On the go: ITV has been granted permission to appeal a court decision upholding the Pensions Regulator's ability to issue a financial support direction against the broadcaster in relation to the Box Clever scheme.
The decision by the Upper Tribunal – which rules on decisions made by the regulator’s determinations panel – on May 18 2018 meant the regulator could ask ITV to agree a strategy for topping up the scheme’s funding.
Box Clever was created as a joint venture merging the rental businesses of Granada (now ITV) and appliances company Thorn in 2000. It entered administration in 2003.
ITV applied for permission to appeal the verdict on June 1. The Upper Tribunal has said that it will not review the decision taken last month.
It has, however, given permission to appeal, as it is "satisfied that there is a real prospect of success on the grounds put forward” by ITV. It has specified the Court of Appeal in England and Wales as the relevant court of appeal.
In the hearing, ITV had argued that because the entire saga had taken place prior to the Pensions Act 2004 establishing the regulator’s moral hazard powers, an FSD would be retrospective and therefore invalid.
By contrast, the regulator and trustees argued that the details of Box Clever's creation and Granada's ongoing involvement with the company implied financial responsibility.
