Travers Smith Guides £105M Nortel Pension Deal With L&G

Law360, London (May 11, 2021, 12:28 PM BST) -- The British employee retirement scheme of Nortel Networks Corp., the Canadian telecoms giant that collapsed in 2009, has insured a further £105 million ($148 million) of pension liabilities with Legal & General Assurance Society Ltd., the insurer said on Tuesday.

The buy-out means L&G will take on full responsibility for paying members in the Nortel Networks UK Pension Plan. The deal builds on an earlier £2.4 billion buyout in 2018 and will provide additional benefits to 8,200 retirees and 4,300 members of the retirement scheme, L&G said.

The pension scheme is the workplace saving plan for British employees of Nortel, a Toronto-based global...

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