The enforcement action aims to seek redress for 20,000 scheme members following an investigation into the pension deficit.

TPR has sent warning notices to Green, Taveta Investments Limited, Taveta Investments (no.2) Limited, Dominic Chappell and Retail Acquisitions Limited.

The notices are over 300 pages long and displays the arguments and evidence as to why the respondent should be liable to support the BHS pension schemes.

The evidence provided within the notices supports the use of the Regulators Contribution Notice (CN) and Financial Support Direction (FSD) powers. A CN demands a specified amount of money and an FSD requires the respondent to put ongoing support in place for a pension scheme which has to be agreed by TPR.

Those that have received a warning notice have an allotted time to respond with their comments and representation. Case teams will then consider these before passing the case to TPR’s Determinations Panel, which decides on the exercise of CNs and FSDs.

Lesley Titcomb, chief executive of TPR, said: ‘We have been clear in our public commitment to make significant progress by the end of 2016 and the issue of these notices meets that commitment.

‘Our decision to launch enforcement action is an important milestone in our work to attain redress for the thousands of members of BHS schemes who have been placed in this position through no fault of their own.

‘Issuing Warning Notices at this time reflects the outcome of our investigations and that we are yet to receive a sufficiently credible and comprehensive offer in respect of the BHS schemes.

‘We continue to pursue the best deal for members of the BHS pension schemes. If parties wish to approach us with settlement offers, that course remains open to them.’

TPR initiated an anti-avoidance investigation in relation to BHS in March 2015. Since then an investigation has been in progress including demands for access to, and review of, almost 100,000 documents, as well as meetings and negotiations with various parties and stakeholders. 

Graham Vidler, director of external affairs, Pensions and Lifetime Savings Association, said: 'Sir Philip Green told the Work and Pensions Select Committee and the public that he would do the right thing by his former employees in the BHS pension scheme and 'sort' it. And to put it simply, that's what he should do.

'The Pensions Regulator is doing the right thing today by exercising its powers to begin enforcement action but despite the regulator’s best efforts this is unlikely to result in a quick resolution. This whole situation could be resolved very quickly, and save a huge amount of time and cost, if Sir Philip voluntarily makes a payment that the regulator deems acceptable.'