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Petition calls on Green to stump up £250m for BHS pension deficit

BHS

A petition calling on former BHS boss Philip Green to plug the collapsed retail giant’s £571m pension deficit will be delivered to his business group’s headquarters tomorrow.

The petition has received more than 100,000 signatures, and will be taken to Arcadia’s head office by general secretary of the shopworkers’ trade union Usdaw John Hannett and other campaigners tomorrow, The Guardian reports.

Green has yet to agree a deal with The Pensions Regulator after a number of meetings, while Dominic Chappell, who took control of the retail giant from Green, was arrested earlier this month as part of a tax investigation following the department store’s collapse.

Hannett is calling on Green to make a £250m personal contribution to the scheme.

Hannet tells The Guardian: “Our priority is to see Sir Phillip do the right thing and deliver on his promise to ‘sort’ the pension fund. If he wants to recover any reputational credibility he must not haggle his way out of his responsibilities, he must make a full contribution and do it quickly. That is the least he can do for former staff, many of whom spent their entire working life at BHS.”

BHS’ collapse in April contributed to 11,000 job losses and deepened an already large pension deficit.

As part of a parliamentary inquiry into BHS, MPs discussed forcing Green to pay up to £600m to help close the pension scheme deficit.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Presumably there will be some kind of refund to Philip Green as Gilt yields rise and the pension costs drop.

  2. @Clive Moore
    In what Universe will that happen during Philip Green’s lifetime?

  3. Whatever the rights and wrongs of what PG and others did or didn’t do, what about the system that allowed it to happen? I presume PG didn’t do anything illegal, or he’d have been prosecuted by now?.. so those (presumably the Government?) who devised and implemented the current system surely have a lot to answer for as well?
    Why didn’t enough MPs spot the problem and insist on changes IN ADVANCE of the problems manifesting themselves?
    As with many things governmental/political, many of the loudest voices come across as more bothered about posturing with hindsight, rather than delivering the required practical solution BEFORE its too late.

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