Box Clever and Storm Funding decisions show scope of the regulator’s financial support direction powers

Two recent decisions have demonstrated the latitude that the Pensions Regulator has in pursuing a case for a financial support direction (FSD) and as to the terms and enforcement of any FSD that is issued.

In January 2012, the Determinations Panel (DP) of the Pensions Regulator determined that an FSD should be issued to five companies in the ITV group. This was in the context of a joint venture (Box Clever) that had been established by the companies with another party in 1999–2000, which saw TV rental businesses being hived down into the joint venture companies.

The joint venture companies paid for the businesses that they received, funded by secured loans from a bank, and they put in place a new pension scheme for the employees who transferred to them. The businesses failed a couple of years later. Administrative receivers were appointed and sold the businesses, with all proceeds going to the bank, leaving the pension scheme with a significant deficit that the joint venture companies could not meet…

Click on the link below to read the rest of the Taylor Wessing briefing.

Sign in or Register to continue reading this article

Sign in


It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014. 

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 6
No. of qualified lawyers: 73 (International 50)
No. of partners: 29