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.
We have now posted a letter to all members (if you have not received it do we have your current address details?) updating you on the process to leave the PPF and giving some further information on options that may be available to you as we prepare to secure benefits outside the PPF. This letter does not include personalised figures which will follow in a further letter early in 2018.
Included with the letter, however, were a number of ‘Frequently Asked Questions (FAQs)’ which can also be found by following this link.
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.
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.