May 24, 2019

Sir Philip Green told to fund Arcadia's pension deficit

Sir Philip Green should use his own money to support the pension fund of his troubled Arcadia retail empire, MP Frank Field has urged. The chairman of the Work and Pensions Committee intervened following Sir Philip's plans to restructure Burton, Dorothy Perkins and Topshop and cut contributions to the pension scheme. Under the proposed restructuring announced this week, the Arcadia business would shut 23 stores and the company's contribution to the pension fund reduced from £50m a year. "When a similarly grim situation arose for BHS pension scheme members, you personally provided funding, though not until after the intervention of the Pensions Regulator," Mr Field wrote. He eventually paid out £363m of his personal wealth to help shore up the group's pension deficit.

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