We have sent a number of important letters to all members over the past few months so if you have not received anything then perhaps we do not have your current address? If this is the case, you should call us as soon as possible using the phone number on our home page and we will update our records accordingly.
Your personalised letter may have indicated the need to take certain initial actions if you wanted to consider some of your options further. The deadline to start this process was 30 days from the date of your letter (which for most members was March 9). Although this time limit has now expired, we have decided to extend the deadline to April 20, 2018. Please check your Option Letter to see if this deadline is relevant to you.
Our principal advisers have issued press releases: Nortel UK Pension set to exit Pension Protection Fund assessment (PwC) and Nortel recoveries achieved (Hogan Lovells)
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.