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...

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