Six people have been charged over a pension fund and SIPP fraud which involved £75m being invested into storage units in the North of England and Scotland.

The Serious Fraud Office has charged the individuals with a number of fraud-related offences.

Between 2011 and 2014, more than 1,900 UK investors transferred their pensions into self-invested personal pensions to invest in storage units sold by UK storage company Store First.

Store First was a storage pod investment scheme owned by Lancashire-based entrepreneur Toby Whittaker, which was wound up in court in April 2019, according to Companies House records.

Investors were promised a long-term leasehold on a unit and a return on their investment through renting the unit out.

The SFO alleges that misrepresentations were made in the marketing of the product, including that investors would receive a guaranteed return and that units were ready for people to rent.

Alleged misrepresentations also include offering upfront cash incentives to investors without telling them they might be exposed to a tax liability for receiving money out of their pension.

Toby Whittaker, Stephen Michael Talbot, Stuart Grehan (also known as Stuart Chapman-Clark), Terence Wright and Emma Hawkins (also known as Emma Grehan) were charged with conspiracy to defraud.

Stephen Michael Talbot was charged with money laundering. A sixth defendant has also been charged with money laundering.

Additionally, Stephen Michael Talbot and Stuart Grehan were charged with Perjury Act offences.

Nick Ephgrave, director of the Serious Fraud Office, said: “The charges are the culmination of a complex investigation by the SFO and represent an important step in pursuing justice for the many people who transferred their hard-earned pensions into this product.”

The defendants are expected to appear at Westminster Magistrates’ Court on Thursday 21 August.