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Canada Monday, June 26, 2017

Nortel Networks Pension Windup

 

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The Nortel Pension Plan Windup

 

Nortel Networks

 

For approximately 20,000 Canadian pensioners and former employees of Nortel Networks the long wait is over and you can start to receive your monthly income from your Nortel Pension Plan. On May 12, 2015, the Ontario Superior Court released a decision requiring the allocation of assets from the sale of Nortel's business and intellectual property be distributed based on a pro rata approach for the Nortel Pension Plan Windup.

 

Canadian pensioners, retirees and disabled employees, are to receive a fair and equitable payment of their claims as the Canadian Creditor's Committee (CCC) also advocated pro rata as the most equitable allocation method.

 

Your personal pension package will be tailored to your specific pension entitlement. It will explain the options available to you which include a life annuity or annuities or a lump sum transfer. All pension information to help you make the best choice will be included and will be dependent on whether you are a retiree or a deferred pensioner.

 

Once you receive your package you have 90 days to return the option form.

 

While Nortel Pensioners terminated from Quebec will receive their pension notices commencing May 31st, Nortel pensioners terminated from Ontario and the other provinces will start to receive the pension letters commencing June 30 this year.

 

Managed Plan Mailings

The pension packages for former Canadian Nortel managers will come later in the year.

 

Employees terminated or retired from Ontario and the other provinces will commence to receive their letters as of December 31st this year. Those terminated or retired from Quebec will start to receive their letters as of November 30th.

 

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