A former pension trustee entered a not-guilty plea in a case brought by The Pensions Regulator regarding allegations of making illegal investments on six counts.
At Preston Crown Court yesterday, former Worthington Employee Pension Top Up Scheme trustee David Boardman, 68, of Preston, Lancashire, admitted making five banned loans from the plan and one additional prohibited investment.
In a previous proceeding, Stephen Smith, 63, of Broughton-in-Furness, Cumbria, who had also served as a trustee for the same scheme, entered a plea of guilty to five counts of making banned loans but not guilty to a sixth count of making an unlawful investment.
The scheme’s professional adviser, 86-year-old West Oxfordshire resident Derek Thomas, has also been charged with four charges of facilitating or inciting illegal loans. Thomas has not pleaded guilty.
The claims relate to loans and an additional investment totalling £700,000. The sponsoring employer, Marcus Worthington and Firm Ltd., was the parent company of Stonewell Property Company Limited, which received three loans through the scheme.
The scheme also invested in a retail park whose property had been leased out for an extended period of time to businesses affiliated with Marcus Worthington and Company Ltd.
Preston Crown Court has scheduled a trial for November 20, 2023.