What does this mean?
The former owner of BHS, Sir Philip Green could obtain £15m from the retailers pension rescue deal. This news come from details released by the regulator.
Green will be entitled to this sum of money if 90 per cent of eligible pension fund members choose to take a lump sum payment rather than buying an annuity which would give them a yearly income.
Frank Field, the Labour MP, called for Green to plough any “refund” back into the scheme.
This is due to the fact that even though Green came to the agreement of rescuing the pension funds, members will only receive on average 88 per cent of benefits which they paid for.
The BHS chain collapsed last year, 11,000 staff members were left without a job, it also left £571m pensions deficit in a retirement scheme which covered 19,000 members.