ITV

The trustees of the Box Clever Group Pension Scheme committed a form of "reverse moral hazard" by running the scheme on while its participating employers were in administrative receivership, ITV has claimed.

The trustees of the Box Clever Group Pension Scheme made a "perfectly reasonable and right" decision to delay triggering a Pension Protection Fund (PPF) assessment period, the Upper Tribunal has heard.

The Pensions Regulator (TPR) has rebutted an assertion by ITV that its anti-avoidance action in relation to the Box Clever Group Pension Scheme is a breach of the human right to property.

Entering a Pension Protection Fund (PPF) assessment when Box Clever went bust would have "jeopardised" its scheme's ability to secure additional sources of funding, the Upper Tribunal has been told.

Granada and Thorn sold their respective TV rental businesses for too high a price, meaning the eventual Box Clever venture was too highly leveraged, the Upper Tribunal has been told.

Granada and Thorn were mainly focused on the "share of the cake" and "taking out as much cash as possible" when negotiating the launch of the 50:50 joint venture of Box Clever, the Upper Tribunal has been told.

Granada and Thorn were consulted on and asked to approve many of the main decisions made within Box Clever Technology (BCT), a former Thorn finance director has told the Upper Tribunal.

The trustees of the Box Clever Group Pension Scheme turned down a number of financial offers in a bid to secure 100% of members' benefits, the scheme's chairman has told the Upper Tribunal.

The Pensions Regulator's (TPR) attempt to impose a financial support direction (FSD) on ITV for the Box Clever Group Pension Scheme is a "barn door case", it has argued.

For the first time, TPR is testing its anti-avoidance powers in the courts in a bid to impose an FSD on ITV. James Phillips explores the implications.