He did transfer £1200m share dividend I believe to his wife from Arcardia about 20 years ago. His wife is a tax resident of Monaco so she received the money tax free. This money transfer has probabaly restricted any new investment in the development of Group. The Group has failed to adopt to online shopping. It is also said Phil Green is not really skilled in fashion, but his expertise is finance.
The pension fund has suffered like most occupational pension funds, because its projections were based on interest rates of 6% to 7% when returns on fixed investments are currently 0.8%. So if the funds keeps paying out @ original projections and extra contributions are not made a deficit is created. Green has not raided the pension fund, but he has not put in any extra contributions. He did under a lot of pressure @ BHS to cover most of the deficit. Alot of these pension schemes should have been modified ages ago when it became clear people were living longer and interest rates would never be 10% again. The Trustees often hope the owner of the attached business will subsidise them from the current profits of the business. Look at BT most of its profits subsidise its very large pension fund and appear will for years to come.