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

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read
Utmost to sell life and pensions business to JAB Insurance

Utmost to sell life and pensions business to JAB Insurance

To focus on wealth solutions business

Jen Frost
clock 22 December 2025 • 2 min read
Editor's view: How disjointed is the government's salary sacrifice change?

Editor's view: How disjointed is the government's salary sacrifice change?

The editor's Friday Night Takeaway from 19 December

Jen Frost
clock 19 December 2025 • 3 min read