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.