Field warns Sir Philip Green over pensions agreement

Sir Philip Green
Sir Philip Green

Labour MP Frank Field has warned Sir Philip Green his BHS settlement deal with a pensions regulator will be scrutinised to ensure pension laws are fit for purpose.

Mr Field, who chairs the Work and Pensions Committee, said the details of the £363 million agreement struck between the billionaire and the Pensions Regulator (TPR) must be revealed so the Government can shore up regulation and prevent another BHS-style collapse.

In a letter to Sir Philip, the veteran MP welcomed the out-of-court settlement, but said the committee had been frustrated by the “reluctance” of TPR to reveal the finer points of the negotiations, and called on the Topshop boss to publish the regulator’s warning notice against him.

He wrote: “The fact remains that, incorporating indexation, the pension scheme members can expect to receive on average 88% of the benefits they were promised by you. Many will receive less.

“BHS was its largest avoidance case. It is incumbent on the committee to examine not just whether that was a good settlement, based on evidence they had, which might act as both a template for other cases and a deterrent to avoidance occurring in future.”