Welcome to Nortel Pensions UK
The pension resource for former employees of Nortel Networks UK Limited and other acquired companies
Further to the ‘Member update – January 2020’ below and as outlined in our December 2019 letter, we are now in the process of writing to all eligible members with further details of how we plan to use your additional funds to secure further benefits. The Coronavirus / Covid-19 letter reproduced below will be at the back of your pack so please study carefully.
We are aware that Royal Mail and overseas delivery services may be experiencing difficulties in some areas so please be patient if your letter has not yet arrived. If you received the December 2019 letter but do not receive a further letter by April 20, 2020 then please contact the Plan Administrator on 01707 607601.
Administration changes – March 2020
Since the Plan left PPF assessment in October 2018, Willis Towers Watson (WTW) have been providing transitional administration services on behalf of Legal & General (L&G) to all members who had a policy secured with L&G.
This transitional arrangement is now ending, and administration of these policies will pass from WTW to L&G on March 1, 2020. L&G are sending a letter to all policyholders to formally advise them of the new arrangements.
This means that the contact point for any questions you may have may be different from March onwards depending on the nature of your query:
- If you have any question about your ongoing or future pension with L&G (e.g. change of address/bank details, change of beneficiary or notification of a death) or do not receive the letter referred to above then you should contact L&G on 0345 766 0813.
- If you have a question about the additional pension benefits referred to in the Member update below then you should contact WTW on 01707 607601 who will still be providing administration services to the Trustee.
- If you do not have a policy with L&G or are still unsure who to contact then you can call WTW for further guidance.
Tax code notices for the current and next tax years
We have been made aware that some members have received tax code notices from HMRC which have either omitted their former Nortel Plan pension entirely or incorrectly attributed it to Nortel Networks Pension Trust Ltd instead of Legal & General. L&G have been advised of this so that they can take any necessary action.
Member update – January 2020
With the exception of former members who chose to exchange their entire ongoing pension entitlement for a one-off lump sum payment or those where the benefits secured in 2018 represented their full Plan entitlement, all other members should now have received a letter with further information about your additional pension benefits in the Plan. If you have not received such a letter then please check that we have your current address details and/or call us on 01707 607601 as soon as possible.
For members who are not already in receipt of a pension, you may need to take some action not later than 12 February 2020 so please check your letter carefully to see if this applies to you.
It just remains for us to wish you and yours all the best for 2020 which we hope will prove to be the final year of a process that started some eleven years ago and will finally achieve our objective of maximising benefits for all our members.
The Plan has left PPF assessment…
On October 8, 2018 the Plan left PPF assessment and members’ Plan benefits have now been secured in a number of different ways.
The benefits for most members who were already in receipt of a pension (together with some new pensioners) were secured with our chosen insurer, Legal & General, who became legally responsible for paying these pensions from November 1, 2018 onwards. The final monthly payment from the Plan was made on October 1, 2018 and some existing pensioners also received a one-off back payment arising from restrictions during PPF assessment.
Legal & General also assumed responsibility for most deferred members for whom a future pension has been secured.
A number of members (including some dependants) who had small pension benefits elected to receive a one-off lump sum payment instead of an ongoing pension.
Finally, a number of members who were not in receipt of a pension elected to transfer their Share of the Funds to approved alternative pension providers.
Members were sent a ‘discharge’ letter setting out details of amounts and how his/her pension benefits were secured. In March 2019, Legal & General sent a policy document to each member who had an ongoing or future pension secured with them.