Labour has joined calls for greater protections to be given to members of workplace pension schemes, after New Model Adviser® revealed how one such scheme closed to new members.

Our story raised alarm bells after warnings were made last year by then pensions minister Ros Altmann that master trusts had ‘shockingly’ been set up with no customer protection regime in place.

Though protections are now in the pipeline, pension scheme members’ savings could be put in peril by further master trust closures.

Master trust misgivings

My Workplace Pension marked the decision to shut its doors with a banner which, at the time of writing, covers the majority of its webpage, declaring: ‘My Workplace Pension is no longer accepting new members. Any existing members can contact support on…’

This might not come as a surprise to those who have followed the scheme’s colourful past. Last year My Workplace Pension claimed it had £50 million managed by Old Mutual Wealth, but later admitted to the BBC this was not true.

However, My Workplace Pension did use a small discretionary fund manager (DFM), Strand Capital, for most of its funds. This firm has now run into difficulties. New Model Adviser® revealed the DFM was closing down. My Workplace Pension said the DFM closure did not affect its decision to shut to new members.

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