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Dominic Chappell, the former owner of BHS, is to be prosecuted by the pensions watchdog for failing to provide information for the investigation into its sale in 2015. |
Stuart Price, Partner and Actuary at Quantum Advisory, comments: This really does not come as a surprise to me, particularly after the way the Pensions Regulator went after Sir Philip Green. Green has since partially redeemed himself by contributing £363m to the BHS Pension Scheme. What I am surprised about is how long it has taken to reach this verdict given that a warning notice was issued to Chappell in November last year for failing to provide information and documents requested during its investigation into the sale of BHS. The Pensions Regulator is also seeking a contribution from him of up to £17m.
I doubt though whether any of this will provide much solace to the 11,000 BHS Pension Scheme members who, as a result of the collapse of BHS and despite these significant payments to the BHS Pension Scheme, will still be receiving lower pension benefits than they were originally expecting. |
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