The Pensions Regulator will meet with former BHS owner Sir Philip Green later this week to try and push through a rescue plan for the collapsed retailer’s pension fund.
According to the BBC, TPR and Green will address the £571m pension deficit left when the retailer went bust in April in discussions to take place by the end of the week.
Green has not yet said how much financial support he would give the pension fund, but has told MPs he was working on a “resolvable and sortable” solution to the deficit and had already had “very strong dialogue” with TPR over potential solutions.
In an ITV interview, Green said “If we arrive at the place where we hope to arrive, there will be no requirement for [industry lifeboat] the Pension Protection Fund (PPF) [to step in].”
Documents released as part of a parliamentary inquiry into BHS’ collapse appear to show that Green had originally refused a request from BHS’ buyer, Dominic Chappell, to speak to TPR over concerns about its pension scheme.
Under its powers, TPR could force Green to make payments to fund the pot’s deficit if they find he deliberately attempted to sidestep his obligations to the scheme or sold its assets too cheaply.
Green still faces the prospect of losing his knighthood as MPs debate whether to strip him of the award on Thursday.