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Birthday : 03/14/1952
Place of birth : Croydon - United Kingdom
Linked companies : Meggitt plc
Biography : Mr. Philip E. Green is a Member at Dorset Employment & Skills Board and a Member at GC100 Group Plc.

Best-paid former BHS executives gain most from Green's pension deal - MPs

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03/21/2017 | 10:18am CEST
FILE PHOTO: British billionaire and CEO of the Arcadia Group Green attending the opening ceremony of a Topshop flagship store in Hong Kong

British retail tycoon Philip Green's deal with the regulator to plug a hole in the pension schemes of collapsed department store BHS will see a small number of the highest-paid former managers benefit the most, a parliamentary committee said on Tuesday.

A report by the lower House of Commons' Work and Pensions Committee also found billionaire Green could receive a 15 million pound refund from the 363 million pounds payment he made to the BHS pension schemes last month.

Green owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for one pound in 2015. BHS went into administration in April 2016. Some 11,000 jobs were lost.

In a July report, lawmakers accused Green of greed and disregard for corporate governance that led to the collapse of BHS. Green said the report was biased and unfair.

Green's deal with the pensions regulator gave the 19,000 members of the BHS pension schemes the option of the same starting pension they were originally promised by BHS, and higher benefits than they would get from the lifeboat scheme, the Pension Protection Fund (PPF).

Alternatively, scheme members could opt for a lump sum payment if eligible or remain in their current scheme and receive benefits from the PPF. The lump sum option is available to members with small pots of up to 18,000 pounds in value.

On Tuesday, lawmakers said their analysis showed those who did best were the 16 people with the best pensions, while some pensioners would receive less than 80 percent of what they would have received under BHS scheme rules.

They also found that, if there was a 90 percent take-up of the lump sum payment option, Green gets a 15 million pound refund.

“I hope Sir Philip will recycle any refund back into the scheme as BHS pensioners will still be facing cuts in the benefits for which they paid," said Frank Field, chair of the committee and long time critic of Green.

“It is also clear that Sir Philip prioritised his loyal senior managers, who have had the PPF cap on high pension benefits completely removed," he said.

A spokesman for Green declined to comment on the report.

($1 = 0.8078 pounds)

(Reporting by James Davey; Editing by Edmund Blair)

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Latest news about Philip Green 
03/21 PHILIP GREEN : Best-paid former BHS executives gain most from Green's pension deal - MPs
03/01 PHILIP GREEN : Philip Green-backed MySale sees earnings rise
2016 PHILIP GREEN : UK regulator says earliest could force Green to redress BHS pension is mid-2017
2016 PHILIP GREEN : UK pensions regulator targets Green for BHS redress
2016 PHILIP GREEN : Retail tycoon Green says still working on BHS pension fix
2016 PHILIP GREEN : UK lawmakers
2016 PHILIP GREEN : Tycoon Green to fix BHS pensions after admitting mistakes
2016 PHILIP GREEN : Philip Green calls on BHS inquiry chair to resign
2016 PHILIP GREEN : Philip Green hits out at UK pensions regulator over BHS sale
2016 PHILIP GREEN : Philip Green hits out at 'trial by media' over BHS failure
2016 PHILIP GREEN : UK lawmakers ask Philip Green to testify in BHS pensions inquiry
2016 PHILIP GREEN : MPs expect to quiz Philip Green in BHS pensions probe
2015 PHILIP GREEN : Philip Green's Arcadia sees pre-Christmas sales fall
2015 PHILIP GREEN : UK retailer Philip Green offloads BHS to buyout firm
2015 PHILIP GREEN : Philip Green's Arcadia in talks on potential sale of BHS store chain
1  2  3  4  5  6  7  8  9  10Next

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