Questions have been raised in parliament over whether regulators should have got involved sooner in investigating the pension scheme set up by Norton Motorcycles and Stuart Garner.
Norton owner Garner was a trustee of three pension schemes all of which were linked to the motorcycle company. And now MPs from the Work and Pensions Committee have written to The Pensions Regulator about what happened.
The letter included the question: “The arrangement began in 2012. Could The Pensions Regulator have acted before May 2019, some seven years later?”
Highlighting the raised attention the pension scheme has had since Norton went into administration at the end of January this year, the letter continued: “There has been increased interest in the three pension schemes set up as part of the pensions liberation scam, to provide funding for the company.”
It continued: “The previous trustee, Mr Garner, of the Dominator 2012, Commando 2012 and Donington MC pensions schemes, was also CEO of Norton Motorcycles Holdings Ltd and was replaced by an independent trustee in May 2019.”
The letter from MPs also asked when the TPR became aware of the conflict of interest in Garner’s actions.
TPR replied that it would not comment yet on the response that it would be sending to the committee. A spokesman said: “Following an investigation, in May 2019 we appointed Dalriada as the independent trustee to three pension schemes associated with Norton Motorcycles and that Stuart Garner was the sole trustee of.
“Following the company administration, we will continue to be in close discussions with Dalriada and the administrators to Norton.”
We won’t hear what the Pensions Ombudsman hearing, which is investigating complaints about the schemes overseen by Garner for another three months which is when the preliminary findings of the investigation called for by 30 applicants will be published.