Nortel calls on L&G for second buyout
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Nortel Networks UK Pension Trust Ltd., Surrey, England, insured £105 million ($145 million) in liabilities through a buyout with Legal & General Assurance Society, confirmed Clive Gilchrist, chairman of the plan s trustees.
The transaction is the second buyout deal for the plan and it covers the benefits of 8,200 retirees and 4,300 plan participants who are yet to retire.
Through the previous buyout in 2018 also with L&G Nortel insured £2.4 billion in liabilities.
The plan s derisking journey follows the 2009 insolvency of its plan sponsor Nortel Networks U.K. The plan then entered the lifeboat fund for defined benefit plans of U.K. insolvent employers, the £36 billion Pension Protection Fund, London.