Regulator Tells Court ITV Must Fund Scheme's £115M Deficit
Law360, London (May 15, 2019, 10:26 PM BST) -- The Pensions Regulator urged the Court of Appeal on Wednesday to uphold its enforcement action requiring ITV to give financial support to a troubled pension scheme, saying the broadcaster’s association to the entities that are now unable to meet their financial obligations puts it on the hook.
Nicholas Stallworthy QC, counsel for The Pensions Regulator, or TPR, said ITV helped arrange the company structure in a way that burdened the 2,800-member pension scheme of Box Clever, a television rental business that collapsed in 2001, with significant debt. ITV’s argument that the regulator doesn’t have the right retrospective powers also doesn’t stand...
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