MPs to demand Phillip Green pays £600m into BHS pension scheme

Frank Field MP

MPs holding an inquiry into the collapse of retailer BHS are set to ask former owner Sir Phillip Green to pay up to £600m to help close the pension scheme deficit.

According to the FT, Work and Pensions committee chair Frank Field said MPs would “laugh” if Green offered to pay anything less.

Field estimates the BHS’s scheme’s deficit has risen from £571m to around £600m since the firm has entered liquidation.

He said: “If any proposal amounts to anything less than that, the committee will just laugh at him.”

He added: “The evidence we have been hearing about the BHS sale has been very worrying and disconcerting.

“The committee may have considered a reasonable settlement in the very early days of our inquiry, but things have changed.”

“Sir Philip needs to convince us that he’s come up with the very best deal for those pensioners.”

Green, whose Acardia Group sold BHS for £1 to serial bankrupt Dominic Chappell in 2015, is due to give evidence as part of the inquiry this week.

He called for Field to step down as chair of the inquiry after the politician said he would back calls for Green to be stripped of his knighthood if he did not fill the scheme’s funding blackhole.