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New warning notice for ITV about Box Clever
United Kingdom | Publication | May 2022
The Pensions Regulator has issued a warning notice to ITV for £133m for failing to provide reasonable support to the Box Clever pension scheme.
ITV disclosed the warning notice in its Q1 2022 trading update.
This new warning notice relates to a financial support direction (FSD) imposed on ITV (then Granada) by the Regulator in 2011 in relation to the failed Box Clever joint venture between Granada and Thorn. Following a number of failed challenges by ITV, the Court of Appeal ruled in favour of the Regulator in 2019, upholding the FSD. The Supreme Court refused permission for ITV to appeal further.
The Regulator then announced it had given ITV until September 2020 to propose “a credible plan to support the scheme” which in early 2020 had a deficit of about £115m. ITV offered to pay £31m but the Regulator apparently did not consider this to be reasonable.
A Regulator spokesman has confirmed to the press that it has “issued a warning notice seeking contribution notices against ITV and four related entities.” This means that ITV would have to pay cash to the scheme rather than being able to propose some other form of financial support, such as guarantees.
ITV’s trading update said that it would “continue to engage with tPR to resolve the matter.”
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