Ex-Norton Motorcycles boss due to appear in court on illegal pension investment charges

The Pensions Regulator (TPR) has confirmed that ex-Norton Motorcycles boss, Stuart Garner, is set to appear in court on Monday 7 February on illegal pension investment charges.

Garner is accused of illegally investing money from three pension schemes, for which he was the sole trustee, into his own business.

He will face charges of breaching Employer-Related Investment (ERI) rules through investing more than 5 per cent of assets from each scheme into Norton Motorcycle Holdings Ltd.

The alleged offences are in relation to three defined contribution schemes: Dominator 2012, Commando 2012 and Donington MC, which had a total of 227 scheme members.

The investments, which were made in return for preference shares, were made between 2012 and 2013.

The Occupational Pension Schemes (Investment) Regulations 2005 set out in Regulation 12 (2) that, 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.

Garner is being prosecuted with three separate alleged ERI offences under section 40(5) of the Pensions Act 1995, one in relation to each scheme.

He is due to appear at Derby Magistrates’ Court on 7 February at 12pm.

In June 2020, the Work and Pensions Committee wrote to TPR with further questions on its plan of action following the "shocking" case, after The Pensions Ombudsman (TPO) upheld a complaint from affected members and Dalriada Trustees.

In its decision, TPO ordered the former director to repay all the money he had invested into his own firm from the company pension schemes, with Garner subsequently denied permission to appeal the £14m pension scheme repayment.

    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.

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

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)