RNS Number : 2516E
Smiths Group PLC
03 July 2019
London, 3 July 2019
For immediate release
Smiths Group extends pension de-risking with £176m 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 £176m relating to over 2,000 legacy Scheme pensioners and dependants. This is the Scheme's second such policy with Canada Life. Through a series of buy-ins, around £0.8bn of the Smiths Industries Pension Scheme liabilities has now been insured. Across the Company's two main UK schemes around £1.6bn of the liabilities are now insured.
Nicholas Godden, Chair of the Smiths Industries Pension Scheme Trustee, said:
"This is the second buy-in we have completed with Canada Life as part of our long-term de-risking strategy. We have made considerable strides to de-risk the Scheme and our aim is to continue to do so in the future."
John Shipsey, Chief Financial Officer, said:
"Our sustained focus, over many years, on de-risking the Group's pension liabilities has reduced volatility and led to lower funding obligations - freeing up capital for Smiths to invest in growth opportunities."
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
Smiths is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). Its businesses share common characteristics (well-positioned in growing markets, technology-led, asset-light, digitising, with a high proportion of aftermarket revenues) and a common operating model (The Smiths Excellence System). For more information visit www.smiths.com.
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