Pensions regulator investigates Norton CEO
The Pensions Regulator is investigating the CEO of Norton Motorcycles, Stuart Garner, in connection with his role as the trustee of three pension funds, the Guardian has reported.
As the BMF has previously outlined, the world-famous British marque went into administration in January this year. Shortly afterwards, Mr Garner failed to appear at a public hearing held by the Pensions Ombudsman on February 13th to investigate complaints made about the three pension schemes which were affected by the collapse of the business. It is understood that approximately £14 million belonging to more than 200 savers was lost.
The Guardian has now reported that the Pensions Ombudsman has reported Mr Garner to the Pensions Regulator and that an investigation is already underway. In a determination concerning the Commando 2012 pension scheme, the Ombudsman sharply criticised Mr Garner as being in “dereliction of his duties as trustee” and said that “I find his behaviour inexcusable.”
The chair of Parliament’s Public Accounts Committee has also called for an investigation after ITV estimated that Norton and the British Motorcycle Manufacturing Academy (also believed to be connected to Mr Garner) had received £5 million of government grants.