LONDON (Reuters) – A British parliamentary committee has called on the pensions regulator to fight for those workers at Philip Green’s Arcadia Group which is battling to secure its future during the pandemic.
Stephen Timms, the head of the work and pensions committee, has called for support for the Arcadia pension scheme members. He also asked about the status of a 385 million pounds ($515 million) package that was agreed between the regulator, Arcadia and the group’s owner last year.
“There is unquestionably a moral case for the Green family to do the right thing and guarantee Arcadia’s hardworking staff what is rightfully theirs, whatever happens this Christmas,” Timms said in a statement.
“But the Pensions Regulator must also ensure that it is doing everything in its power to fight the corner of the pension scheme members.”
Arcadia’s pension deficit is estimated by analysts at about 350 million pounds.
($1 = 0.7479 pounds)
(Reporting by Kate Holton)