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MPs launch major inquiry into pension schemes following BHS collapse

The work and pensions committee is launching a major new inquiry into the regulation of defined benefit pension schemes following the collapse of BHS.

Frank Field

Frank Field

Frank Field

The committee, led by chair Frank Field, is set to announce further details tomorrow.

Field has also met with David Green, director of the Serious Fraud Office, to discuss the sale of BHS by Arcadia boss Sir Philip Green to Retail Acquisitions.

“The central concern that emerged from our inquiry was the rushed sale of a struggling high street institution to manifestly unsuitable buyers,” said Field.

“There is no way someone with Sir Philip Green’s experience believed they were anything but.”

He raised concerns about Green “pushing through the sale in a pressure cooker environment while any deal for the pension fund fell by the wayside”.

Field said the meeting with Green was constructive and he was “reassured by the tone of the discussions” and the approach the SFO is taking.

“They of course operate independently and we assured them again of our absolute non-interference: we will simply send them all the evidence we have not published to consider and use as they will,” he said.

A spokesman for Green declined to comment.

 

 

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