and thus earning a conservative 10 per cent on that asset if they are wise, will have an income of $85,000 a year.
The franking component of this would be at the most say $10,000 and that would leave them with a tax free (given it is their super) income of $75,000 a year to live on.
Not a bad income and does this mean that the people who are complaining are greedy people?
Could someone help me understand this?

Email, Apr 30
Geoff Mitchell, Kariong

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