MPs and unions have been urging Sir Philip Green to “make good” the huge shortfall in Arcadia’s pension scheme. Otherwise, staff could suffer a 10% cut to their retirement income if the company collapses, and the scheme is placed into the UK’s Pension Protection Fund. My colleague Joanna Partridge explains: Stephen Timms, the chair of parliament’s work and pensions select committee, called on Green and his family to plug an estimated £350m funding shortfall.
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