£363m Cash settlement deal struck with Sir Philip Green over BHS pension scheme
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[QUOTE]Sir Philip Green has agreed a £363m cash settlement with the Pensions Regulator to plug the gap in the BHS pension scheme.
Workers will get the same starting pension that they were originally promised.
It brings to a close a long-running negotiation over benefits for former workers of the collapsed retailer.
The regulator had launched enforcement action against Sir Philip and other former owners of BHS.
Sir Philip said: "I have today made a voluntary contribution of up to £363m to enable the trustees of the BHS Pension schemes to achieve a significantly better outcome than the schemes entering the Pension Protection Fund (PPF), which was the goal from the outset. [/QUOTE]
Source: [URL]http://www.bbc.co.uk/news/business-39118566[/URL]
Looks like a knighthood costs £363m...
Not bad considering there was a £571m hole in the pension fund.
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