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MPs accuse Sir Philip Green of 'favouring' Arcadia pension fund

Arcadia’s pensions deficit has swelled to almost £565m as of March last year, documents released by parliament this weekend show.

The Arcadia Group pensions deficit has increased from £456m when a previous assessment was made in March 2013.

MPs have also accused boss Sir Philip Green of “long favouring” Arcadia pension schemes over those of BHS. Work and pensions committee chairman Frank Field said there was a “substantial” and “credible” recovery plan in place to address the Arcadia pension shortfall.

In March, a spokesperson confirmed Arcadia has increased payments into its pension fund from £25m a year to £50m to help plug the deficit. The move came days after Green made a voluntary contribution of £363m to settle the BHS pension scheme.

 

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