The Pensions Regulator (TPR) has demanded that Arcadia owner Philip Green provides a further £50m cash injection into the failing retail firm's pension scheme.

Sky News reported that the regulator asked Green for the extra cash injection on top of the existing £100m that his wife, Lady Green, had proposed to pay into the scheme, in order to safeguard member benefits.

Last week, Green also pledged a security of £185m, made up of property assets, to the scheme and the company has said it will provide £25m annually in pension contributions over the next three years.

This is, however, half of the £50m per year initially proposed to try and save the scheme.

The Arcadia pension scheme is currently over £500m in deficit, and TPR are looking for Green to increase the rescue package value from £360m to £410m as a result of the extra £50m injection.

Creditors are set to vote on whether to approve the company voluntary arrangement proposals on 5 June and discussions are expected to continue through the weekend.

The demand for the further cash injection comes after TPR labelled the initial £100m proposal as “insufficient” and Work and Pensions Select Committee chair, Frank Field, called for Green to provide a rescue package similar to the one provided to the BHS scheme.

TPR declined to comment on the figure.

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