Sir Philip Green is offering £100m less than the Pension Regulator is seeking to plug a gap in the BHS pension scheme. According to a report on the BBC, the regulator wants £350m in redress from Sir Philip, who is offering £250m.
The regulator launched enforcement action against Sir Philip and other former owners of BHS after failing to agree a deal over pensions. Sir Philip says he had presented “a credible and substantial proposal”.
The regulator has sent warning notices to Sir Philip, his retail group, and Dominic Chappell, who was the owner when the department store chain collapsed.
The 300-page notices could see the billionaire being ordered to pay more towards the pension shortfall, which had swollen to nearly £600m by the time BHS went out of business.
“I have read the statement from the Pensions Regulator this evening and noted its contents,” Sir Philip said. “I have also spoken to the chairman of the [BHS pension] trustees who is supportive of the proposal on the basis that it provides members with better benefits than they would receive from the PPF.”