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Select committee begins scrutiny of BHS pension settlement

The work and pensions select committee has started its scrutiny of the BHS pension settlement, which saw Sir Philip Green make a voluntary contribution of up to £363m at the end of February.

Frank Field, chair of the committee, has written to Lesley Titcomb, chief executive of the Pensions Regulator to ask how the average projected member benefit compared with the average projected benefit had they been paid at Pension Protection Fund (PPF) levels, among other things.

He is seeking clarity on what different groups of pensioners are expected to receive and if any scheme members would have been financially better off under the PPF.

He also wanted further detail on £15m which could be potentially returned to Green.

“I understand that under the terms of the settlement, £343m has been paid to fund the new scheme, with £20m potentially to be used for other purposes,” he wrote.

“This includes up to £15m to account for the possibility of fewer than 90% of eligible scheme members choosing to take a winding-up lump sum.”

He wanted to know the formula used to determine how much of the £15m will be returned to Green and what the remaining £5m will be used for.

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