The Pensions Regulator faces fresh scrutiny from MPs over its supervision of Arcadia's retirement schemes, Sky News learns.
She added that there had been"a tripartite meeting with the trustees and with representatives from the company, during which the company's position was discussed".
"We routinely maintain interest in the group's current trading position and its trading outlook as those are likely to have a material impact on these discussions, in the context of the well-recognised difficulties currently faced by many high street retailers," Ms Parish's letter said. Arcadia's plan to cut its pension funding forms part of a wider restructuring that will entail the closure of dozens of stores.
Arcadia, which employs about 18,000 people, wants to implement store closures and rent cuts being implemented through a company voluntary arrangement . While the proposal to reduce Arcadia's pension contributions risks further undermining Sir Philip's reputation, a restructured business with lower overheads would have a better chance of surviving the current retail maelstrom.
The financial restructuring comes at a delicate time for Sir Philip, who has been embroiled in a storm over his behaviour towards Arcadia employees and his use of non-disclosure agreements to prevent former workers discussing their severance packages.
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