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Legal & General Closes GBP 2.4 Bln Buyout With Nortel Networks UK Pension Plan

Legal & General Group Plc (LGEN.L) announced Monday that Legal & General Assurance Society Limited has completed a 2.4 billion pounds buyout for the Nortel Networks UK Pension Plan, covering around 15,500 pensioner members and around 7,200 deferred members.

The Plan's sponsor went into administration in 2009 and the Plan entered a Pension Protection Fund or PPF assessment period, where it has remained whilst insolvency proceedings were on-going. With these proceedings now resolved, the Plan has been able to secure benefits in excess of PPF levels and will exit the PPF having secured the buyout with Legal & General.

The financial metrics and Solvency II capital strain of this transaction are in line with previous levels reported by Legal & General.

Nigel Wilson, Chief Executive, Legal & General Group, said, "This transaction brings our total volume for global pension de-risking business to more than £8.4 billion for the year to date, a new record for us. Legal & General's UK pipeline is stronger than we have ever seen, with £25 billion currently in active pricing discussions following the completion of the Nortel buyout."

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