The action is the first time The Pensions Regulator (TPR) has prosecuted for these offences.
Roger Bessent is alleged to have abused his position as the director of Gleeson Bessent Trustees Ltd, a professional pension scheme trustee, to transfer more than £200,000 of pension scheme funds into his bank account and those of companies controlled by him.
The funds were transferred from the Focusplay Retirement Benefit Scheme, the sponsoring employer of which was Gleeson Bessent (Accountants and Business Advisers) Ltd where Mr Bessent was a director.
Mr Bessent, 66, whose business is based at Navigation Business Village, Navigation Way, Ashton on Ribble, Preston, Lancashire, faces five counts of fraud by abuse of position and five counts of making employer related investments.
He is due to appear at Preston Magistrates’ Court on 30 January.
The case continues.