Pensions – Deficits. The Pensions Regulator had had power to issue a Financial Support Directive (FSD) on the appellant companies requiring them to provide financial support for a group pension scheme. The Court of Appeal, Civil Division, in dismissing the appellants' appeal, held that the Upper Tribunal (Tax and Chancery Chamber) had not erred in finding that the Pensions Act 2004 had had retrospective effect and that the Regulator had acted reasonably in issuing the FSD.