Lady Green will have to pay 50,000 50,000,000 for the huge Arcadia pension deficit

Lady Green to pay another মিল 50 million for pension deficit (Photo: PA)

Lady Tina Green has said she will pay ৫০ 50 million for the Arcadia pension deficit earlier than planned.

Sir Philip Green’s wife was the official owner of the retail empire, including Topshop and Burton, until the fall of the administration on Monday.

Last year, he promised to pump million 100 million into the company’s pension scheme.

The deficit-ridden project has already paid two separate installments of 25 25 million.

He has now confirmed that he will pay the remaining মিল 10 million, which has not been paid for another 10 months within the next 10 days.

More than 9,000 current and former members of the pension scheme can receive a potential reduction of up to 20% of their current benefits.

Princess Street, a top shop in Edinburgh (Photo: PA)

It is understood that the project could be rescued through the Pension Protection Fund after Arcadia Insolvency on Monday.

The company’s total pension deficit stood at £ 350 million.

Lady Green, based in Monaco with Sir Philip, was the official owner of the retail empire until the administration earlier this week.

The company said in a statement on behalf of Lady Green: “Last year Lady Green pledged দেওয়ার 100 million in three installments to the company’s pension scheme.

‘As agreed, two installments of প্রতি 25 million each have already been paid, the third and final installment of 20 20 million has not been paid until September 2021.

‘Lady Green is going to bring this payment forward in the next seven to 10 days to end its commitment of seven hundred million dollars.’

Earlier on Wednesday, Business Secretary Alok Sharma wrote a letter to the Insolvency Service asking them to keep an eye on the behavior of managers at Arcadia to see “whether their actions have harmed the pension scheme”.

On Tuesday, a spokesman for the Pensions Regulator said: “We are aware of the challenges that businesses are currently facing at this unprecedented time and we are working with the directors, trustees and their respective advisers as well as the PPF to fully protect the potential of Arcadia pension projects.” .

Earlier this week, lawmakers sought more details of the June 2019 restructuring agreement between him, Arcadia, the pension regulator and the PPF, which enabled the party to close bankruptcy at the time.

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