Legal & General’s £2.4bn buy-out of the Nortel Networks UK Pension Plan

Eversheds Sutherland has advised longstanding client Legal & General on a £2.4bn buy-out for the Nortel Networks UK Pension Plan, which covers around 15,500 pensioner members and around 7,200 deferred members.

The Plan’s sponsor went into administration in 2009 and the Plan entered a Pension Protection Fund (PPF) assessment period, where it has remained whilst worldwide litigation and insolvency proceedings were ongoing. This transaction has allowed Nortel Networks UK Pensions Trust Ltd, (the Trustee) to secure benefits in excess of PPF levels with Legal & General and the Plan will not enter the PPF.

The Eversheds Sutherland team was led by corporate insurance Partner Hugo Laing (picture) with support from pensions Partner Mark Latimour and associates Henry Dean and Rosamund Wood.

The team at Eversheds Sutherland also worked closely with the key deal team members at Legal & General, including Dominic Moret (Director, Pension Risk Transfer), Rachel Cutts (New Business Actuary) and Helena Hawthorn (Head of Legal).

 

Involved fees earner: Hugo Laing – Eversheds Sutherland; Mark Latimour – Eversheds Sutherland; Rosamund Wood – Eversheds Sutherland; Henry Dean – Eversheds Sutherland;

Law Firms: Eversheds Sutherland;

Clients: Legal & General Group Plc;