Mar 21, 2017
Top BHS managers big winners in Green pension offer
Six senior, former BHS executives who had faced deep cuts to their retirement incomes are among the biggest winners from Sir Philip Green's bid to rescue the chain's pensioners, according to documents released by parliament on Monday. The Topshop tycoon agreed this month to pay up to £363m to prevent the stricken BHS pension scheme from falling into the Pension Protection Fund, an official lifeboat that takes over funds that are left insolvent after the collapse of the sponsoring employer. Sir Philip's final payment will depend on the number of former workers who opt to receive a lump sum up front instead of waiting for a pension that, while more valuable according to actuarial principles, may amount to only a few pounds a month. Among them are 16 former BHS employees who had been promised pensions that exceeded the PPF's compensation cap. Sir Philip told parliament in June that one of his priorities was to rescue senior managers whose large pension pots made them particularly susceptible to cuts.
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