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MPs probe Arcadia pension deficit recovery plan

The work and pensions select committee has written to Arcadia to request more information about the recovery plan for its pension fund, which is said to be well over £200m in deficit.

Lesley Titcomb, chief executive of the Pensions Regulator, is set to appear before the committee tomorrow to answer questions on how her regulatory powers can and should be used to avoid another BHS pension fund disaster.

She said the regulator is continuing to monitor the Arcadia schemes on an ongoing basis and will consider the impact of discussions and investigation concerning the BHS pension schemes on the employer covenant and position of the Arcadia pension schemes.

Frank Field, chair of the work and pensions select committee, said: “We are pleased to see that the Pension Regulator has used its powers to demand information from Arcadia about yet another of Sir Philip Green’s pension funds that is going deep into deficit, but it is a terrible concern that it has got to this stage again. Is Sir Philip going to ‘sort’ this one too?”

Field wrote to Titcomb asking if the regulator had the powers to acquire “assets other than cash” from the person or company from which payment is being sought.

Arcadia declined to comment.

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