View more on these topics

ITV hit with £62m ‘financial support direction’ from The Pensions Regulator

The Pensions Regulator has ordered broadcasting giant ITV to provide support for the Box Clever pension scheme, which has a £62m deficit.

Box Clever was a joint venture set up in 2000 as part of a merger of the Granada and Thorn TV businesses.

In 2003, Box Clever went into administration. It was subsequently sold in 2005 but the proceeds were not sufficient to meet the claims of the unsecured creditors, including the trustee of the pension scheme.

On December 21 last year The Pensions Regulator issued a Financial Support Direction requiring ITV to put in place financial support for the Box Clever scheme. ITV is now appealing the decision.

Box Clever Trustees chairman Alan Herbert says: It was clear as soon as the administrative receivers were appointed in 2003 that the scheme would be in trouble. The trustee has been seeking ever since to have the founders, who received the best part of £1 billion from Box Clever, make good the deficit for their former employees.

ITV did make a series of small and ever diminishing offers but eventually refused any compensation whatever, even though it had made a significant provision in its accounts for this.

“We very much hope that,  rather than spending more time and money on appealing, the ITV board of directors will on reflection now accept the ruling and start constructive discussions as to how the Box Clever pensioners can be protected.”

An ITV spokesman says: “ITV has never participated in the Box Clever scheme and has had no control over the growth of its deficit and we have not been ordered to pay £62m or indeed any amount by The Pensions Regulator.

“ITV is appealing the ruling of the panel and will pursue this vigorously.  No Financial Support Direction may be issued against ITV while an appeal is pending.”

Recommended

3

Calls for Hester to waive RBS bonus

Liberal Democrat foreign office minister Jeremy Browne has called for Royal Bank of Scotland chief executive Stephen Hester to turn down the £963,000 bonus he has been awarded. Following the announcement last night that Hester (pictured) would receive a bonus of almost a £1m in shares, Browne told the BBC’s Question Time: “There is a […]

Invesco targeting capital securities with global fund

Invesco Perpetual has launched a global financial capital fund under the management of co-heads of fixed income Paul Causer and Paul Reed and chief investment officer Nick Mustoe. The fund will invest in a portfolio of capital securities of banks and other financial institutions, including cash and cash equivalents across the globe. It will also […]

Over 1,000 homes sold through FirstBuy

The UK’s three biggest house builders have sold a total of 1,250 homes through the Government’s FirstBuy scheme in its first four months. Persimmon, Taylor Wimpey and Barratt Homes have sold 600, 173 and 477 homes respectively through the scheme, which opened to buyers last September. The Department of Communities & Local Government does not […]

DWP urged to raise auto-enrol earnings ceiling

Hargreaves Lansdown is urging the Government to bring the upper earnings threshold for minimum automatic enrolment pension contributions into line with national insurance. When auto-enrolment begins in October 2012, employees and employers will have to make pension contributions based on an upper and lower earnings limit. The Department for Work and Pensions has proposed setting […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment