Sentencing hearing for ex-Norton Motorcycles boss postponed

The sentencing hearing for ex-Norton Motorcycles boss, Stuart Garner, has been postponed to a later date, The Pensions Regulator (TPR) has announced.

The new date for the hearing, which was supposed to take place at Derby Magistrates’ Court today (28 February), is yet to be determined and TPR said that it would provide an update “in due course”.

This is the second time that Garner has had a court date delayed, after his initial court hearing was postponed in November 2021.

Garner had 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.

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 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