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The savings under the current superannuation system will not be able to sustain retirees as more people live well into their 80s and 90s, Paul Keating says.

The former prime minister, who crafted the nation’s superannuation system, says a national insurance scheme will help fund people who outlive their savings.

‘We have no policy here in Australia for the 80 to 100 cohort,’ Mr Keating said at a super fund forum organised by Visy Industries and Fairfax Media.

‘I don’t believe that it should be left to superannuation. I think it should be a national insurance scheme. Only the commonwealth can insure across generations.’