Another victim of the Norton Motorcycles pension-funds scandal — exposed by BDN last November — has called upon the government to bring the firm’s owner Stuart Garner, pictured, to justice. Richard Jones lost his entire pension pot, which was valued in 2019 at £65,000 and had been invested in now-worthless Norton shares by Garner.
Speaking to regional business news website TheBusinessDesk.com, Jones said: “I cannot see me getting my pension back as administrators prioritise HMRC and the banks. My only hope is the government and I have written to my MP who has written to the Pensions Secretary. I have had no response so far, but it is early days.
“This whole scenario has put a tremendous strain on me and my family, both emotionally and financially. I am 56 years of age and should be enjoying an extra £300 per month income and a lump sum of about £18,000, instead I have no extra income and HMRC have added insult to injury by imposing a tax on the money I received initially and a large penalty on top.”
Jones had received an initial £12,000 lump sum through convicted fraudster Simon Colfer, for originally agreeing to transfer the remainder of his pension into one of the Norton funds. Like other victims, he didn’t realise this would subsequently attract punitive taxation by HMRC.