Lifeboat Scheme Poised To Weigh Arcadia Pension Fund
Law360, London (December 22, 2020, 2:12 PM GMT) -- The Pensions Regulator said workplace savings plans for failed high street giant Arcadia Group will soon be assessed by the U.K.'s lifeboat scheme to determine if they need support.
The watchdog said Monday the Pension Protection Fund would begin the assessment as soon as it had carried out a validation exercise, which normally takes around 28 days after a company has been declared insolvent.
Arcadia, a company run by businessman Philip Green that includes high street store Topshop, fell into insolvency on Nov. 30 as a result of a downturn caused by the COVID-19 pandemic.
The industry-funded PPF, which pays pension benefits to...
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