TopShop sale gives hope to Arcadia pension savers

The recent sale of TopShop to Asos could mean former Arcadia workers will recover more from their pension savings than expected.

Trustees of the group’s pension schemes told employees that £173 million had been secured to help pay for their pensions.

Arcadia’s scheme is likely to remain independent of the pensions lifeboat, which protects workers with a defined benefit pension when a company goes bust, but at a reduced level, according to The Sunday Times.

The money is understood to have come from the sale of TopShop, alongside a number of property sales.

The pension scheme was given security over £210m of assets including the proceeds of the sale of the fashion brand or its London flagship store as well as other assets, The Guardian reported.

A letter to members revealed that further funds are likely to be realised for the pension scheme, The Sunday Times report said.

But it is predicted that the money raised won’t totally cover the pension scheme’s existing deficit, which according to The Guardian is estimated to stand at around £300 million.

    Share Story:

Recent Stories

Find out how HULFT can help you manage data, integration, supply chain automation and digital transformation across your retail enterprise.
Talking shop: retail technology solutions from Brother
Retail Systems editor Peter Walker sits down with Brother’s senior commercial client manager Jessica Stansfield to talk through the company’s solutions for retailers and hospitality businesses, what’s new in labelling technology, and the benefits of outsourcing printing.