• Dominic Chappell, the man who bought BHS for £1 from Sir Philip Green in 2015, fails in challenge against two Contribution Notices issued by The Pensions Regulator worth £9.5million in total (https://www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/bhs-pension-schemes-determination-notice.ashx?la=en&hash=AEC8FBFE987ECB96C279F49BA29475DB2CCA0F8A)
• Unsuccessful Upper Tribunal challenge means the BHS pensions scandal is coming to a close
• Pension Schemes Bill published as part of Queen’s Speech includes tough new measures to hold bosses to account on pension promises
Tom Selby, senior analyst at AJ Bell, comments:
“Dominic Chappell’s failed bid to overturn The Pensions Regulator’s £9.5million Contribution Notices means this sorry saga is one step closer to being resolved.
“The regulator has been keen to demonstrate its teeth in pursuing both Chappell and former BHS boss Sir Philip Green to provide cash for the schemes left behind following the retailer’s collapse, and has been successful in securing hundreds of millions of pounds in total for members.
“Despite this, thousands of former BHS workers will still understandably feel aggrieved that they will receive lower pensions than they had previously been promised.
“The BHS scandal has been the main driver behind reform proposals included in the Pension Schemes Bill designed to place greater responsibility for supporting pension promises at the door of company bosses.
“In particular, the Bill beefs up fines and introduces the threat of prison sentences for those who neglect their responsibilities to members. While it is possible the extent of these powers will ultimately be tested in courts, the message to UK Plc is clear: a repeat of what happened at BHS simply will not be tolerated.”
