Many pension trustees are falling short of the standards of The Pension Regulator’s codes, the regulator has warned.

A former trustee of the Worthington Employee Pension Top Up Scheme has pleaded guilty to five counts of making illegal investments.

The Pensions Regulator has prosecuted two former pension scheme trustees for making illegal loans of £236,000 from a company pension scheme to the sponsoring employer last year.

The exodus of pension trustees is set to gather pace with the number planning to step down within a year up by a third.