Defined Contribution  

Regulator intervenes after pension switching chaos

In his determination, pension ombudsman Anthony Arthur said the organisation had received "a number of complaints concerning the trustee’s failure to action members’ requests to withdraw their monies from the scheme, and from two other pension schemes of which Mr Garner is the sole trustee; the funds of which are also invested solely in Norton Motorcycle".

Mr Arthur noted "there is a clear conflict" in Mr Garner being the sole trustee of the scheme, the sole director of Manorcrest Limited, the provider of the scheme, and chief executive and owner of Norton Motorcycles.

The Pensions Ombudsman then reported the case to TPR, which intervened. TPR appointed Dalriada Trustees as an independent trustee for the pension scheme, in replacement of Mr Garner.

Mr Garner told FTAdviser: "I am no longer the trustee, but of course the scheme will honour the transfer request. The scheme has had some frustrating issues to work through and this has caused some delays. 

"However these have been worked through and a new professional trustee has now been appointed which will help greatly."

Ms Holmes said: "My dad's health is deteriorating rapidly, I just hope something comes out [of this case soon]. My mum needs to care for him and works full time in the business my dad created. This would really help."

She added: "It is really good news [that an independent trustee was appointed]. This is the first real hope I've had in the last three years."

maria.espadinha@ft.com

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