Regulatory News Item

RNS Number : 1325U
Smiths Group PLC
20 October 2017
 

News Release

London, 20 October 2017

For immediate release

 

 

Smiths Group extends pension de-risking with £207m buy-in

Smiths Group plc ("Smiths" or "the Company") announces today that the Trustee of the Smiths Industries Pension Scheme (the "Scheme") has entered into a bulk annuity buy-in agreement with Canada Life.

Demonstrating the Company's commitment to de-risking its pension liabilities, the buy-in policy covers liabilities totalling £207m relating to over 2,000 legacy Scheme pensioners and dependants. 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.

Bill Seeger, Chief Financial Officer, said:

"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.  Over 95% of the Group's total pension liabilities are hedged through our liability driven investment strategy."

Nicholas Godden, Chair of the Smiths Industries Pension Scheme Trustee, said:

"This is the first buy-in we have completed with Canada Life as part of our long-term de-risking strategy. We have made considerable strides to completely de-risk the Scheme and this remains our long-term aim."

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Contact details

 

Investor enquiries

Jemma Spalton, Smiths Group

+44 (0)20 7004 1637

+44 (0)78 6739 0350

jemma.spalton@smiths.com

 

Marion Le Bot, Smiths Group
+44 (0)20 7004 1672
+44 (0)75 8315 4386
marion.lebot@smiths.com

Media enquiries

Andrew Lorenz, FTI Consulting
+44 (0)20 3727 1323

+44 (0)77 7564 1807

smiths@fticonsulting.com

Deborah Scott, FTI Consulting
+44 (0)203 727 1459
+44 (0)797 953 7449
smiths@fticonsulting.com

 

About Smiths Group

Smiths Group is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). A world leader in the practical application of advanced technologies, Smiths Group delivers products and services for the threat & contraband detection, medical devices, energy and communications markets worldwide. Smiths Group employs more than 22,000 people in over 50 countries. For more information visit www.smiths.com.

 


This information is provided by RNS
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