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Former BHS boss ordered to pay over £124,000 for breaking pension rules

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Dominic Chappell, who was a former boss’s for BHS, has to pay over £124000 following the court’s order after he was proved to have defied the pension rules and regulations.

The former boss had earlier on in January been charged with other three mistakes. These included ignoring and declining to avail required information concerning pensions without giving any relevant reason to the Pensions Regulator. However, Dominic appealed against the court’s ruling.

Although he had pleaded to be innocent about the accusations including the sentence, evidence proved that he was guilty of the convictions at the Hove Crown Court in the month of September 2018. The court further directed him to appear before it on Friday 14th the same year in order to sentence him for the subsequent time.

Judge Christine Henson who was the presiding magistrate commented further on the ruling that she had passed stating that Dominic’s appeal did not show any goodness and that the former boss did not show any remorse to his behaviour. The former boss was directed to pay a fine of £50000. Nevertheless, he was ordered to pay £73900 to cater for the costs incurred and additional victim charges amounting to £170.

The judge added saying that Dominic’s decision to defy the Pensions Regulators request was a deliberate and constant which was out of order. His actions made the Regulatory body act slow, due to the inconveniences that were caused by the former boss, which could lead to more unregulated pension mis selling occurring.

Mr Dominic who is 51 years old had been declared bankrupt three times. Sir Philip Green who is a billionaire sold the BHS to him in March 2015 for £1 only. The TPR had to conduct an investigation since the workers retirement pension had been exposed to risk as a result of the department store moving into administration in the year 2016 April. Sir Philip gave out £363 million for the funding of the 19000 former BHS employees new scheme that had incorporated them after reaching an agreement with the TPR.

The worker’s pension was to be upheld by the new scheme including getting more benefits compared to what the pension protection fund was to offer them.

The frontline regulation TPR’s executive director, Nicola Parish, reiterated further stating that Dominic persistently refused to give the information concerning the purchase of BHS even after the court said he should do so. She informed others to be aware of the same consequences and always be ready to give information they would require since it was a fundamental tool in their investigation. A separate anti-avoidance TPR group continued to take action on BHS by ordering Dominic to pay £10 mill-ion into the pension fund.

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