Post by toby1 on Dec 1, 2020 9:04:59 GMT -5
Multi-millionaire retail tycoon Sir Philip Green is facing public pressure to address a funding shortfall in the Arcadia pension scheme after the company’s collapse.
Arcadia, which owns TopShop, Topman, and Dorothy Perkins among others, fell into administration on Monday night. The collapse has left the fate of Arcadia’s 13,000 employees and roughly 500 stores hanging in the balance.
The collapse has also created uncertainty about the future of Arcadia’s pension scheme, which has around 10,000 members but is suffering from a reported £350m ($469.2m) funding shortfall.
READ MORE: TopShop-owner Arcadia collapses with 13,000 jobs on the line
Trustees of the scheme said on Monday night that the Arcadia pension plan would continue to pay out as normal but would be assessed by the Pension Protection Fund (PPF). The state-backed PPF is a pensions “lifeboat” that steps in to makeup payments for failing pension schemes.
Baroness Ros Altman, the former pensions minister, said the Arcadia scheme was “likely to enter the PPF, reducing most pensions by between 10% and 20% for the thousands of workers who may also lose their jobs.”
Politicians urged Sir Philip Green to step in and fill the funding gap to avoid this outcome.
“Phillip Green should do the right thing and fill the Arcadia pension deficit,” Labour leader Keir Starmer tweeted.""
Keir Starmer is a fool, does he Really Really expect an Austrian Jew to willingly part with his own cash ?
This thing about the hole in the Pension fund has been dragging on for years now and instead of offering Grun a hard choice, make restitution or go to Prison for a long time, the stupid UK Politicians let Grun lead them down the garden path with his empty promises.
