Sir Philip Green has agreed to inject an additional £25m into the troubled Arcadia’s pension fund.
Previously the Pensions Regulator told Sir Philip he will need to top up his contribution if they were to support a company voluntary arrangement (CVA) for the troubled Arcadia.
Arcadia group has almost 10,000 pension scheme members, they said £100m voluntary cash contribution has been pledged with £210m set aside in security.
The Pensions Regulator said, “Following extensive discussions with the company, shareholders, the trustees of the pension schemes, the PPF and advisers, we are pleased that additional security has been agreed in support for the pension schemes which brings the total security value to £210m.
“This is in addition to agreed contributions of £100m to be paid to the schemes by Lady Green.
“Given this enhanced level of support, we now consider the updated CVA proposals are sufficient because they provide better protection for scheme members in these difficult circumstances.
“We recognise that the best support for any pension scheme is a trading employer and we feel the CVA proposals now provide the right balance between security for the pension schemes and the chance of sustainability for the company.”
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