Smiths Industries Pension Scheme, London, insured £176 million ($222 million) in liabilities through a buy-in with Canada Life, a spokesman said.
The buy-in policy covers liabilities related to over 2,000 plan pensioners and follows a £207 million deal with Canada Life in October 2017.
About £800 million of the Smiths Industries Pension Scheme liabilities are now insured.
"This is the second buy-in we have completed with Canada Life as part of our long-term derisking strategy," said Nicholas Godden, chairman of the £2.2 billion plan, in a news release. "We have made considerable strides to derisk the scheme and our aim is to continue to do so in the future."
John Shipsey, chief financial officer of the plan's sponsoring employer, global technology business Smiths Group PLC, added in the release: "Our sustained focus, over many years, on derisking the group's pension liabilities has reduced volatility and led to lower funding obligations — freeing up capital for Smiths to invest in growth opportunities."
