Travers Smith LLP has advised Nortel Networks UK Pensions Trust Ltd (“the Trustee”) on a further buyout, bringing the total value of transactions between the Nortel Networks UK Pension Plan (“The Plan”) and Legal & General (“L&G”) to over £2.5 billion.
In October 2018, the Trustee entered into a buyout with L&G which covered around 15,500 pensioner members and 7,225 deferred members and allowed the Plan to exit its 10-year Pension Protection Fund (PPF) assessment period with surplus to enhance benefits. This was larger than any previous PPF-plus buyout.
Until recently, recoveries in respect of the global Nortel insolvency processes continued to be received by the Plan. In March 2021, over £100 million of these funds have been used by the Trustee to secure additional member benefits in a further buy-out with L&G.
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