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MPs will question Sir Philip Green over BHS collapse

MPs have confirmed they are inviting former BHS owner and Arcadia boss Sir Philip Green to give evidence about the impact of the BHS collapse and its pension liabilities on the Pension Protection Fund.

Philip Green

Philip Green

The Work and Pensions Committee is asking Green and Pension Protection Fund chief executive Alan Rubenstein, Pension Regulator chief executive Lesley Titcomb and the minister for pensions, as well as other owners of businesses subject to recent cases, to attend.

The scope of the inquiry will cover the adequacy of the defined benefit pension scheme regulation and regulatory powers, and the use of these powers by the Pensions Regulator in recent cases, including BHS.

It will also look at the implications of the regulatory approach for company behaviour, including whether it mitigates or incentivises moral hazard.

Frank Field MP, chair of the committee, said: “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. We will then need to judge whether the law is strong enough to protect future pensioners’ contracts in occupational schemes.”

The Business, Innovation and Skills Committee is expected to announce some work in this area later this week and the two committees are also discussing the possibility of joint work.

 

 

Readers' comments (1)

  • well, he got £1.2bn out of Arcadia and £586m from BHS, so he should be forced to stump up to bail out the pension deficit accrued under his tenure of BHS. Can't see it happening though, he doesn't give a fig.

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