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Sir Philip Green could face £1bn fine over BHS pensions, say MPs

Sir Philip Green could be facing a £1bn fine as an incentive to sort out the BHS pension deficit, under new plans by MPs.

In a new report by the Commons Work and Pensions committee MPs are calling for new powers to issue fines to companies who have large pension shortfalls.

It would mean Green paying a £1bn fine, three times the £350m he had been asked to contribute, according to Sky News.

The report said BHS was only one example of problems in UK pension funds as 74% of final salary schemes were in deficit last month, totalling £195bn.

When BHS collapsed earlier this year it had a pension deficit of £571m.

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Readers' comments (1)

  • The Goverment should go for all these rogue traders/delaers who avoid VAT--other taxes and also go into admin/liquation and open up next day.....its killing not only the creditors ,but also damaging the reputation of the british honesty .

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