L&G com­pletes pen­sion plan buy­out

Yorkshire Post - Business - - NEWS -

Deal: Le­gal & Gen­eral Group has com­pleted its buy­out of the Nor­tel Net­works UK pen­sion plan.

The in­sur­ance gi­ant bought out the plan, which cov­ers ap­prox­i­mately 15,500 pen­sioner mem­bers and 7,200 de­ferred mem­bers, for £2.4bn. Nor­tel went into ad­min­is­tra­tion in 2009, and the plan then en­tered a pen­sion pro­tec­tion fund as­sess­ment pe­riod as in­sol­vency pro­ceed­ings pro­gressed.

With these pro­ceed­ings now re­solved, the Nor­tel plan has se­cured ben­e­fits above pen­sion pro­tec­tion fund lev­els and will leave the fund upon the buy­out by Le­gal & Gen­eral.

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