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


Sovereign bonds and climate change considerations
In Pensions Age's latest podcast, Laura Blows is joined by Hilary Norris, Product Manager, Sustainable Investment, EMEA, FTSE Russell, to discuss sovereign bonds and climate change considerations

Climate Investing
Laura Blows speaks to Aled Jones, Head of Sustainable Investing for Europe at FTSE Russell, and Adam Matthews, Director of Ethics and Engagement for the Church of England Pensions Board, about the role of climate investing within a pension fund portfolio.

Managing volatility
In the latest Pensions Age podcast, Laura Blows speaks to Cambridge Associates head of European pension practice, Alex Koriath, about the Covid-related market volatility and how pension funds can prepare for the challenges ahead

Risk transfer opportunities
Laura Blows speaks to Lisa Purdy, Head of Fiduciary Distribution at Legal & General Investment Management and Gavin Smith, Pricing and Execution Director - UK PRT at Legal & General, about the impact of the recent market volatility on the bulk annuity and risk transfer market and the potential opportunities for the future

De-risking options for pension schemes
In this latest Pensions Age podcast, Linklaters' Sarah Parkin talks to Laura Blows about the wide range of choice available to pensions schemes for the partial, or full, removal of their risks