Former BHS workers could have to wait for a ”long war of attrition” between Sir Philip Green and the regulator to conclude before they learn the fate of their pensions, according to one expert.
Independent pensions expert John Ralfe told The Guardian it could take years to resolve the standoff, after the Pensions Regulator commenced enforcement action against Green this week.
Ralfe said the regulator can legally demand Green make a payment, but he can appeal against the decision all the way to the Supreme Court.
“This is very significant, very rare, and there aren’t any precedents,” Ralfe told the newspaper. “It will take years. It’s going to be a long war of attrition.”
The regulator has not revealed how much it is seeking from Green, but he is thought to have offered £250m - between £50m and £100m short.