Pensions never stand still. We have seen wave after wave of change in priorities, provision, and participation in saving.

As a sector, we need to change. And so does TPR.

Automatic enrolment has been a fantastic success. It has created a nation of savers with more than 8 in 10 workers now investing in a workplace pension. But government research suggests that 12.5 million are under-saving for retirement.

That’s why we welcome the bold reforms announced by the Chancellor at Mansion House, which will accelerate the move towards a market of fewer, larger pension schemes, better equipped to deliver for savers and invest in the UK economy.

Our own research suggests that in 10 years' time the master trust market will contain schemes of systemically important size.

There will be seven schemes with more than £50 billion assets under management on a consolidated basis, four of which will be responsible for well over £100bn each.

So what does this mean for TPR? We want savers to get good outcomes from pensions saving and our priorities are clear: investments, data quality and crucially, trusteeship.

But the move to schemes of systemically important size also means that we are changing how we operate to become more proactive and market-facing. We are shifting to a more prudential-style of regulation, addressing risks not just at an individual scheme level, but also those risks which could impact the wider financial ecosystem.

As part of this. we are completely restructuring how we approach defined contribution supervision, with tiers of engagement depending on the risks schemes present to the market and saver outcomes.

At the same time, we are investing in digital, data and technology and embracing new ways of working across the organisation seeking to drive efficiency, automation and innovation.

Pensions are changing, and with the forthcoming Pensions Bill and the government’s two-part pensions review, I believe that we now have a unique opportunity to look ahead and make sure pensions truly work for everyone. Let’s not waste it.

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