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"

    Share Story:

Recent Stories


DB risks
Laura Blows discusses DB risks with Aon UK head of retirement policy, Matthew Arends, and Aon UK head of investment, Maria Johannessen, in Pensions Age's latest video interview

Sustainable equity investing in emerging markets
In these highlights of the latest Pensions Age video interview, Laura Blows speaks to Premier Miton Investors fund managers, Fiona Manning and Will Scholes, about sustainable investing in equities within emerging markets

Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track
Building investments in a DC world
In the latest Pensions Age podcast, Sophie Smith talks to USS Investment Management’s head of investment product management, Naomi Clark, about the USS’ DC investments and its journey into private markets

Advertisement