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So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money , says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download
In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download
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By IPE Staff2021-05-11T13:06:00+01:00
The Nortel Networks UK Pension Plan has agreed a second buyout worth £105m (€122m) with Legal & General Assurance Society Limited.
The move follows a £2.4bn buyout transaction between the scheme and Legal & General back in 2018, which ended the fund’s long assessment period in the Pension Protection Fund (PPF). Through this initial transaction, Nortel was able to secure benefits that were higher than PPF levels.
The scheme originally entered PPF assessment following its sponsor, Nortel Networks UK Limited, going into administration in 2009. Since the transaction with Legal & General in 2018 the plan has received additional funding through the sponsor’s insolvency proceedings.
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Travers Smith Guides £105M Nortel Pension Deal With L&G
Law360, London (May 11, 2021, 12:28 PM BST) The British employee retirement scheme of Nortel Networks Corp., the Canadian telecoms giant that collapsed in 2009, has insured a further £105 million ($148 million) of pension liabilities with Legal & General Assurance Society Ltd., the insurer said on Tuesday.
The buy-out means L&G will take on full responsibility for paying members in the Nortel Networks UK Pension Plan. The deal builds on an earlier £2.4 billion buyout in 2018 and will provide additional benefits to 8,200 retirees and 4,300 members of the retirement scheme, L&G said.
The pension scheme is the workplace saving plan for British employees of Nortel, a Toronto-based global.