TORONTO, Jan. 28, 2013 /CNW/ - The Trustee of the Nortel UK Pension Fund is grateful to the Mediator and his advisory team for their efforts in this extraordinarily complex case and very much regrets the collapse of the recent mediation.
The fight must now go on to recover the estimated fund deficit of US$4 billion in order to prevent large scale losses of pension to ex-Nortel employees.
The Trustee represents some 38,000 ordinary people who worked hard for Nortel and contributed to its success in the good years. They paid their own money into the Scheme when the company was running off the Scheme's surplus for its own benefit. They now face substantial reductions in the pensions they were promised during their working lives.
The Trustee is unable to comment on the particulars of the mediation but it is clear from reports that have already appeared in the Canadian press that pensioners feel pitted against Bondholders in the struggle to recover funds.
SOURCE: The Trustee of the Nortel UK Pension Fund
For further information:
Angela Dimsdale Gill, Hogan Lovells International LLP, [email protected] or +44 20 7296 2823.