To put it another way, Sir Philip Green, the man once asked by David Cameron to examine government spending and make recommendations for savings is planning to dump a massive liability that puts the well being of thousands of families in jeopardy on the state. You couldn’t make it up.
Amazingly, he does make it up. Firstly, Green has offered up to £80 million to aid in covering that pensions deficit. Money which he is under no legal pressure to supply at all.
Secondly, the Pensions Protection Fund is a statutory body, yes, but not paid for by the state. Defined benefit pensions funds pay a fee into the Fund for coverage by the Fund.