Adviser and pension trustees face court over 'illegal' loans

Prosecution brought by TPR over five ‘prohibited loans’ from the scheme

Jenna Brown
clock • 1 min read

An adviser and two former pension scheme trustees are due in court for allegedly making five illegal loans and a £700,000 investment with assets from a workplace pension scheme.

The prosecution, brought by The Pensions Regulator (TPR), will see the three men appear before Preston Magistrates' Court 19 October. Stephen Smith, 63, of Broughton-in-Furness, Cumbria and David Boardman, 68, of Preston were trustees of the Worthington Employee Pension Top Up Scheme. The pair are accused of making five prohibited loans from the scheme and one prohibited investment, the regulator said. It explained the allegations concern loans and an investment reaching a value of £700,000. These included three loans by the scheme to Stonewell Property Company, which was the parent c...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

The FOMO-fuelled run on the pensions bank – where the Treasury is the only winner

'You can't build a savings culture on a foundation of uncertainty'

Matt Storey
clock 17 November 2025 • 5 min read
Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Chancellor's potential salary sacrifice plan: A 'high risk gamble built on low quality data'

Govt reportedly considering introducing a £2,000 salary sacrifice annual cap

Joseph Warne
clock 14 November 2025 • 4 min read
Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Reeves looking to cap salary sacrifice contributions to £2,000 - reports

Chancellor has 'decided against' cutting pension lump-sum withdrawals

Jonathan Stapleton
clock 10 November 2025 • 4 min read