The Pensions Regulator yesterday/Thursday 8
th July
published a Financial Support Direction against 25 companies in the
Nortel group in Canada, the US, Europe and Africa. The
Financial Support Direction requires these companies to provide
financial support up to £2.1 billion - the shortfall in the Nortel
Networks UK Pension Plan on the buy-out basis.
More details can be found in the Pensions Regulator's press
release: http://www.thepensionsregulator.gov.uk/press/pn10-13.aspx.
Pinsent Masons acts for the trustee of the Nortel Networks UK
Pension Plan. The relevant contacts at Pinsent Masons are:
Raj Sharma (020 7418 7010), Isabel Nurse-Marsh (020 7667 0097) or
Sarah Boon (020 7667 0165).
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