StockMarketWire.com - Smiths Group said the trustee of the Smiths Industries Pension Scheme has entered into a bulk annuity buy-in agreement with Canada Life.

The buy-in policy covers liabilities totalling £207m relating to over 2,000 legacy scheme pensioners and dependents.

Through a series of buy-ins, around £0.5bn of the Smiths Industries Pension Scheme liabilities has now been insured. Across Smiths Group's two main UK schemes around £1.5bn of the liabilities has now been insured.

"Our sustained focus, over many years, on de-risking the company's pension liabilities has reduced volatility and has led to significantly lower funding obligations going forward - freeing up capital for Smiths to invest in growth opportunities," chief financial officer Bill Seeger said.






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