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| Sir Philip Green: 'Still stains' despite BHS pension deal | Sir Philip Green: 'Still stains' despite BHS pension deal |
| (about 1 hour later) | |
| Retail tycoon Sir Philip Green's £363m payment to the BHS pension scheme does not wipe away the stains from his reputation, a senior MP has said. | |
| Business committee chairman Iain Wright told the Daily Mirror letting him keep his title would be the "biggest case of cash for honours that we've ever seen". | Business committee chairman Iain Wright told the Daily Mirror letting him keep his title would be the "biggest case of cash for honours that we've ever seen". |
| Sir Philip agreed the settlement with the regulator to help fill the failed retailer's pensions black hole. | Sir Philip agreed the settlement with the regulator to help fill the failed retailer's pensions black hole. |
| But fellow Labour MP Frank Field said the BHS saga was far from over. | But fellow Labour MP Frank Field said the BHS saga was far from over. |
| Under the deal with the Pensions Regulator announced on Tuesday, former BHS workers will get the same starting pension that they were originally promised. | Under the deal with the Pensions Regulator announced on Tuesday, former BHS workers will get the same starting pension that they were originally promised. |
| Green keeps his promise to 'sort' BHS pension problems | Green keeps his promise to 'sort' BHS pension problems |
| Filling the gaps on the High Street | Filling the gaps on the High Street |
| Mr Wright and Work and Pensions Select Committee chairman Frank Field led questioning of Sir Philip over the sale of the chain and its eventual collapse. | Mr Wright and Work and Pensions Select Committee chairman Frank Field led questioning of Sir Philip over the sale of the chain and its eventual collapse. |
| He owned BHS for 15 years before selling it for £1 to former bankrupt Dominic Chappell. | He owned BHS for 15 years before selling it for £1 to former bankrupt Dominic Chappell. |
| Mr Wright welcomed the pensions deal but said it "doesn't wipe the stains from his reputation clean". | Mr Wright welcomed the pensions deal but said it "doesn't wipe the stains from his reputation clean". |
| "It's like rewarding an arsonist who put his own fire out," he added. | "It's like rewarding an arsonist who put his own fire out," he added. |
| In a letter to the Times, Mr Field said: "Yesterday's out-of-court settlement will give BHS pensioners a better retirement than had previously looked likely. | In a letter to the Times, Mr Field said: "Yesterday's out-of-court settlement will give BHS pensioners a better retirement than had previously looked likely. |
| "This marks a really important milestone on the road to justice, but we are far from reaching the end of that road." | "This marks a really important milestone on the road to justice, but we are far from reaching the end of that road." |
| Mr Field said the government's Insolvency Service was investigating how and why BHS went under, and at "the deals that took place between Sir Philip Green and Dominic Chappell". | Mr Field said the government's Insolvency Service was investigating how and why BHS went under, and at "the deals that took place between Sir Philip Green and Dominic Chappell". |
| At the end of that process, the government had some "key decisions" to make, he added. | At the end of that process, the government had some "key decisions" to make, he added. |
| The Pensions Regulator says anti-avoidance enforcement action against Sir Philip and his companies will cease in light of the settlement, but action continues in respect of Mr Chappell and his firm, Retail Acquisitions. | The Pensions Regulator says anti-avoidance enforcement action against Sir Philip and his companies will cease in light of the settlement, but action continues in respect of Mr Chappell and his firm, Retail Acquisitions. |
| 'Satisfied' | 'Satisfied' |
| An online petition calling for Sir Philip to be stripped of his knighthood has attracted nearly 150,000 signatures. | An online petition calling for Sir Philip to be stripped of his knighthood has attracted nearly 150,000 signatures. |
| MPs backed the move in a non-binding motion in the Commons last year, but any decision would have to be taken by the Honours Forfeiture Committee. | MPs backed the move in a non-binding motion in the Commons last year, but any decision would have to be taken by the Honours Forfeiture Committee. |
| Sir Philip's contribution is significantly less than the £571m pensions deficit BHS was left with. | Sir Philip's contribution is significantly less than the £571m pensions deficit BHS was left with. |
| But he said it was "significantly better" than schemes entering the Pension Protection Fund (PPF). | But he said it was "significantly better" than schemes entering the Pension Protection Fund (PPF). |
| "The settlement follows lengthy, complex discussions with the Pensions Regulator and the PPF, both of which are satisfied with the solution that has been offered," he said. | "The settlement follows lengthy, complex discussions with the Pensions Regulator and the PPF, both of which are satisfied with the solution that has been offered," he said. |
| "All relevant notices, including legal matters and claims from the regulator, have been withdrawn, bringing this matter to a conclusion." | "All relevant notices, including legal matters and claims from the regulator, have been withdrawn, bringing this matter to a conclusion." |