Ex-Norton Motorcycles boss pleads guilty over pension investment charges

Former owner of Norton Motorcyles, Stuart James Garner, has pleaded guilty to three charges of breaching employer-related investment (ERI) rules by investing more than 5 per cent of assets from each scheme into his business, Norton Motorcycle Holdings Ltd.

Garner was accused of illegally investing money in 2012 and 2013 from three pension schemes of which he was sole trustee: Dominator 2012, Commando 2012 and Donington MC.

Under the Occupational Pension Schemes (Investment) Regulations 2005 set out in Regulation 12 (2), subject to certain exceptions, it is a criminal offence to invest more than 5 per cent of the market value of scheme resources in ERIs.

The Pensions Regulator (TPR) executive director of frontline regulation, Nicola Parish, commented: “As a trustee, Stuart Garner failed to comply with restrictions on investments which are designed to protect the funds of pension schemes.

“Trustees have a vital role in protecting the benefits of members and we will take action where that responsibility is abused. Trustees should be clear on when a pension scheme can invest in its sponsoring employer.”

He is due to appear at Derby Crown Court for sentencing on 28 February.

The Pensions Ombudsman previously upheld a complaint from affected members of the scheme, with Garner also denied permission to appeal the £14m pension scheme repayment.

The Work and Pensions Committee subsequently reached out to TPR to confirm its plan of action following the "shocking case", with the regulator later confirming its intent to prosecute Garner.

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)

Advertisement Advertisement