Smiths Group pension scheme completes £142m buy-in with Aviva

The TI Group Pension Scheme, whose sponsoring employer is the industrial technology company, Smiths Group, has completed a £142m buy-in with Aviva.

The transaction insures the defined benefit (DB) pension liabilities of 1,224 pensioner members, in turn removing the investment and longevity risk of these members from the scheme.

Commenting on the buy-in, TI Group Pension Scheme chair of the trustee, Chris Surch, stated: “This is our sixth annuity tranche, continuing a well-established de-risking strategy for the scheme.

“I am pleased that this was swiftly concluded when the opportunity arose, thanks to the dedication of our trustees, Smiths Group, our advisers and Aviva – all working as efficiently remotely as they had been when office based.”

The process to select an insurer and negotiate terms was led by Aon.

Commenting on the transaction, Aon risk settlement adviser, Dominic Grimley, added: “This transaction continues a trend of well-timed transactions for the group, and was made possible by nimble decision-making from the trustee and Smiths Group, capturing the market's interest and de-risking without any funding cost"

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