Stuart Garner, the former boss of the embattled Norton Motorcycles, is being investigated by The Pensions Regulator regarding his conduct as a trustee of three pension schemes invested directly into his collapsed business. The move comes after the classic motorcycle marque slumped into administration in January, wiping out around £14m held by pension funds belonging to 228 savers who had invested their retirement pots into Norton following a fraud. A Guardian and ITV News investigation revealed in January that those savers had been persuaded by a conman to transfer their retirement funds out of conventional pension plans during 2012 and 2013. As part of that series of transactions, fees were also paid by Garner’s pension schemes to a company called T12 Administration, which carried out the day-to-day administration. Garner has said that he did not know he was dealing with fraudsters when creating the pension schemes and that he considers himself to be a victim.

Source: The Guardian March 22, 2020 14:21 UTC