11 May 2021
Legal & General Assurance Society Limited (“Legal & General”) today announces that it has agreed a £105 million buyout with the Nortel Networks UK Pension Plan (“the Plan”), providing additional benefits to around 8,200 retirees and 4,300 deferred members.
This transaction follows a £2.4 billion buyout between Legal & General and the Plan in 2018, which secured benefits in excess of PPF levels for members. This was achieved through an innovative transaction structure and benefit design, which provided members with flexibility and options to reshape their benefits to suit their preferences.
The Plan 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 recoveries through the sponsor’s insolvency proceedings. Today’s buyout uses some of these funds to provide additional benefits to Plan members on terms that were agreed alongside the original transaction. A further transaction is likely to follow in the future.Source: Legal & General
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