Sir Philip Green told to cover Arcadia pension fund gap out of own pocket

Retail magnate Sir Philip Green has been told by MP Frank Field he should make up Arcadia’s pension deficit with his own money.

The comment by the MP and Work and Pensions Committee chairman follows Sir Philip’s plans to restructure Arcadia brands Burton, Dorothy Perkins and Topshop, cutting contributions to the pension scheme.

In response to the plans, Mr Field said: “Might I please ask you to offer a guarantee to Arcadia staff that you would do the same for them, should the deficit reduction plan prove insufficient - and this time, without the need for the Regulator of Parliament to step in first?”, referencing the collapse of retail chain BHS and the ensuing pension deficit.

Back in 2016 BHS collapsed, leading to the loss of 11,000 jobs and a pension deficit of £571m.

Mr Field added that if members of the pension fund were put at serious risk as a result of the plans, the pensions regulator would be ready to intervene.

Arcadia, which is headquartered in London and plans to close 23 stores across the country, has yet to comment on the MP’s statement.

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