Will Sir Philip Green be forced to surrender super yacht to fund BHS pensions?

Sir Philip Green may have his super yacht seized Credit: Reuters

Sir Philip Green may have his super yacht and other assets seized to plug the hole in the BHS pension fund, MPs have said.

Labour MP Frank Field asked if it is possible to settle claims "through acquiring assets other than cash" from the billionaire businessman.

Mr Field, who is the chairman of the Commons Work and Pensions Committee, asked The Pensions Regulator (TPR) for clarification as to its powers following the BHS collapse.

The committee published Mr Field's letter on its website as it prepared to take further evidence on BHS at a hearing on Wednesday with TPR chief executive Lesley Titcombe.

Sir Philip fuelled the anger over the demise of BHS, which he sold for just £1, when he was filmed over summer cruising the Mediterranean in his yacht Lionheart - reportedly worth £100 million - while the pensioners were left facing an uncertain future.

BHS was shut in August 2016 Credit: PA

The tycoon could end up paying "hundreds of millions" from his personal fortune into the BHS pension fund.

ITV News Business Editor Joel Hills said he would be expected to contribute "north of £200m".

Speaking after Sir Philip's exclusive ITV interview, he added: "It could be resolved today, if Sir Philip Green is minded to. He knows exactly what the pension regulator wants, what it's looking for - he's just got to agree to sign the cheque.

"Sir Philip Green has to come up with a sufficient amount of cash to keep the scheme running - for about 50 years and deliver on all those promises that he has made to the 20,000 members to the scheme.

"The deficit, officially, is £571m... but it will cost well north of £200m."