Smiths Industries Pension Scheme, London, insured £207 million ($275 million) in liabilities with Canada Life, a spokesman said.
This is the £2.2 billion pension fund's second buy-in; in 2016, it insured £173 million in liabilities with Pension Insurance Corp.
"We have made considerable strides to completely derisk the scheme, and this remains our long-term aim," said Nicholas Godden, chairman of the Smiths Industries Pension Scheme Trustee, in a news release.
Bill Seeger, interim chief financial officer, said in the release. "Our sustained focus, over many years, on derisking 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."
The trustees of Smiths Industries Pension Scheme were advised by Aon Hewitt and Sackers.