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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. 

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.

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 with 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


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 in place since 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.

Final Report & Accounts
 
The Nortel Story
Chairman's Comment

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. 

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.

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 with 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