Arcadia Group pension fund: Chair of Work and Pensions Committee Stephen Timms MP writes to Pensions Regulator

Chair of the Work and Pensions Committee Stephen Timms MP has written to the Pensions Regulator to highlight the importance of protecting the interests of Arcadia Group pension scheme members amid ongoing uncertainty about the future of the retail company.

The letter (attached) calls for clarity on the status of the £385million package previously agreed by the Pensions Regulator, Arcadia and the group’s owner Lady Green. It also asks what is being done to protect Arcadia scheme members from pension scammers and about the guidance on defined benefit superfunds.

Rt Hon Stephen Timms MP, Chair of the Work and Pensions Committee, said: “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. But the Pensions Regulator must also ensure that it is doing everything in its power to fight the corner of the pension scheme members.

“This is a crucial moment for the Regulator to show that it has learned the lessons of previous corporate collapses, such as those of BHS and British Steel. While staff will be worried about possible job losses, the Pensions Regulator must take firm and decisive action to protect them from fraudsters.”