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On 20 December 2024, the Financial Conduct Authority published PS24/17, Enhancing the National Storage Mechanism (NSM).
Norton Motorcycles owner sentenced for employer-related investment
United Kingdom | Publication | April 2022
The former owner of Norton Motorcycles, Stuart Garner, has been handed an eight month jail sentence, suspended for two years.
This was for breaching pension laws restricting employer-related investments. Mr Garner pleaded guilty earlier this year to breaching the rules by investing more than five per cent of assets from three pension schemes in the business. He was the schemes’ sole trustee at the time.
Mr Garner was also disqualified from acting as a company director for three years and ordered to pay the Pensions Regulator’s prosecution costs.
This is an important reminder to trustees that breach of the employer-related investment rules is a criminal offence which can result in fines, a jail sentence or both.
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lesley.browning@nortonrosefulbright.com
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