Pension watchdog demands £50m more from Arcadia

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The pension watchdog is calling for an extra £50m injection from Arcadia into its retirement scheme in exchange for votes to prevent the failure of its financial restructuring proposal. 

The Pensions Regulator has reportedly told Arcadia it wants a further £50m contribution to the fund on top of the £100m injection offered last week in exchange for waving through the financial restructuring proposals put forward in its company voluntary arrangement, according to Sky News.

This would bring the total aggregate pension funding package to £410m.

Earlier in the week, Sir Philip Green offered £185m in additional funds primarily made up of property assets to reduce Arcadia’s overall deficit in a bid to win approval.

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