The Pensions Regulator Begin Action Against Sir Philip Green
TPR this week begin formal legal proceedings against Sir Philip Green that could force him to fill the £571m deficit in the BHS pension scheme.
The collapse of British Home Stores in August 2016 has been well documented. Today, The Pensions Regulator begins formal legal proceedings again both Sir Philip Green and Dominic Chappell to seek redress for the retail chain’s 20,000 pension scheme members.
The business, which stopped training after 88 years on the high street, had a near £600m pension deficit when it collapsed and employed over 11,000 people in the UK.
Lesley Titcomb, Chief Executive of The Pensions Regulator explains that “we have been clear in our public commitment to make significant progress by the end of 2016 and the issue of these notices meets that commitment.
“Our decision to launch enforcement action is an important milestone in our work to attain redress for the thousands of members of BHS schemes who have been placed in this position through no fault of their own.
“Issuing warning notices at this time reflects the outcome of our investigations and that we are yet to receive a sufficiently credible and comprehensive offer in respect of the BHS schemes. We continue to pursue the best deal for members of the BHS pension schemes. If parties wish to approach us with settlement offers, that course remains open to them.”
In response, Sir Philip Green had this to say:
“I have read the statement from the Pensions Regulator this evening and noted its contents. I have provided the regulator with what I believe to be a credible and substantial proposal, with evidence and bank confirmation of cash availability, which would prevent the scheme from entering the Pension Protection Fund. This is in order to achieve a better outcome for the BHS pensioners.”
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