Retail mogul Sir Philip Green has agreed to pay over £360 million to rescue the BHS pension scheme.

He said he has paid £363 million of his own money to the scheme.

The Pensions Regulator (TPR) said it had agreed a settlement that will provide funding for a new independent pension scheme.

That scheme would give pensioners the option of the same starting pension they were originally promised by BHS, and higher benefits than they would get from the Pension Protection Fund (PPF).

TPR Chief Executive Lesley Titcomb said: "The agreement we have reached with Sir Philip Green represents a strong outcome for the members of the BHS pension schemes. It takes account of the interests of both pensioners and the PPF, and brings a welcome level of certainty to present and future pensioners.

"Throughout our discussions with Sir Philip and his team, we have always been clear that we were determined to achieve the right outcome for members of the schemes both in terms of the amount and the structure of the settlement."