MP's call for Sir Philip Green to resolve BHS deficit

Arcadia owner Sir Philip Green has to date not solved the BHS pensions deficit, despite promising to do so six months ago.

MP 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.

MP's rejected Green's 250 million pound offer

According to the Retail Gazette Green has already reportedly offered 250 million pounds towards the 571 million pounds deficit, however the Pensions Regulator has demanded at least 350 million pounds 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.

According to City AM, Duff & Phelps, the administrators salvaging the wreckage of BHS, are set to contribute a maximum of 45.7 million pounds in recovered monies to the failed retailer’s pension deficit – leaving a hole of at least 525 million pounds.

"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.

"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."

Photo: By Mtaylor848 (Own work) [CC BY-SA 4.0 (http://creativecommons.org/licenses/by-sa/4.0)], via Wikimedia Commons