UPDATED: Nortel scheme secures PPF-plus benefits in £2.4bn buyout with L&G
The beleaguered Nortel Networks UK Pension Plan has entered into a £2.4bn buyout with Legal & General (L&G), insuring members' benefits nearly a decade after its sponsor collapsed.
The benefits of more than 15,500 pensioners and 7,200 deferred members are now guaranteed in excess of Pension Protection Fund (PPF) levels, despite the scheme being just 40% funded on a section 75 basis...
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