Sir Philip sees pension deficit balloon to £1bn

THE pension deficit in Sir Philip Green’s fashion empire has swollen to almost £1bn.

Documents published yesterday by MPs investigating the failure of BHS revealed the £933m figure, which relates to the likely cost of winding up the scheme and securing benefits from an insurer.

Should the scheme be main- tained alongside the retail group, the deficit was still £565m at its last three-year valuation in March last year.

Green, 65, has agreed to bump up contributions – paying £50m a year until August 2019 and then £54.5m from then until March 2026. This will see the scheme brought back into the black within ten years.