Pensions - Articles - Industry comment on Sir Philip Green pension payment

 Commenting on Sir Philip Green’s decision to contribute £363m in cash into the BHS defined benefit pension scheme, Steve Webb, Director of Policy at Royal London, said: “This news will come as a great relief to thousands of past and present employees of BHS, and the Pensions Regulator deserves great credit for securing this deal.

 “But Sir Philip Green could have spared his staff many months of misery and uncertainty if he had stumped up the cash willingly, rather than only after many months of protracted negotiations.”
   

 Regarding the resolution between Sir Philip Green and the Pensions Regulator, Darren Redmayne CEO of Lincoln Pensions commented: "Everyone appears to have won to some degree in this game of high stakes poker. The Pensions Regulator needed to get a result, Sir Philip Green had to repair his reputation in the most cost effective way and most importantly members now get better benefits than they would from the PPF lifeboat. Each player could have played their hand for more in this negotiation but would have risked losing everything - as such, this looks like a decent result for all concerned."