Former trustee David Boardman has pleaded not guilty to six counts of making illegal investments, in a prosecution brought by the Pensions Regulator.
Boardman and Stephen Smith – a fellow former trustee of the Worthington Employee Pension Top Up Scheme – appeared before Preston Magistrates’ Court in October, having been accused of making five prohibited loans from the scheme and one prohibited investment.
The allegations concern loans and another investment totalling £700,000.
Three of the loans were made by the scheme to Stonewell Property Company Limited, which was the parent company of the sponsoring employer, Marcus Worthington and Company Ltd.
While Smith pleaded guilty to making five prohibited loans at the October 19 hearing, and not guilty to the sixth charge of making a prohibited investment, Boardman did not enter a plea.
Boardman denied carrying out five prohibited loans from the scheme and one other prohibited investment at Preston Crown Court on November 22.
The scheme also invested in a retail park where the relevant land had been let on a long lease to companies linked to Marcus Worthington and Company Ltd.
A third individual, Derek Thomas, worked as a professional adviser to the scheme. He has been charged with four counts of assisting or encouraging prohibited loans. Thomas has not entered a plea.
A trial has been scheduled for November 20 2023 at Preston Crown Court.
Alex Janiaud is deputy editor at FTAdviser's sister publication Pensions Expert
