Nov 30, 2020

Arcadia: Topshop owner faces collapse within hours

"Our offer would allow you to retain employment for many thousands of your staff, reopen hundreds of stores when the current lockdown ends, and protect the financial positions of thousands of members in your pension schemes," a letter addressed to Arcadia Group executives, and seen by the BBC, said. Adding to the uncertainty facing the thousands of Arcadia staff is an estimated £350m hole in the company's pension fund. "Whatever happens to the group, the Green family must make good the deficit in the Arcadia pension fund," the Labour MP said. Pensions consultant John Ralfe told the BBC that if Sir Philip did 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 the majority of their pension entitlement through the Pension Protection Fund.

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