Nov 29, 2020
Arcadia: Sir Philip Green 'must plug Arcadia pension hole'
Sir Philip Green and his family must plug a £350m hole in the pension fund of their retail giant Arcadia, the Work and Pensions Committee chair has said. The committee chair, Labour MP Stephen Timms, said: "This is a dreadful time for Arcadia staff to be worrying about their jobs and their pensions." "Whatever happens to the group, the Green family must make good the deficit in the Arcadia pension fund," he said. Pensions consultant John Ralfe told the BBC that if Sir Philip chose to use his personal wealth to plug the hole in the Arcadia pension pot, that would ensure workers enrolled in the scheme receive their full pension. Mr Ralfe said even if the retail magnate did not do that - or if he writes a cheque that is substantially less than £350m - Arcadia workers should still receive most of their pension entitlement through the Pension Protection Fund.
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