Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2016
04

MPs to look into impact of BHS pension liabilities on PPF

Open-access content Wednesday 27th April 2016 — updated 8.43pm, Wednesday 6th May 2020

The Work and Pensions Committee has announced plans for an inquiry into how the BHS pension scheme would affect the Pension Protection Fund (PPF), following the announcement that the retailer filed for administration on Monday.

Sir Philip Green, chairman of Arcadia Group © Financial Times


The committee wants to investigate the adequacy of regulation of defined benefit pension schemes in general, especially in relation to schemes of complex and multi-national companies.

The inquiry also involves assessing the Pensions Regulator's (TPR) use of powers in recent cases and its resourcing and prioritisation of supervisory work.

In addition, MPs want to look at the sustainability of PPF, the fairness of the fund's levy system and its impact on businesses and scheme members. 

Frank Field, chair of the Work and Pensions Committee, said: "We need as a committee to look at the Pension Protection Fund and how the receipt of pension liabilities of BHS will impact on the increases in the levy that will now be placed on all other eligible employers to finance the scheme. 

"We will then need to judge whether the law is strong enough to protect future pensioners' contracts in occupational schemes."

The committee plans to invite the company's previous owner Philip Green, along with other business owners subject to recent cases, to give evidence. 

The entrepreneur bought the retailer in 2000. In 2009, the firm became part of Green's Arcadia Group. In March 2015, BHS was sold to the consortium Retail Acquisitions Ltd for £1.  

Green has reportedly offered £80m to the BHS pensions scheme, but as of March 2014 it had a deficit of £207.6m. The scheme is currently reported to have a deficit of £571m. It has more than 20,000 policyholders. 

The findings of its last triennial valuation are expected to be published this year. 

This article appeared in our April 2016 issue of The Actuary.
Click here to view this issue
Filed in:
04
Topics:
Pensions

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ