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ITV is told to find £133m to plug gap in rentals pensions | City & Business | Finance

At its first-quarter buying and selling replace the broadcaster stated it was holding talks with The Pensions Regulator (TPR) to attempt to attain settlement over how a lot it ought to put in.

Field Intelligent was shaped in 2000 as a three way partnership between the TV rental companies of ITV’s predecessor Granada and Thorn’s Radio Leases. It failed in 2003 and TPR pursued ITV through the use of its anti-avoidance powers over shortfall funds.

The regulator justified this by saying the broadcaster had “extracted significant value” from Field Intelligent previous to the collapse.

The fund has round 2,800 members and has a £115million shortfall.

TPR ordered it to financially assist the pension fund in 2020, after the broadcaster misplaced an eight-year authorized battle to keep away from having to place cash into it.

Since then, the 2 sides have been locked in talks to attempt to attain an settlement on the extent of assist funds ITV stated in its annual report final month that it had put aside £52million for the scheme, a rise of £21million on final 12 months.

The agency additionally stated it had agreed with trustees to separate a £200million cost as a result of its personal pension scheme into instalments.

It would make an upfront cost of £80million this 12 months after which pay £16.4million a 12 months after that till 2031.

In its first quarter, ITV stated revenues from advertisers and TV networks that purchase its programmes rocketed 18 per cent to £834million.

Promoting revenues climbed 16 per cent, whereas these from manufacturing and the likes of streaming service BritBox – a three way partnership with BBC began in 2019 – grew 18 per cent.

Boss Dame Carolyn McCall stated a robust digital efficiency – with revenues up 24 per cent – bodes nicely for its new streaming service later this 12 months.

She added: “All of this provides a solid foundation for ITVX – our free, adfunded streaming service – which is on track for launch in Q4 and we remain confident that we will deliver at least £750million of digital revenue by 2026.”

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