Additional Recoveries

In our November 2017 letter to all members we said that we had recovered a total of £662m to add to Plan funds. We are pleased to tell you that this has now increased to a total of £1,016m as a result of a further distribution in December from the Administrators. We expect to receive about £200m over the course of 2018 and into 2019 so we are on target for a total recovery greater than £1,200m as we said in our letter. If you did not get this letter, please contact us to check we have your current address details since we will be writing to you again early in 2018 with important information about your Nortel pension.

Verification of member details

We are taking steps to ensure that our member records are as up to date as possible and, as is usual for schemes such as the Plan, we have engaged the services of an outside organisation to assist us in this task. Accordingly, you may be contacted by Target Professional Services (UK) Limited solely for the purpose of verifying your address details. If you have any concerns about this then please contact us using the information on our home page.

Did you send back your form ?

In our last Update Letter dated April 2017 we included a personalised Beneficiary Form for all members except those who were in receipt of a dependant’s pension following the death of a former Nortel employee.

Did you send your form back to us ? If you did, then thank you. If not, then can we please urge you to do so since the information provided will help us to more accurately establish Plan liabilities. Please complete the form even if you do not have any dependants since that is still useful information for us.

The address to send the form to is: Nortel Networks UK Pension Plan, c/o Willis Towers Watson Limited, PO Box 545, Redhill, RH1 1YX

If you have mislaid your form then you can download a generic version from our website but you will have to add your personal details. Remember, you can update this information at any time if your circumstances change.

If you did not receive the Update Letter then this may be because we do not have a current address for you. If this is the case, then please update your details by writing to us at the above address or send us an email – please remember to include your full name and National Insurance number if known.

Thank you in advance for your cooperation – if you have any queries then do not hesitate to give us a call.

Trustee Board changes

Bruce McNess has represented BESTrustees on our Board since December 2006 –  initially as Chairman of the Investment Committee and Interim Chairman of the Trustee Board and subsequently taking on the task of Chairman of the ADB Committee in May 2007. Bruce has now decided to give up his various roles on our Board and concentrate on a well earned retirement. Bruce will be remembered by the rest of the Board for his professional contribution to our activities and his calm assured advice during the many challenging events since Nortel went into administration in January 2009. We wish him well.
Bruce will be replaced by Bob Hymas from BESTrustees who will take on the role of Chairman of the ADB Committee as well as serving on the Buyout Committee.  Bob is a chartered accountant and has over 20 years of experience working with pension schemes in various roles including trustee, adviser and auditor. We look forward to working with Bob as we move towards securing ongoing pension benefits for all our members.
Clive Gilchrist will now become the Chairman of the Investment Committee.