To: Sir Philip Green
Philip Green: Honour your BHS pensions pledge
Fully fund the BHS pension deficit that your management of BHS and £400m personal dividends have made so serious.
Why is this important?
In an interview with ITV News, the billionaire former owner of BHS said he was "very, very, very sorry" for the company’s collapse.
But the Pensions Regulator has "yet to receive a comprehensive written proposal" from Philip Green about a settlement for the BHS pension fund, which faces a deficit of £571m.
Most of that deficit was built up under his 15 years at the helm. He consistently underfunded the pension scheme -- while paying his wife £400 million in BHS dividends, channeled through Monaco’s low-tax regime.
Parliament has now voted for him to be stripped of his knighthood, but it's possible that despite investigations by the Work and Pensions Committee and campaigning MPs, that losing his "Sir" may be the extent of his punishment, along with some small financial contributions that still leave employees heavily out of pocket.
Usdaw has called on Philip Green to honour his pension promise and ‘sort’ the pension scheme. We had hoped this would take weeks rather than the months that have already passed. Now BHS pensioners it might be years before they see a result. He has claimed to ‘have been working on this issue on a daily basis’, but we have seen precious little progress so far.
Usdaw members in BHS were left devastated and jobless by the collapse of a company. 11,000 hard-working and loyal staff totally let down by the actions of a handful of people at the top.
Those jobs have tragically gone. Now workers could also lose great chunks of their retirement savings. Current and future BHS pensioners need to have their futures secured.
Let’s stand with BHS workers and tell Phillip Green we need to see real action, and now.