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Motorcycles Former Norton CEO Must Repay Missing Pension Millions

00:40  27 june  2020
00:40  27 june  2020 Source:   cycleworld.com

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Remember that February 13, 2020 pensions hearing that embattled former Norton Motorcycles CEO Stuart Garner opted not to attend? When Garner opted not to appear at that hearing in February, 2020, the hearing before the Pensions Ombudsman went on without him.

The former owner of one of British engineering's most famous names has been ordered to pay back millions of pounds to investors. Stuart Garner ran Leicester-based Norton Motorcycles from 2008 until it went bust in January. The Pensions Ombudsman said Mr Garner "acted dishonestly and in breach

The former CEO of Norton Motorcycles, Stuart Garner has been ordered to repay millions of dollars of funds from three pension schemes connected to the company.

a motorcycle parked on the side of a building: Stuart Garner has been ordered to repay millions of dollars that were taken from Norton pension schemes. © Provided by Cycle World Stuart Garner has been ordered to repay millions of dollars that were taken from Norton pension schemes.

The Pensions Ombudsman, who oversees retirement fund schemes in the UK, has upheld a complaint from 30 applicants who’ve been trying to recover the money they put into the Commando 2012, Donnington MC, and Dominator 2012 pension schemes, for which Garner was the trustee.

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The former owner of Norton Motorcycles has been ordered to pay back about £14m missing from retirement funds he controlled after the Pensions Garner had invested all the members’ funds into Norton , which had been struggling financially for years and slumped into administration on 29 January.

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All three schemes were introduced in 2012 with Garner, who ran Norton Motorcycles from 2008 until it fell into administration in January this year, as the sole trustee. He was also the sole director of Manorcrest Limited, the provider of the schemes, a position that the Ombudsman had already stated to put him in a conflict of interests in a separate ruling last year. The funds in the pension schemes were invested into shares in Norton Motorcycle Holdings.

a motorcycle parked on the side: Norton bike © Norton Norton bike

Although the Pensions Ombudsman didn’t find the schemes had been set up for an improper purpose, he found that Garner “acted dishonestly and in breach of his duty of no conflict, his duty not to profit, and his duty to act with prudence.”

How Much Must Garner Repay?

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Under IRS rules, pension plans must recover these excess payments to maintain their tax-exempt status. Millions Could See Cuts. Tucked into the massive budget bill passed by Congress in December was a provision permitting certain financially troubled multiemployer pension plans to cut

Former prison officer Paul Davidson, 62, pictured, was forced to retire early in 2012 after he 'I've seen it so many times, where the person asked to repay is made to feel they have done We are obliged to recover any overpayment. 'We must ensure all pensioners are paid their correct entitlement.

The exact amount of money that’s owed to investors has yet to be established, but between April 2012 and December 2013 members transferred 10,931,647.27 pounds into the three schemes. That’s equivalent to $13,553,766.84 at today’s exchange rates.

Now, estimates for the amounts Garner must repay range from 11 million pounds to 14 million pounds ($13.64 million to $17.36 million).

On top of that, the Pensions Ombudsman has told Garner to pay 6,000 pounds ($7,439) to each of the 30 applicants—a total of 180,000 pounds ($223,175)—”in recognition of the distress and inconvenience caused to them by the Trustee’s exceptional maladministration.”

a motorcycle parked on the side of a building: Stuart Garner has been ordered to repay millions of dollars that were taken from Norton pension schemes. © Norton Stuart Garner has been ordered to repay millions of dollars that were taken from Norton pension schemes.

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The Ombudsman also concluded there was maladministration by a company called LD Administration Ltd., which oversaw the schemes between 2014 and 2018 and has since gone into liquidation.

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Steve Webb, the former pensions minister whose reforms prompted the GMP data-checking exercise, said these Millions to be left in dark over state pensions . While affected pensions could be increased or decreased, the DWP said individuals “will not be expected to repay any overpayments”.

In his decision, he ruled: “I have found a number of breaches by the Trustee of his duties and maladministration on both the Trustee’s and LD’s part.”

a motorcycle parked on the side of a road: Norton was purchased by TVS for 16 million pounds ($19.84 million); the Indian manufacturer vows to return Norton to “its full glory in the international motorcycle landscape.” © Provided by Cycle World Norton was purchased by TVS for 16 million pounds ($19.84 million); the Indian manufacturer vows to return Norton to “its full glory in the international motorcycle landscape.”

The ruling also said, “the Trustee has breached his fiduciary duties: not to profit from his position as Trustee; and to avoid conflicts of interest,” and “I also find that the Trustee failed to exercise due skill and care in the performance of its investment functions and breached his equitable duty of care to beneficiaries, and acted dishonestly, by investing in [Norton Motorcycle] Holdings preference shares.”

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The Ombudsman’s determination is considered to be “final and binding, subject to appeal to the High Court on a point of law.”

Norton fell into administration in January, but certain assets including the brand and intellectual property, were bought by Indian bike maker TVS for 16 million pounds ($19.84 million) in April. TVS intends to get Norton back to “its full glory in the international motorcycle landscape.”

a motorcycle parked on the side of a road: Norton was purchased by TVS for 16 million pounds ($19.84 million); the Indian manufacturer vows to return Norton to “its full glory in the international motorcycle landscape.” © Norton Norton was purchased by TVS for 16 million pounds ($19.84 million); the Indian manufacturer vows to return Norton to “its full glory in the international motorcycle landscape.”

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