“The simple reality is that saving just 9.5 per cent of your earnings is not enough,” he said.

Mr Meller said the superannuation guarantee was first introduced in 1992 with the intention of setting more Australians up to fund their own retirements.

“It was – and still is – the second pillar between the age pension and voluntary savings for retirement,” he said.

While the superannuation guarantee has generated a significant investment pool, “no one can create a product that makes up for a person not saving enough”, he added.

Mr Meller also noted in his address that AMP holds a strong belief that the “regulatory changes introduced in the last three years across prudential regulation, across consumer protection regulation and across superannuation regulation will work”.

He argued, however, that the changes need time to be implemented and time for their effectiveness to be assessed.

“We are strong supporters of this government’s approach to letting these changes bed down before embarking on any further disruption to the financial services sector,” he said.