The UK’s pensions regulator has given ITV six months to present it with a proposal for how it will fund the Box Clever pension scheme, saying the broadcaster had, after eight years, “exhausted the legal process” in its efforts to fight the regulator’s actions.
The Pensions Regulator (TPR) imposed the deadline after the Supreme Court last month rejected ITV’s application for permission to appeal a judgement backing a May 2018 ruling in favour of TPR’s case that the company should support the pension scheme.
The Box Clever pension scheme has around 2,800 members and a deficit of around £115m (€123m), according to TPR.
The regulator opened an investigation after Box Clever, a joint venture, collapsed in 2003, and in 2011 decided to direct ITV plc and four related entities to propose how they would financially support the scheme.
ITV first referred the case to the Upper Tribunal in January 2012, and has carried on attempting to challenge the regulator’s actions since then.
Erica Carroll, director of enforcement at TPR, said: “In a bid to avoid responsibility for the Box Clever scheme, ITV has used every possible legal channel to fight against our actions to safeguard the retirements of thousands of members.
“Now they have exhausted the legal process we look forward to receiving a credible plan to support the scheme and its members. ITV could have resolved this matter years ago and we hope they will now want to seek a swift resolution and provide closure to the scheme’s 2,800 members.”
A spokesperson for ITV said: “ITV notes the Supreme Court’s decision and looks forward to meeting the Pensions Regulator to take the matter forward.”