The Pensions and Lifetime Savings Association (PLSA) has commented on The Pensions Regulator's decision to begin enforcement action against Sir Philip Green to seek redress on behalf of the BHS pension scheme.
Graham Vidler, Director of External Affairs, Pensions and Lifetime Savings Association, said:
"Sir Philip Green told the Work and Pensions Select Committee and the public that he would do the right thing by his former employees in the BHS pension scheme and 'sort' it. And to put it simply, that's what he should do.
"The Pensions Regulator is doing the right thing today by exercising its powers to take enforcement action but despite the regulator’s best efforts this is unlikely to result in a quick resolution. This whole situation could be resolved very quickly, and save a huge amount of time and cost, if Sir Philip voluntarily makes a payment that the regulator deems acceptable."
Joanne Segars, Chief Executive, Pensions and Lifetime Savings Association, gave evidence during the Work and Pensions Committee meeting, you can watch this here.
NOTES TO EDITORS:
PENSIONS AND LIFETIME SAVINGS ASSOCIATION
We’re the Pensions and Lifetime Savings Association, the national association with a ninety-year history of helping pension professionals run better pension schemes. With the support of over 1,300 pension schemes and over 400 supporting businesses, we are the voice for pensions and lifetime savings in Westminster, Whitehall and Brussels.
Our purpose is simple: to help everyone to achieve a better income in retirement. We work to get more money into retirement savings, to get more value out of those savings and to build the confidence and understanding of savers.
Lucy Grubb, Head of Media and PR, Pensions and Lifetime Savings Association
T: 020 7601 1726, M: 07713 073 023, E: [email protected]
Babak Mayamey, PR Manager, Pensions and Lifetime Savings Association
T: 020 7601 1718, M: 07825 171 446, E: [email protected]
Kathryn Mortimer, Press Officer, Pensions and Lifetime Savings Association
T: 020 7601 1748, M: 07901 007 713, E: [email protected]