Smiths Industries Pension Scheme, London, insured £146.5 million ($193 million) in a buy-in with Canada Life, according to its latest trading statement.
The deal follows a £254 million buy-in with Pension Insurance Corp. in 2016, a £207 million buy-in in 2017 with Canada Life, and a £176 million buy-in with Canada Life in 2019.
The £3 billion Smiths Industries Pension Scheme, in the most recent transaction insured the benefits of a further 1,000 retirees. Aon advised on the deal.
"This is another well-timed step in our de-risking strategy, adding further to member protection despite a challenging market environment. Thanks to our advisers and to the group's continued support, the scheme is well positioned for the steps to come," Nicholas Godden, chairman of the trustee of the Smiths Industries Pension Scheme, said in a news release.
