Pension – Pensions Regulator. Section 43(7) of the Pensions Act 2004 required the Pensions Regulator, when deciding whether it was reasonable to impose the requirements of a financial support direction (FSD) on a particular person, to have regard 'to such matters as the Regulator considers relevant'. Having considered all the relevant matters, the Upper Tribunal (Tax and Chancery Chamber) dismissed the references made by the applicant companies in relation to an FSD issued against them requiring them to provide financial support to address an estimated deficit of £115m in the Box Clever Group Pension Scheme. The tribunal considered that in the circumstances, it had been reasonable for the Regulator to have issued the FSD to those companies.