Pension news


During 2005, the administration of the Nortel Networks UK Pension Plan was transferred to:

Watson Wyatt Limited. PO Box 311, Redhill, Surrey, RH1 1YH

Telephone (for pension enquiries) 01737 788106

Also see the Nortel Networks UK Pension site.


Reports

Agenda for the Pension Consultative Committee held 22/03/06

Dec. 08 - Frequently Asked Questions - NNUK Board of Trustees.

Jan. 09 - Frequently Asked Questions Update - This was the last update by NNUK Trustees before Nortel filed for Chapter 11 bankruptcy on January 14th 2009.

July 2010 -The Daily Telegraph published an article about the UK Pension Regulator calling for £2.1 billion to be paid into the Nortel Networks UK Pension Fund by the parent company before it enters the UK Pension Protection Fund.

Click this link to read the Telegraph Article (PDF document 139KB)

Click this link to read the report of the UK Pensions Regulator (PDF document 173KB)

Following Nortel's move into administration on 15th January 2009, no further reports of the NNUK Board of Trustees will be posted here.

For the latest situation it is advisable to check the Nortel Networks UK Pension website.


April 2012

The man responsible for mediating a £2.1bn UK pension claim on bankrupt firm Nortel Network’s assets has launched a website to keep people up to date with developments.

Chief Justice of Ontario Warren Winkler has launched the www.nortelmediation.com website to deliver information about the mediation process, which includes claims by The Pensions Regulator on Nortel’s pile of cash to fill a multi-billion pound shortfall in the Nortel Networks UK Pension Plan.

The site includes information about the mediator and will post legal documents and statements as the mediation continues.

May 2016 - Posted on the Nortel Networks UK Pension website

On 3 May 2016, the Ontario Court of Appeal refused permission for parties in the US to challenge the
May 2015 court rulings (‘Allocation Decision’) on how the proceeds of the sale of Nortel’s assets (US$
7.3Bn - the ‘Lockbox’) should be divided between the creditors of the US, Canada and Europe (EMEA). The Allocation Decision closely followed our own ‘pro-rata’ based approach which meant that
pensioners in the UK and Canada were able to obtain a fair share of the Lockbox.

Click here to see the full statement.

Note: Whilst the above item is encouraging for Nortel's UK pensioners, it is not yet a done deal. The US bondholders have had their challenge in the Canadian Court rejected, but their claim in the US Court (Wilmington, Delaware) is still ongoing. Hopefully the US Court will agree that this affair has dragged on far too long (7 years) and will support the Canadian Court's judgement.

On 17 May 2016 U.S. district court judge ruled to speed division of remaining Nortel assets

Judge Leonard Stark of the U.S. district court in Wilmington, Del., has decided to accelerate the legal battle over dividing the remaining assets of Nortel Networks Corp., ruling on Tuesday that he will not release a decision on an appeal by U.S. bondholders but will send the case directly to a superior court.

Judge Leonard Stark of the U.S. district court in Wilmington, Del., told all parties to the long-running Nortel bankruptcy he is worried that years of delays have harmed former employees and pensioners, who are still waiting to find out how much of Nortel’s $7.3-billion (U.S.) in remaining assets they will receive.

Click here to see the full statement.

October 2016 - Posted on the Nortel Networks UK Pension website

We are delighted to be able to tell you that after countless discussions, meetings, negotiations and court activities over the past seven years, all the core parties have executed an agreement on how the proceeds of the sale of Nortel’s assets (over US$ 7Bn – the ‘Lockbox’) should be divided between Nortel companies (for onward distribution to creditors) in the US, Canada and Europe (EMEA).

Click here to see the full statement.

 

To provide contributions, please email the webmaster