Former BHS boss Sir Philip Green slams Pensions Regulator chief’s evidence to MPs
Sir Philip Green yesterday slammed the evidence given by Pensions Regulator boss Lesley Titcomb to a group of MPs investigating the collapse of BHS.
Green, former BHS boss and owner of Arcadia Group, said Titcomb's evidence to the work and pensions and business, innovation and skills committees was "incorrect".
Titcomb told the committees in a hearing on Monday that the Pensions Regulator had only become aware of the sale of BHS – which occurred in March 2015 – from media reports after the fact.
In a letter sent to the committees by Arcadia's company secretary, Adam Goldman, that information was said to be incorrect. The letter states that the pensions watchdog was notified in February 2015 of an intention to sell BHS.
The Arcadia letter goes on to discuss evidence provided by the chief executive of the Pension Protection Fund (PPF), Alan Rubenstein. Rubenstein told MPs that Arcadia had withdrawn a guarantee provided by Davenbush Limited in respect of certain liabilities of the BHS pension schemes.
The Davenbush guarantee was discussed between Rubenstein and Green in the context of the PPF's proposed levy increases on both of BHS' pension schemes, the letter states, and the guarantee was never removed, but was "simply not certified for the purposes of the PPF levy calculation".
Finally, the letter addresses questions from MPs concerning BHS' dividend policy: "There was a suggestion that BHS had been paying dividends up until around 2012. This is wholly inaccurate."
The Pensions Regulator said in response: “When addressing the work and pensions select committee, Lesley Titcomb said that we were not informed of the confirmation of the actual sale of BHS to Retail Acquisitions Ltd until 11 March. She explained that we were engaged with the trustees and the employer in the weeks leading up to the sale, and that we were aware a sale was a possibility."
The watchdog added that it would send a clarification on its awareness of the sale of BHS to the work and pensions select committee.