Wednesday, August 5, 2020

1600 BHS staff still in pension jeopardy as Green refuses to pay


Sir Philip Green has come under yet more pressure to make good on his word that he would solve the pensions deficit, having promised to do so six months ago.

Frank Field the Work and Pensions Committee chairman has announced that nearly 1600 ex-BHS workers will still face a 10 per cent cut in their pensions.

Green has already reportedly offered £250 million towards the £571 million deficit, however the Pensions Regulator has demanded at least £350 million and declined the offer.

Last month the Pensions Regulator started enforcement action against the billionaire, along with Dominic Chappell who helmed BHS during its demise and is accused of the “systematic plunder” of the company and its assets.

READ MORE: BHS must enter liquidation by the end of the month says PPF

“Six months ago today Sir Philip promised Parliament that he would ‘sort’ the pension scheme, but he hasn’t done that,” Field said.

“He has made that promise in many ways, many times, before and since. But he hasn’t done it.

“We know that it is within Sir Philip’s own means to have prevented this entirely, to meet all the promises made to his staff, and he pledged he would do exactly that in 2012. But he hasn’t.

“The Pension Regulator, after two years of negotiations, asked him to make a reported £350 million contribution to the hole in the pension fund. He hasn’t done that.

“I would like to ask now, on behalf of the BHS pensioners: Sir Philip, what have you sorted? What a fantastic Christmas gift it would be to the 20,000 pensioners counting on Sir Philip if he were to keep that promise now.”

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