MPs have renewed calls on Sir Philip Green to find a solution to the BHS pensions black hole.
The calls come six months after Green promised to “sort” the BHS scheme. He told the Work and Pensions Committee at the time: “We will sort it. We will find a solution.”
Frank Field MP, chair of the committee, said: “I would like to ask now, on behalf of the BHS pensioners: ’Sir Philip, what have you sorted?’ What a fantastic Christmas gift it would be to the 20,000 pensioners counting on Sir Philip if he were to keep that promise now.”
Field said that 1,600 BHS pensioners are already feeling a 10% cut in the returns they were promised on their life savings and that 20,000 will have the annual indexation increases that they should be able to expect reduced.
BHS plunged into administration in June this year and its pension scheme, which had a deficit of more than £500m, fell into the Pension Protection Fund.
Six weeks ago the Pensions Regulator sent Green a warning notice, formally beginning enforcement action to seek redress on behalf of the BHS pension schemes.