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Smiths Group PLC on Tuesday said all 32,500 members of its main UK defined-benefit pension schemes are now fully insured, following a £760 million scheme buy-in concluded with M&G PLC. London-based Smiths Group said the latest bulk annuity buy-in agreed with M&G subsidiary Canada Life covers 10,000 members of the Smiths Industries Pension Scheme. It means that all 17,000 members of the scheme are covered across five annuity policies, including with Prudential Assurance Co and Pension Insurance Corp. The latest pension de-risking transaction follows a £900 million one for TI Group Pension Scheme, completed in May, bringing all 15,500 members of that scheme under insurance protection. Smiths Group said the bulk annuity buy-in with M&G was secured by the pension trustee using existing assets, requiring no additional contribution from Smiths. The pension scheme was formed in 1972, bringing together over 30 different pension plans for historic Smiths businesses, and was the group’s largest. The 175-year-old company has been streamlining its operations of late, selling of the Smiths Interconnect and Smiths Detection businesses to focus on flow control and thermal solutions. ‘The completion of these transactions marks an important milestone in enhancing our balance sheet and demonstrates our commitment to the responsible management of our legacy obligations,’ Chief Financial Officer Julian Fagge said, adding: ‘This improved financial flexibility strengthens free cash flow and, together with the completion of our strategic transformation, further supports our repositioning as a focused industrial engineering company.’ Smiths Group was up 1.4% to 2,601.00 pence on Tuesday morning in London. It has a £7.76 billion market capitalisation. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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