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A former owner of Norton Motorcycles is to be prosecuted for illegally investing money into the business from three pension schemes for which he was the sole trustee. |
Stuart James Garner, 52, of Park Lane, Castle Donnington, Derby, is accused of breaching Employer Related Investment (ERI) rules by investing more than five percent of assets from each scheme into his business, Norton Motorcycle Holdings Ltd. The alleged offences are in relation to three Defined Contribution schemes: Dominator 2012, Commando 2012 and Donnington MC which have a total of 227 scheme members. The investments, which were made in return for preference shares, were made between 2012 and 2013. As set out in Regulation 12(2) of the Occupational Pension Schemes (Investment) Regulations 2005, subject to certain exceptions, it is a criminal offence to invest more than five per cent of the current market value of scheme resources in ERIs.
Mr Garner has been summoned to appear at Derby Magistrates’ Court on 15 November charged with three separate ERI offences under section 40(5) of the Pensions Act 1995 – one in relation to each scheme. |
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