Britain's pensions regulator has agreed a cash settlement worth up to £363m with Philip Green, the former owner of collapsed department store BHS, it said today.
The regulator said the arrangement has the support of the trustees of the two BHS pension schemes.
It will see Green provide funding for a new independent pension scheme to give pensioners the option of the same starting pension as they were originally promised by BHS, and higher benefits than they would get from the Pension Protection Fund.
Billionaire Green owned BHS for 15 years before he sold the loss-making 180-store chain to Dominic Chappell, a serial bankrupt with no retail experience, for £1 in 2015.
BHS went into administration last April and the last of its stores closed in August. Some 11,000 jobs were lost.
