The Pensions Regulator in the UK is now investigating Stuart Garner about what has been called a “pension liberations scam,” by UK Member of Parliament Stephen Timms. The question was brought up of why the Pensions Regulator hadn’t investigated the Norton Motorcycles’ CEO and the situation regarding the dispute about pensions. According to The Guardian, that’s exactly what’s happening now.
There’s been a lot of news lately about Norton Motorcycles. The company essentially went bankrupt. At the same time there was a pensions scheme going on that ruined the folks that put money into it. Here’s essentially what happened: elderly British pensioners invested their life savings into three different pensions funds. These funds apparently only investing money into Norton Motorcycles. The trustee of the funds was Stuart Garner, the CEO of Norton Motorcycles.
The Pensions ombudsman Anthony Arter said, “It appears to me that the investment of all of the scheme’s assets in Norton Motorcycle Holdings is potentially in breach of the restrictions on employer-related investments under section 40 of the Pensions Act 1995.”
There were 228 pensioners who had their retirement funds disappear due to the fraudulent pension scheme. One of the men connected with all this, Simon Colfer, was arrested for fraud. The new investigation will focus on Stuart Garner and his dealings with the scheme. In the past, he has said he is a victim of the fraud by Colfer and the other people involved with the pensions scheme, but there is evidence to suggest otherwise. However, a full investigation will have to take place to decide Garner’s fate.