Sir Philip Green said to be 'close' to 350 million pounds BHS pension deal

It seems as if Sir Philip Green is 'close' to finalising an agreement concerning the 571 million pounds BHS pension deficit, which is likely to see the retail entrepreneur pay out more than 350 million pounds.

The deal to salvage the pensions of thousands of former BHS workers may be revealed as early as this week, reported Sky News, as Sir Green is set to sign a provisional deal with the Pensions Regulator, although it could take longer than predicted as sources warned there were still some "moving parts."

However exact details concerning the deal, which would come close more than seven months after Sir Green promised to "sort" out the deficit were still unclear this weekend. One source indicated the deal was likely to involve chunk-sum payments to thousands of former BHS employees who hold smaller pension pots, in addition to the development of a new plan to pay out regular payments to remaining members.

The agreement will also face intense scrutiny from MPs on the Commons Works and Pensions Select Committee, chaired by Frank Field, who has publicly called Sir Green out several times to plug the BHS pension gap. In addition any deal made between the billionaire Arcadia Group owners and the pension regulators is still likely to see BHS pensioners facing modest cuts to their benefits. However, the agreement is likely to be more favourable for the pensioners than a deal with the Pension Protection Fund (PPF).