Ex-Norton chief Stuart Garner has been refused permission to appeal against a ruling ordering him to pay back millions of pounds in pension fund contributions.
The Pensions Ombudsman ruled n June that Garner, sole trustee of the three pension funds wholly invested in Norton Motorcycles, of which Garner was director at the time “acted dishonestly and in breach of his duty of no conflict”.
The Ombudsman, Anthony Arter, ruled that Garner had to “pay back to the Schemes the amount lost on investment, less any money already recovered”. Although the exact figure is unclear, members were submitted to the pension schemes between April 2012 and December 2013, transferring funds from other pension arrangements.
The total amount transferred into the schemes was £10,931,647. The Ombudsman also directed that interest of 8%…