Arcadia directors agree £1bn pension deal with Topshop

Arcadia GroupSir Philip Green’s pension plans are reaching a deal to offload pension funding pledges made by Sir Philip Green’s former retail empire, according to Sky News.

The trustees of the Arcadia Group executive and staff schemes are in talks with Pension Insurance Corporation over a transaction to insure around £1bn of liabilities.

The newspaper acknowledged that the discussions are not considered exclusive with Pension Insurance Corporationwith other specialists in pension risk transfer who have also reportedly been in talks in recent weeks.

Sir Philip Green agreed £385million in funding with The Pensions Regulator in 2019 to fill the void in Arcadia’s pension schemes, largely funded by his wife and Arcadia owner Lady Tina Green.

Green had also injected hundreds of millions of pounds into the pension fund of collapsed department store chain BHS two years earlier.

A spokesperson for Arcadia’s pension trustees told Sky News: “The trustees are working hard to protect members’ benefits and continue to explore several options to ensure the best long-term results for members of both schemes. retirement. Discussions are ongoing and the directors will update members at the earliest opportunity.”

Arcadia Group collapsed into administration in November 2020. In February 2021, ASOS has acquired Topshop, Topman and Miss Selfridges for £265m.

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