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Sir Philip Green looks to buy out 16,000 pension plan members

Sir Philip Green is reportedly poised to buy out 16,000 out of the 20,000 BHS pension plan members with a cash lump sum.

Last week Green told MPs that he would fix the scheme which has deficit of £571m.

Part of the solution being worked on by Green and advisers involves buying out members with small pensions, according to The Daily Mail.

Individuals who accepted the proposals would receive a one-off payout of a few thousand pounds, at a cost to Green of between £100m and £200m.

The plan would dramatically cut the scheme’s liabilities and could save it from being taken over by the Pension Protection Fund.

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