Sir Philip Green in line for £15m refund from his BHS pension contribution

 
Helen Cahill
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BHS fell into administration in April last year (Source: Getty)

Sir Philip Green is in line for a £15m refund on the £363m he contributed to the BHS pension scheme.

Green has made the cash payout to the BHS pensioners after MPs labelled him the "unacceptable face of capitalism" for his role in the demise of BHS.

Read more: Sir Philip Green's knighthood still under threat despite his £363m payout

The Pensions Regulator has dropped any action it was going to take against Green in light of his contribution, saying that it represents "a strong outcome for the 19,000 members of the BHS pension schemes".

However, as a BHS pensioner himself, Green may also benefit. The £15m is being held as a contingency by the BHS pension trustees, and if it is not needed, it will be returned to Green.

Frank Field MP, chair of the work and pensions committee, spearheaded the parliamentary inquiry into BHS' collapse, and initially welcomed Green's £363m contribution.

Read more: Calls increase for clampdowns on private firms to avoid BHS-style scandals

However, in a statement today, Field said: "I hope Sir Philip will recycle any refund back into the scheme as BHS pensioners will still be facing cuts in the benefits for which they paid.

"It is also clear that Sir Philip prioritised his loyal senior managers, who have had the PPF cap on high pension benefits completely removed...Those who do far less well out of the settlement are the ordinary staff of working age, many of whom will have lost their jobs as well."

And, aside from questions over his settlement, Green still remains under the watchful eye of the honours forfeiture committee, the body that will decide whether or not he will keep his knighthood.

Although Green has paid a considerable amount to BHS pensioners, the committee is still waiting to see the outcome of the Insolvency Service's investigation into BHS before taking a position.

Green declined to comment.