Jurisdiction(s):
United Kingdom

TPR backs proposed ITV Box Clever settlement: transfer to ITV scheme, conditional cessation of action, £25m funding and surety bond, termination rights if liabilities rise after data cleanse

Published on: 26 July 2024

Published by a Law360 reporter

Legal News

Article summary

TPR confirmed that, under the terms of the new agreement, ITV will bring the 2,800 Box Clever scheme members into its own pension arrangement. This move guarantees members their full entitlements, including back payments owed to them, replacing the reduced-level payments they had been receiving since 2014 under the Pension Protection Fund (PPF). 'Today's announcement shows how we deploy our powers to safeguard savers and, if required, vigorously pursue matters through the courts to secure an acceptable outcome,' said Mel Charles, the regulator's interim executive director of regulatory compliance. Box Clever was created in 2000 as a joint venture between Granada (now part of ITV) and Thorn Finance Ltd, which has since been renamed Carmelite Capital Ltd. When the venture failed in 2003, the pension fund was left underfunded and, as a result, prompted TPR to examine whether ITV had potential financial responsibilities to the scheme. In 2011 TPR warned ITV of its intention to issue financial support directions to five companies that were within its group, on the basis that the independent broadcaster had benefited from the venture before it failed. The regulator subsequently issued those directions in 2020...

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