A date has been set for the sentencing of a former pension trustee charged in relation with making illegal investments, as part of a prosecution brought by The Pensions Regulator (TPR).

Preston Crown Court confirmed that former trustee of the Worthington Employee Pension Top Up Scheme (WEPTUS) would be sentenced on 26 October, after previously pleading guilty to five counts for his role in the pension scheme making prohibited loans.

Although Smith plead not guilty to a sixth charge of making a prohibited investment, the court heard those pleas were acceptable to the prosecution and that TPR would offer no evidence in relation to the sixth charge.

Proceedings against a second defendant, Derek Thomas, accused of assisting or encouraging the investments contrary to section 44 of the Serious Crime Act 2007, have also ended following his death on 4 July.

The court was also told that TPR would offer no evidence against a second former trustee of WEPTUS, David Boardman, who was charged with making five prohibited loans from the scheme and one other prohibited investment.

The case against Mr Boardman, who pleaded not guilty to all counts at previous hearing, is therefore now concluded.

The allegations concerned loans and an investment reaching a value of £700,000, which included three loans by the scheme to Stonewell Property Company Limited, the parent company of the sponsoring employer, Marcus Worthington and Company Ltd.

Additionally, the scheme also made an investment in a retail park where the land concerned had been let on a long lease to companies connected and associated with Marcus Worthington and Company Ltd.

Certain employer-related investments made by an occupational pension scheme are prohibited by section 40 of the Pensions Act 1995 and the Occupational Pension Schemes (Investments) Regulations 2005.

Loans to a person connected or associated with the scheme employer are prohibited and investments of more than 5 per cent of the value of scheme resources in land occupied or used by, or subject to a lease in favour of, a person connected or associated with the scheme employer are also prohibited.

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