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FOI reference - FOI 2016-12-20
Date - 20/12/2016


Under the Freedom of Information Act, could you please provide me with an estimate on how much The Pensions Regulator (TPR) has spent on investigating BHS since it launched its anti-avoidance investigation in March 2015?

Please, as far as possible, provide a breakdown of what the money has been spent on. And please also break down the figures by financial year, eg how much has been spent in 2015/16.


I can confirm that we hold the information you have requested.

Information we are able to supply

We have interpreted your request as being for both internal and external expenditure in relation to the investigation and case relating to the BHS pension schemes.

Please find below a table listing the estimated external expenditure associated to the BHS case up until 31 October 2016.

  2015/16 2016/17 Total
Legal costs £19,410 £352,398 £371,808
Non-legal £27,123 £965,910 £993,033
Total £46,533 £1,318,308 £1,364,841

With regard to the internal costs associated to the BHS case, when proceeding with an investigation and any subsequent regulatory action we rely heavily on internal resource including case managers, business analysts, actuaries and our internal legal resource. We do not break down the cost of our internal resources at the level of individual cases. Our case management process allocates internal resources flexibly on a basis of need, as each case moves forward, to ensure the most effective and efficient use of the experts we have in-house, who may be attached to a number of cases.