Alan Barratt, of Burnham Road, Althorne, Essex, and Susan Dalton, of Brookdale, Rochdale, Lancashire, will appear at Southwark Crown Court for sentencing on 22 April.

The case is being prosecuted by The Pensions Regulator (TPR).

Both defendants admitted charges of fraud by abuse of position in breach of section 4 of the Fraud Act 2006 arising from their roles as trustees of pension schemes. They admitted their guilt at Southwark Crown Court on Monday

Between 2012 and 2014, 243 savers were persuaded to transfer pension savings worth £13.6m into 10 pension schemes under the control of Ms Dalton and Mr Barratt. Those funds were then dissipated by the defendants and almost all the savings were lost.

Originally a third defendant had also been charged with fraud by abuse of position.

At the hearing on Monday, TPR offered no evidence against Julian Hanson, of Lea Road, Batley. A verdict of not guilty was formally entered by the court. Mr Hanson pleaded not guilty on a previous occasion.

TPR said that while it remains satisfied the evidential test continues to be met in the case of Mr Hanson, it had determined that it is no longer in the public interest to proceed with the case against him.