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STC: Paignton

Volume 493: debated on Monday 1 June 2009

To ask the Secretary of State for Work and Pensions if he will take steps to ensure that the pensions of former employees of STC/Nortel Networks of Paignton, South Devon are protected by the Pension Protection Fund; and if he will make a statement. (274963)

The eligibility criteria for the Pension Protection Fund are set out in the Pensions Act 2004.

The Nortel Networks UK Pension Plan entered a Pension Protection Fund assessment period in March 2009. During an assessment period, the board of the Pension Protection Fund establishes whether the scheme can be rescued; whether it can afford to secure benefits which are at least equal to the compensation that the Pension Protection Fund would pay; or whether the scheme is eligible for compensation from the Pension Protection Fund.