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.
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.
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.