Phil yer boots

Investigation into BHS pension scandal sparks bumper payday for lawyers and accountants

Pensions Regulator reveals costs for the current year topped £1.3million - after legal proceedings started against Philip Green

EDITED BY RHODRI PHILLIPS

Published: 21:27, 22 Dec 2016

THE investigation into the BHS pension scandal has turned into a bumper payday for lawyers and accountants.

The Pensions Regulator has said it spent £46,533 last year on outside experts.

Sir Philip sold the failed retailer to Retail Acquisitions, a consortium that was led by former bankrupt Chappell, for £1 in March 2015 — Sir Philip sold the failed retailer to Retail Acquisitions, a consortium that was led by former bankrupt Chappell, for £1 in March 2015Credit: PA:Press Association

It added that costs for the current year had topped £1.3million by the end of October.

A spokesperson told The Sun: “Where we have had to use our anti-avoidance powers, we have recovered over £650million for pension schemes.

“This is significantly in excess of what it cost us to pursue the cases.”

BHS’s collapse in April cost 11,000 workers their jobs and left its pension scheme with a deficit of more than £570million — BHS’s collapse in April cost 11,000 workers their jobs and left its pension scheme with a deficit of more than £570millionCredit: Alamy

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The watchdog started legal proceedings against former BHS owners Sir Philip Green and Dominic Chappell, having failed to strike a deal to plug the pensions black hole.

BHS’s collapse in April cost 11,000 workers their jobs and left its pension scheme with a deficit of more than £570million.

Sir Philip, top, sold the failed retailer to Retail Acquisitions, a consortium that was led by former bankrupt Chappell, for £1 in March 2015.

Meanwhile, experts warn BHS pensioners could end up waiting years to see whether the billionaire will bail out their scheme.

Former bankrupt, Dominic Chappell, bought BHS for £1 in March 2015 — Former bankrupt, Dominic Chappell, bought BHS for £1 in March 2015Credit: News Group Newspapers Ltd

If no deal is struck, the Pension Protection Fund will step in, meaning that the BHS pensioners will see around 85 per cent of their pensions.

John Ralfe, an independent pensions expert, said the wrong kind of deal with BHS’s former owners could see many lower-paid workers end up worse off.

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