Sir Philip Green 'yet to make' BHS pension proposal

The Pensions Regulator has "yet to receive a comprehensive written proposal" from Sir Philip Green about a settlement for the BHS pension hole.

The regulator said it had told Mr Green what it required from him regarding the £571m hole - and the man himself has reiterated his pledge to help find a solution.

In an interview with ITV News, the billionaire said he was "very, very, very sorry" for the collapse of BHS.

Mr Green claimed he did everything he could to keep the business afloat, despite taking more than £400m in dividends from the company before selling it to serial bankrupt Dominic Chappell for £1.

The retailer collapsed in August, affecting 11,000 jobs.

Sir Philip apologised for the "hardship and sadness" caused.

"I hope and believe all the people that worked very closely with me at BHS for all those years, and some for the whole journey, will know it was never my intention for the business to have the ending it did," said Sir Philip.

"But we made that decision and, you know, for the last year, and on a daily basis, I, and my family, have got to live with this horrid decision, and trust me, these are not fun days."

The regulator said in a statement: "Our focus remains on achieving the best possible outcome for members of the BHS pension scheme and Pension Protection Levy payers and our discussions with Sir Philip Green and his advisers about a possible settlement are ongoing."

Sir Philip also dismissed claims by Work and Pensions Committee chairman Frank Field that he plundered the company, alleging that the dividends he took were proportionate to the company's profits.

"The dividends were not funded out of debt, as has been previously suggested, they weren't stolen or taken out of anyone else's money, they were monies made," he said, adding that the retailer at the time was paying £160m in profits.

A review carried out by the tycoon's lawyers has attempted to discredit a parliamentary inquiry criticising his role in the retailer's collapse, calling the MPs (BSE: MPSLTD.BO - news) ' report "bizarre" and "unsupportable".

But Iain Wright, chairman of the Business, Energy and Industry Select Committee, said Sir Philip's review was merely an attempt to avoid responsibility for the collapse of the store chain.

"The report from Sir Philip Green's no doubt expensively appointed lawyers is just the latest wheeze by Sir Philip to wiggle off the hook for his responsibilities to BHS pension holders," he said.

"This legalistic opinion doesn't question the facts of the unanimously agreed select committee report but it does mirror Sir Philip's litany of excuses for the collapse of BHS and for his delay in 'sorting' the BHS pension deficit."