The defined contribution (DC) pensions market will rocket to six times its 2012 value of £276bn assets under management (AUM) by 2030, according to the Pensions Institute (PI).
In its latest report the institute said the DC market would be worth £1.7tn within the next 16 years.
Report author and visiting professor at the PI at Cass Business School Debbie Harrison (pictured) said: "The stakes are high and the battle to secure market share between now and 2018 is going to be bloody.
"The government and regulator must ensure that in a market where competition is weak, due to lack of expertise of smaller employers, then the schemes that emerge as victors do so because they offer genuine member value for money."
The report said the auto-enrolment (AE) market would be dominated by about five or six multi-employer schemes over the coming years, despite there being an estimated 50 or more currently active in the market.
As such, the question remains over what would happen to members in these periphery schemes if they went bust, as well as the impact it could have on overall industry confidence.
In December, the Pensions Regulator (TPR) and the Institute of Chartered Accountants of England and Wales (ICAEW) published a draft assurance framework to help ensure high standards in master trusts.
Under the framework, it is expected that master trusts should obtain independent assurance annually.
TPR also proposed to develop a separate regulatory framework which recognises the "inherent complexities" within the master trust sector.
However, the PI report called for a clear and consistent regulatory regime across contract and trust-based schemes to avoid "regulatory arbitrage" making a "mockery" of the private sector pension system.
It also called for DC contract law to be relaxed, allowing members in contract-based arrangements to be easily moved into schemes that would deliver better value.
The People's Pension head of policy Darren Philp said: "We need wholesale regulatory reform if we are to get people saving into decent pensions.
"The PI isn't the first organisation to call for a single regulator for workplace pensions, and the weight of support behind this idea means that the government needs to give it serious consideration. Scheme quality and innovation should first and foremost be built on a strong regulatory footing."
Now Pensions chief executive Morten Nilsson welcomed the report as it highlighted a range of factors that impact on value for money.
He said: "At the moment, very few schemes have all the characteristics of a value for money scheme. This needs to be urgently addressed otherwise the long term success of AE could be seriously undermined."
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