Lady Tina Green has agreed to pay a £50m deficit recovery contribution (DRC) to Arcadia’s pension schemes earlier than scheduled.
The collapse of Sir Philip Green’s retail giant Arcadia must be met with clear solutions and support for its pension scheme, which looks likely to enter Pension Protection Fund (PPF) assessment, Stephen Timms has said.
The Pensions Regulator (TPR) has mooted pursuing Sir Philip and Lady Tina Green's overseas assets to ensure there are enough funds for the Arcadia pension schemes.
Cases such as The Pensions Regulator's (TPR) recent negotiations with Arcadia are at the top of the watchdog's agenda, its chief executive has told MPs.
The Pension Superfund has told Arcadia's pension scheme trustees that it stands by to "assist the scheme trustees to deliver members into a safe harbour" after the company's rescue deal was approved.
The Pensions Regulator (TPR) and The Pension Protection Fund (PPF) have approved amendments to Arcadia Group's company voluntary agreements (CVAs) ahead of a crucial creditors' meeting.
Arcadia's two defined benefit (DB) pension schemes have been offered an extra £185m of security over property by Sir Philip Green in the event that it is needed in the future.