March 18, 2024 marks an important moment in the “pension fraud” case linked to the Norton Motorcycles brand. A truly lamentable story and a shadow that was cast not only over the glorious British brand, but also over the motorcycle industry in general during the questionable management of Stuart Garner.
Four years ago, what was, for all intents and purposes, a fraud, came to light and, after a long legal journey, the victims involved are finally seeing their right to compensation recognized. For those who do not know or do not remember the details, we provide a brief summary of what happened. Between 2012 and 2013, over 200 British workers were persuaded to transfer around 11.5 million pounds to Norton pension funds, only to later discover that they had been victims of a pension fraud. The money invested in Norton’s pension plans was actually being used to finance the company’s business, which was managed by Garner.
In December 2020, the UK Pensions Ombudsman ordered Garner to reimburse around 14 million pounds to the affected pensioners. However, Garner’s bankruptcy filing raised doubts about the possibility of victims receiving any compensation. The Fraud Compensation Fund of the UK Pension Protection Fund determined, after nearly four years of assessments, that the victims are entitled to compensation. The fund will pay 9.4 million pounds to the three pension schemes involved.
Although the individual amounts for each of the approximately 200 workers involved have not yet been calculated, it is estimated that by November 2024 this process may be completed and that is obviously what we hope for. The hope is that soon the victims may recover a fair portion of their unjustly lost savings and that all of us may finally put an end to this unusual case that has done nothing but tarnish the Norton Motorcycles brand.
