Norton Motorcycles: MPs question pensions regulator's role

The 122-year-old company went into administration in January

MPs investigating pension schemes set up by the collapsed Norton Motorcycles have questioned whether regulators should have stepped in sooner.

Some ex-employees have lost tens of thousands of pounds through the schemes.

Norton owner Stuart Garner was a trustee of three schemes linked to the Leicestershire-based company.

MPs from the Work and Pensions Committee have written to The Pensions Regulator (TPR) expressing concerns.

Their letter said: "The arrangement began in 2012. Could The Pensions Regulator have acted before May 2019, some seven years later?"

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It also said since Norton went into administration there had been "increased interest in the three pension schemes set up, as part of a pensions liberation scam, to provide funding for the company".

"The previous trustee, Mr Garner, of the Dominator 2012, Commando 2012, and Donington MC pension schemes, was also CEO of Norton Motorcycles Holdings Ltd, and was replaced by an independent trustee in May 2019," the letter said.

Norton bikes are used in the Isle of Man TT to this day

MPs also questioned when TPR became aware of Mr Garner's conflict of interest, asked if the regulator had learned from the case and challenged what it was doing to protect other savers in schemes set up through pension liberation scams.

The 122-year-old company, which was reportedly struggling to pay a tax bill, faced a winding-up order in January.

TPR said it would not comment on the response 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."

Preliminary findings of a Pensions Ombudsman hearing investigating complaints from 30 applicants are due to be published in three months' time.