UK. Pensions hole deepens at Sir Philip Green’s Arcadia
The pension deficit at Sir Philip Green’s Arcadia Group soared to £565m last year as BHS was dragged to its knees by its own shortfall, according to new documents released last night by MPs.
The retail billionaire had said he would double his annual contribution into Arcadia’s pension fund to £50m. However, at that time it was believed the deficit was only £200m.
Now new papers, dated after the company’s triennial valuation, show the full severity of the issue. They also reveal that Sir Philip would have been paying only £15m until August before jumping to £35.5m last September.
Full Content: Telegraph
