The Pensions Regulator is set to investigate wilko’s shareholders over dividends paid to themselves prior to the firm entering administration.
It comes as a £56m deficit in the wilko pension fund has been uncovered, according to reports from The Sunday Times.
The retailer’s administrators, PwC, think this deficit could be higher on a buy-out basis (£76m).
If wilko’s owners put the fund at risk, they could be made to pay any shortfalls.
Wilko’s pension scheme will be assessed by the Pension Protection Fund.