The head of the Federal Treasury wants a "fundamental rethink" of the links between superannuation, pensions, housing and the welfare system.

Speaking at a conference this week, Treasury boss John Fraser said he and his colleagues had got some things wrong in the 25 years since they helped set up Australia’s superannuation system.

“We are not smart enough in Treasury – we are pretty smart but we are not smart enough – to model third, fourth and fifth rounds of reactions to policy measures,” he said.

“I think the time has come 25 years or so after those big reforms to have a more fundamental rethink about the interaction between superannuation and tax and the whole welfare system.”

Mr Fraser said he would like investigation to be undertaken into whether there is scope to shift away from the current centralised approach to retirement support, towards a more “consumer-centric” approach.

Recent reports have claimed that the Government wants to trim the tax concessions that superannuation provides to high income earners.

It is also understood to be looking at changing the asset test to make it harder for high earners to earn a pension.

Mr Fraser suggested any review would have to take place after the May 12 budget.

“These are always difficult issues to debate, especially with politicians in the electoral cycle, but the intergenerational report is another reminder that they are not going to go away,” he said.

He said there are not enough accessible financial products available to manage retirement incomes, and advisers do not always have the best intentions.