On the go: The £3bn Smiths Industries Pension Scheme has completed a £176m bulk annuity with Canada Life – its second transaction of this kind with the insurer.
Aon, the consultancy that advised on the transaction, said that – as with the scheme’s previous buy-ins in 2016 and 2017 – the bulk annuity purchase was well-timed to take advantage of strong pricing opportunities.
Eight bulk annuities have now been carried out, totalling about £1.6bn across the Smiths Group’s two pension funds.
Nicholas Godden, chair of the trustee of the Smiths Industries Pension Scheme, said: “This is another key stride in our de-risking strategy, taking advantage of the strong backing of counterparties like Canada Life, and thanks to our advisers and the group’s continued support.”
