Inductive power transfer (IPT) system performance is critically affected by the placement of ferrite material in IPT pads. However, current placement design approaches rely on specialist knowledge and trial-and-error effort. Furthermore, these approaches depend on a given initial pad structure. Hence, design flexibility is constrained, and the performance limits of what is possible are unexplored. Therefore, this paper proposes a ferrite structure design approach based on topology optimization that maximizes the coupling performance of circular IPT pads, subject to a ferrite volume constraint. The proposed approach allows pad designs to be quickly generated, easily simplified for manufacturability, and does not depend on a given initial structure. Simulation results are presented, proving optimality in terms of mutual inductance and tolerance to IPT pad misalignment compared to an existing pad design with bar-shaped ferrite pieces. Independence of the need for an initial structure allows for novel pad structure identification and the realization of new performance levels.