Frank Field MP has made a fresh call to Arcadia boss Sir Philip Green to end the uncertainty for BHS pensioners, six months after he promised to “sort” the pension scheme at an evidence in parliament.
More than 1,600 pensioners have already had cuts of 10% or more, while all 20,000 will be subject to reduced indexation and 2,620 will receive no indexation at all, the Pension Protection Fund has stated.
“We know that it is within Sir Philip’s own means to have prevented this entirely, to meet all the promises made to his staff, and he pledged he would do exactly that in 2012 but he hasn’t,” said Field, chair of the work and pensions select committee. “The Pension Regulator, after two years of negotiations, asked him to make a reported £350m contribution to the hole in the pension fund. He hasn’t done that.”
He urged Green to make a “fantastic Christmas gift” to the pensioners and to keep his promise now.