Philip GreenMr Field said: We need as a committee to look at the Pension Protection Fund and how the receipt of pension liabilities of BHS will impact on the increases in the levy that will now be placed on all other eligible employers to finance the scheme.

"We will then need to judge whether the law is strong enough to protect future pensioners' contracts in occupational schemes."

One member of the Treasury elect committee, Labour MP John Mann, called for Sir Philip to return £400m worth of dividends he received from BHS.

"Sir Philip Green and his family have made millions out of BHS and its hardworking staff. He took over a company with a healthy pension pot, yet when he sold BHS a black hole had appeared in its fund," he said.

"There is a very simple and honourable solution to this crisis: repay the dividends, live up to the name he has chosen for his new yacht, 'Lionheart', or lose his knighthood."