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Nicolas Stallworthy KC acts for TPR to secure deal for members of ITV’s pension scheme ‘Box Clever’

Nicolas Stallworthy KC acts for TPR to secure deal for members of ITV’s pension scheme ‘Box Clever’

After a long running court battle, a deal has been agreed between The Pensions Regulator (TPR) and ITV. Under agreement in principle, all Box Clever pension scheme members will receive their pensions benefits in fullNicolas Stallworthy KC acted on behalf of The Pensions Regulator.

TPR’s Interim Executive Director of Regulatory Compliance, Mel Charles said: “Today’s news illustrates how we will use our powers to protect savers and robustly pursue matters, through the courts if necessary, to reach a satisfactory resolution.”

Box Clever was formed in 2000 as a joint venture between Granada (now ITV) and Thorn (now Carmelite). Respective employees were transferred to the new company and enrolled in the Box Clever pension scheme. However, Box Clever collapsed in 2003 (by which time ITV had extracted significant value from the joint venture) leaving scheme members pension benefits in jeopardy. 

TPR issued a determination notice to five companies in the ITV Group in 2011, leading to a lengthy legal battle. Following ITV’s challenges through the Upper Tribunal and Court of Appeal, TPR issued Financial Support Directions to ITV and associated entities in 2020, requiring them to provide reasonable financial support for the Box Clever scheme. Nicolas was instructed by The Pensions Regulator before the Upper Tribunal (in the first ever substantive trial of a reference from the Determinations Panel of the Pensions Regulator) and in the Court of Appeal.

Assuming the transfer goes ahead as planned, TPR has agreed to cease its regulatory action against ITV and associated entities. This agreement is supported by both the trustees of the Box Clever scheme and the Pension Protection Fund, who have been compensating scheme members since 2014.

Find out more

Nicolas Stallworthy KC’s practice involves the interaction of commercial trusts, contract law, insolvency and professional negligence at very high levels of complexity and value. He undertakes cases concerning the interpretation of trusts, contracts, financial instruments & legislation; and the application of trust principles in the broader commercial context. His professional negligence practice focuses on solicitors, insurance companies, benefits consultants, professional trustees, actuaries & investment advisers. He also has extensive experience of regulatory cases under the pensions regulatory regime.

To find out more about Nicolas, contact Matt Sale on +44 (0)20 7427 4910 or Lexie Johnson on + 44 (0) 207 427 0801.

News 25 Jul, 2024

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Nicolas Stallworthy KC

Call: 1993 Silk: 2011

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