Sir Philip Green could be called to parliament to be questioned by the Work and Pensions Committee over the collapse of BHS.
Committee chair Frank Field MP has confirmed it will examine how the receipt of the pension liabilities from BHS, which was placed into administration yesterday and has a £571m deficit in its pension scheme, will affect the Pension Protection Fund - the government-backed lifeboat for members of pension schemes in cases where the employer has gone bust - and its users.
“We need as a committee to look at the Pension Protection Fund and how the receipt of pension liabilities of BHS will impact on the increases in the levy that will now be placed on all other eligible employers to finance the scheme,” he said.
“We will then need to judge whether the law is strong enough to protect future pensioners’ contracts in occupational schemes.”
The committee could decide to call on Arcadia boss Sir Philip Green, as the chain’s former owner. This will not be confirmed until the committee meets tomorrow morning.