A senior UK pensions official has told a committee of British MPs that his office would pursue Lady Tina Green for compensation if she were to fail to honour commitments to secure the future of the Arcadia pension fund. Sir Philip and Lady Green arranged a deal with the Pensions Regulator in June that helped assure the future of the couple’s retail empire which employs 18,000 people in the UK.
Trustees of the Arcadia scheme have been given security involving more than £200 million in assets held by Arcadia and a number of other firms under the Greens’ control. Lady Green will put in £100 million in cash.
Charles Counsell told the select committee, chaired by long-term Green adversary Labour MP Frank Field, that the Pensions Regulator is able to reach out to other jurisdictions “to secure money where we need, and indeed we have done that before.” He added that the Arcadia pensions plan has been a delicate and difficult case.