Box Clever Members Transferred to ITV Pension Scheme
About 2,800 members of the Boxclever Group Pension Scheme will receive increased benefits and back payments following their full transfer to the ITV Pension Scheme on 1 October, the Pensions Regulator (TPR) announced.
Since 2014, Box Clever members had been receiving benefits equivalent to Pension Protection Fund (PPF) compensation. With the transfer, their benefits will now be fully restored, with back payments scheduled for early next year.
Financial Details of the Transfer
In its half-year results ending 30 June 2025, ITV reported setting aside £52 million to cover liabilities transferred into its pension scheme. This amount includes £25 million of additional funding and a surety bond, which will remain in place until 31 March 2027 or until the next actuarial valuation is completed.
Background of the Transfer
This transfer concludes a 13-year saga marked by regulatory interventions and appeals. The Pensions Regulator announced a settlement with ITV last year, which initiated the transfer process.
"Box Clever members have been receiving benefits level with Pension Protection Fund compensation since 2014, but will now see these restored in full and back payments made early next year."
"ITV said it had set aside £52m to cover the value of the liabilities being transferred into the ITV Pension Scheme."
Author's summary: After a lengthy 13-year process, Box Clever members will finally receive full pension benefits following their transfer to the ITV Pension Scheme, ending a decade of regulatory challenges.