The Pensions Regulator (TPR) is moving towards a more prudential-style of regulation amid a "rapid" acceleration in the scale of workplace pension schemes, TPR CEO, Nausicaa Delfas, has said.

Delfas highlighted recent modelling from TPR, which showed that, even without government intervention, the master trust market will contain schemes of systemically important size in 10 years' time.

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

Delfas also highlighted changes in the broader pensions market, noting that it has become "increasingly concentrated", with 47 administrators covering 90 per cent of memberships and 10 professional trustee firms accounting for well over £1trn of assets.

Given this, Delfas confirmed that TPR is shifting to a more prudential style of regulation, addressing risks not just at an individual scheme level, but also those risks which impact the wider financial ecosystem.

Speaking at the DG Publishing Private and Public Pensions Summit, Delfas said: "We are entering a different era of regulation, that protects, enhances and innovates in savers’ interests.

"An era where we can help to ensure that all savers – from every walk of life – will get good retirement outcomes from pensions."

Delfas also outlined how TPR will be looking to evolve its approach in line with Mansion House reforms announced by Chancellor, Rachel Reeves, to drive growth and scale in the market.

In particular, TPR is expected to focus its attention on three areas: scheme investments, data quality, and, "crucially", trusteeship.

Indeed, TPR previously announced plans to extend its regulatory approach with professional trustee firms, with plans to form new relationships with the 10 largest professional trustee firms before Christmas.

In addition to this, TPR is looking to take a new approach to master trust supervision with tiers of engagement depending on the risks schemes present to the market and saver outcomes.

It pledged to invest in digital, data and technology and embracing new ways of working across the organisation to get a rich evidence base for regulatory action as well as driving efficiency and automation.

TPR is also expected to grow its team of innovation professionals and put in place a pensions market innovation hub to review ideas at an early stage and to provide guidance to enable safe new product development

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