Arcadia reportedly in talks to close one billion pound pension fund

New reports have stated that Arcadia Group’s pension trustees are close to securing a deal to ensure its retirement scheme payments are pushed through two years after the company collapsed.

According to Sky News, pension trustees of the former Topshop owner are in detailed discussions with insurance company Pension Insurance Corporation (PIC) about a transaction worth reportedly around one billion pounds of liabilities.

The deal could see the retirement funding promises made by the retail empire, owned by Philip Green, fulfilled and would bring one of the largest pension rows in British history to an end.

In 2019, Green agreed to a 385 million pound funding package with The Pensions Regulator to fill the gap in the group’s pension schemes, which covered retail employees at its chain stores including Topshop and Dorothy Perkins.

A spokesperson for Arcardia’s trustees told Sky News in a statement: “Trustees are working hard to protect members’ benefits and are continuing to explore several options to ensure the best long-term outcome for members of both pension schemes.

“Discussions are ongoing and trustees will update members at the earliest opportunity.”