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Sir Philip Green urged to improve on 'derisory' £250m BHS pension offer

Published 30/11/2016

Sir Philip Green has been urged to raise a £250 million offer made to thousands of current and former BHS employees
Sir Philip Green has been urged to raise a £250 million offer made to thousands of current and former BHS employees

Sir Philip Green has come under more pressure to "sort out" the BHS pension scheme as a 100,000-name petition has been handed in at his head office.

The shopworkers' union Usdaw called on the tycoon to put forward "significantly more" than £250 million he has offered to make good pensions for thousands of current and former employees.

General secretary John Hannett said: "Sir Philip Green promised MPs he'd 'sort' the pension scheme back in June, implying that would happen soon.

"Over five months later, we still don't appear to be any further forward and his derisory offer of £250 million quite simply does not go anywhere near keeping his promise.

"Every one of the current and future BHS pensioners need assurances about their future income, having seen a company that traded on our high streets for over 80 years sold for £1, then go to the wall with over 11,000 jobs lost.

"That requires Sir Philip to put up enough funds to deliver a better deal than the guaranteed 90% of accrued benefits from the Pension Protection Fund.

"If he wants to recover any reputational credibility, he must not haggle his way out of his responsibilities, he must make a full contribution and do it quickly. That is the least he can do for former staff, many of whom spent their entire working life at BHS."

BHS collapsed in April, leading to the loss of 11,000 jobs and a £571 million pension deficit.

Sir Philip controlled the business for 15 years until he sold it to Dominic Chappell.

The union handed in the petition to Sir Philip's Arcadia head office in London.

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