Businessman Dominic Chappell has been ordered to pay £9.5m into the BHS pension schemes after losing an appeal.

Mr Chappell bought the High Street chain from Sir Philip Green for £1 before it closed down in 2016.

The Pensions Regulator (TPR) had issued Mr Chappell with two contribution notices for the money, and his appeal against the payments was unsuccessful.

TPR’s Nicola Parish said the case showed how the watchdog would use the courts to help pension savers.

“It illustrates the situations our anti-avoidance powers were designed to meet and which allow us to protect the retirement incomes that savers deserve,” she said.

It added that the decision meant the BHS pensions scandal was “coming to a close”, nearly four years after the company’s closure.

The collapse of BHS cost 11,000

Read More At Article Source | Article Attribution