Smiths Group extends pension de-risking

Smiths Group says the Trustee of the TI Group Pension Scheme has entered into a bulk annuity buy-in agreement with Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds.

Demonstrating the company’s commitment to de-risking its pension liabilities, the buy-in policy covered liabilities totalling £130m relating to about 1500 legacy scheme pensioners and dependants.

Through a series of buy-ins, about £1bn of the TI Scheme liabilities has now been insured.

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