A farewell message to all our members and their families from your former colleagues and Trustees
Norma Bowles, Brian Izzard, Pat Masterson and Tim Rossiter
When Nortel went into administration in 2009, we had no idea it would take as long as 15 years for the insolvency recovery and buyout process to reach the point where we had allocated all available fund and secured final benefits for members. We have worked tirelessly with our advisers to arrive at the point today where our members now collectively enjoy benefits worth over 25% more than the total value of compensation that would have been available from the Pension Protection Fund (PPF).
As both former colleagues and trustees, our knowledge of Nortel enabled us keep members’ interests at the heart of the process. This has resulted in most members’ benefits being secured by individual annuity policies with Legal & General, who worked seamlessly with us throughout the complex buyout process to address our needs and expectations.
We would particularly like to express gratitude to our actuary, Neil Mobbs, and the entire actuarial, administration, project management, accounts, and support teams at Willis Towers Watson (WTW). Neil has been with us since 2007 and we are truly grateful for his skills and the guidance he has provided to us. The WTW admin team, based in Welwyn, was formed in 2005 and benefitted from the continuity provided by former members of Nortel’s in-house pensions department who were integrated into the WTW team. It was no small task to address the needs of over 40,000 members with a wide variety of individual circumstances.
FINALLY, our thanks to you, our members and your families, for your patience and
understanding over the years.
Best wishes for the future!
Our thanks to our colleagues:
David Davies, our former Chairman who steered us successfully through the global Nortel insolvency process working closely with the PPF who actively supported our recovery objectives.
Clive Gilchrist, our current chairman, who brought the buyout process (i.e. securing members’ benefits) to a successful conclusion.
BESTrustees, represented by Bob Hymas, who worked closely with us on the day-to-day detail of the buyout process and member communications.
Our thanks to our advisers:
Willis Towers Watson, who provided us with actuarial, consulting and administrative services both before and after Nortel went into administration.
Pinsent Masons, our scheme lawyers since 2005.
PwC, for their financial guidance and analysis throughout the recovery process.
Hogan Lovells, our lead lawyers during the recovery process who worked closely with legal teams in the USA and Canada.
Isio, our buyout advisers responsible for helping us select and execute arrangements with Legal & General.
Travers Smith, our buyout lawyers who negotiated our contracts with Legal & General.
Got a Query?
If benefits have been secured for you by Legal & GeneraL then call
0345 766 0813
If your pension is already in payment
OR
0345 077 8778
if your pension is NOT in payment