We would like to advise all members that David Davies retired from his position as Chairman of the Trustee Board on October 31, 2019 and has been replaced by Clive Gilchrist who was already serving on the Trustee Board in his capacity as a company nominated trustee.
We are sure that all Plan members would like to join the Board in expressing our profound thanks and gratitude to David who has worked with great energy and dedication since he was appointed in 2007 and has successfully steered us through 10+ years of international insolvency and litigation proceedings following Nortel Networks worldwide demise in 2009.
Clive, who is a professional independent trustee, has a lot of experience with Nortel’s UK Pension Scheme and represented BESTrustees on the Board from 1995 until 2007 before re-joining the Board in 2008 as a company appointee. We look forward to Clive guiding us through the process of finalising the distribution of member benefits and the eventual wind-up of Nortel Networks UK Pension Trust Limited.
Please follow this link for details of all current members of the Trustee Board
The Plan has a number of deceased members and dependants whose pensions ended during the Pension Protection Fund (PPF) assessment period (January 14, 2009 to October 8, 2018) and whose benefits were restricted to PPF compensation levels during this period. Now that insolvency recoveries have improved the Plan’s funding beyond PPF levels an additional payment can be made, proportionate to the impact of such restrictions. The Trustee has launched an exercise to try and locate close relatives of the deceased or individuals who had responsibility for dealing with their estate. Letters are being sent to individuals who we believe may be able to assist in this matter so if you have received such a letter then please provide the requested information as soon as you can. Thank you for your cooperation.
We are pleased to tell you that the Plan received a further £55.8m from the UK Estate in July 2019 which means that overall recoveries have now increased to £1,166m. We still expect that further receipts will lead to a total recovery figure in excess of £1,200m.
We wrote to you in October 2018 with details of amounts and how each member’s benefits had been secured following the Plan’s departure from PPF assessment. We have received many letters of thanks from grateful members and the Trustee Board would like to acknowledge receipt of this feedback and to thank all members for their patience and support over the past ten years. We are delighted that our strategy on recoveries and our approach to the buyout process has generated such a wide level of member satisfaction. The process is not quite complete and for eligible members we anticipate a further allocation of Plan funds during 2019. Once again, thank you for your comments and may we take this opportunity to wish you and your families all the best for the New Year.