The Nortel Networks UK Pension Plan has agreed a further £105m buyout with Legal & General (L&G), topping up the benefits agreed in a prior deal.
Chris Edwards-Earl and Sue Moore explore how the Corporate Insolvency and Governance Act 2020 will affect pension schemes.
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 Nortel Networks UK Pension Scheme will boost benefits for members and leave Pension Protection Fund (PPF) assessment, nine years after the collapse of the US-based telecommunications company.
The Pensions Regulator (TPR) has published a section 89 report on the use of its anti-avoidance powers in seeking financial support for the Nortel Networks UK Pension Plan.
This week's top stories included coverage of Labour's leaked manifesto and a settlement being reached in the long-running Nortel Networks saga.
Members of the Nortel Networks UK Pension Scheme are due to receive more than £1bn after a settlement was agreed in a long-running court battle across two continents.
The biggest stories were MPs being told a rescue plan for Bernard Matthews appeared to dump the DB scheme, and why 'salami slicing' pensions tax relief could cost the government billions.
An agreement has been reached on how to compensate members of the Nortel pension scheme after years of negotiations since the company went bust in 2009.
Judges in the US and Canada have rejected attempts by Nortel bond holders to overturn a ground-breaking decision in favour of members of the collapsed telecom company's pension scheme.