LONDON Feb 28 Britain's pensions regulator has
agreed a cash settlement worth up to 363 million pounds ($451
million) with Philip Green, the former owner of collapsed
department store BHS, it said on Tuesday.
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
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 one pound in 2015.
BHS went into administration in April 2016 and the last of
its stores closed in August. Some 11,000 jobs were lost.
($1 = 0.8043 pounds)
(Reporting by James Davey, Editing by Paul Sandle)