British insurer Legal & General has taken on £2.4bn in pension liabilities from Nortel Networks....
Many defined benefit pension schemes are no longer open to accrual and relate to a membership that is no longer connected to the business. They have become decoupled from the corporation and are often simply a liability and creditor, only vaguely connected to employees. From the point of view of the business, it often makes sense to move towards de-risking and eventual winding up.
ARC Pensions Law’s team has deep experience in this area and knows the importance of preparing a scheme for the process. Our advice covers issues such as:
Preparing for a buy-in:
Co-ordinating the auction and contract process:
Preparing for buyout:
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