Scotland Times

Thursday, Mar 28, 2024

Lady Green to pay £50,000,000 into vast Arcadia pensions deficit

Lady Green to pay £50,000,000 into vast Arcadia pensions deficit

Lady Tina Green has said she will pay £50 million into Arcadia’s pension deficit earlier than planned.

Sir Philip Green’s wife was the official owner of the retail empire, which includes Topshop and Burton, until it collapsed into administration on Monday.

Last year, she promised to pump £100 million into the company’s pensions scheme.

Two separate instalments of £25 million have already been paid to the deficit-plagued scheme.

She has now confirmed she will pay the remaining £50 million, which was not due for another 10 months, within the next 10 days.

More than 9,000 current and former members of the pension scheme face potential cuts of up to 20% of their current benefits.


A Topshop store on Princes Street, Edinburgh


It is understood that the scheme is likely to be rescued by the Pensions Protection Fund after Arcadia’s insolvency on Monday.

The company’s total pension deficit is estimated to stand at £350m.

Lady Green, who is based in Monaco with Sir Philip, was the official owner of the retail empire until the administration earlier this week.

In a statement on behalf of Lady Green, the company said: ‘Last year Lady Green committed to paying £100 million into the company’s pension scheme in three instalments.

‘Two instalments of the amount of £25 million each as agreed has already been paid, the third and final instalment of £50 million was not due to be paid until September 2021.

‘Lady Green is going to bring this payment forward to be paid in the next seven to 10 days to complete the £100 million commitment of payment.’

Earlier on Wednesday, Business Secretary Alok Sharma wrote to The Insolvency Service asking them to look at the conduct of directors at Arcadia to see ‘whether their actions caused detriment to pension schemes’.

On Tuesday, a spokesman for The Pensions Regulator said: ‘We are aware of the challenges that the business is currently facing in these unprecedented times and we continue to work with the directors, the trustees and their respective advisers, as well as the PPF, to protect the position of the Arcadia pension schemes’ members to the fullest extent possible.’

Earlier this week, MPs also called for more details of the June 2019 restructuring deal struck between her, Arcadia, the Pensions Regulator and the PPF, which enabled the group to stave off bankruptcy at that time.

Newsletter

Related Articles

Scotland Times
0:00
0:00
Close
UK Island Orkney council to look at proposals to become territory of Norway
Woman Awarded Over £100,000 After Being Fired for Transgender Tweet
A provocative study suggests: Left-Wing Extremism and its Unsettling Connection to Psychopathy and Narcissism
A Real woman
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Double standards: UK lawmakers attack EU chief over Ireland claims
Democracy? Not for UK. UK PM rejects Scottish independence referendum, cancel democracy in BVI
UK urged to brace for economic storm
Women's own body dissatisfaction appears to influence their judgment of other women's body sizes
Prince William To Move Family Into Cottage Near Queen Elizabeth II
BOOOOOOS: Tony Blair receives royal honour
Captured Britons sentenced to death in Ukraine
Barbados PM Mia A. Mottley among Time Magazine’s 100 Most Influential People
Today's headlines
"Just One Of the Boys In School:" Years That Shaped Prince Charles
BVI Premier Rubbishes Claim Of Causing COI Delay
Comments on "Human Intelligence in a Digital Age" - A brilliant Speech by MI6 Chief Richard Moore, and the elephants neglected in the room
Bitcoin: BoE Deputy Gov wants to cancel democracy and protect the banks with regulations which infringe on people’s freedom, independence and benefits they get from their own money.
What are the Pandora Papers?
Taiwan-China relations at their 'worst in 40 years'
The attempt to hold Epik.com accountable for the content of its clients' websites is like blaming Gutenberg for the NYT's fake news that dragged the US into the pointless war against the nuclear weapons Iraq never had
×