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£350 million BHS pension deal for Sir Philip Green

Published: 30/01/2017 by Comments

£350 million BHS pension deal for Sir Philip Green

Pensions are on the verge of being rescued for thousands of former BHS employees. The decision is to be announced this week.

Sir Philip Green is a second away from signing a momentous deal with The Pensions Regulator to invest £350m into the pension scheme for BHS.

Sources have warned that the deal is still not official and there are a number of points that need to be ironed out which could lead to further delays.

Chair of the work and pensions committee, Frank Field said: “The real question is whether or not pensioners are going to get what was owed to them prior to Sir Philip becoming the owner of BHS.”

“If the deal is finalised the committee will be elated; however, there will be careful analysis to determine whether the deal will leave future pensioners at a disadvantage. If it turns out that this is the case, we will be calling back the The Pension Regulator and Sir Philip Green to provide answers and a solution.”

In March 2015, Sir Philip Green sold BHS to former bankrupt Dominic Chappell. Prior to this transaction, the company had gone into administration because of a £571m pension deficit.

According to The Pensions Regulator, discussions on this matter will continue. A spokesman for the company added: “If we accept a settlement offer, it is going to have to be strong enough to stand the test of time, and that nobody is disadvantaged in the future because of it.”

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