With the ink barely dry on the BHS pensions contribution made by Sir Philip Green, it seems that the pension fund deficit at the Green family owned Arcadia Group could be as high as £1 billion on a buy out basis (or £565 million on a solvent basis). There are 11 million members of the Arcadia Group scheme who a raft of MPs are seeking to protect in the climate of mistrust still hanging over the retailer’s affairs. It is understood that Arcadia has now agreed to pay £50 million a year into the scheme until such time as the pension fund is back in balance. No doubt, MPs and The Pensions Regulator will be keeping a close watch on this.
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