The Smiths Industries Pension Scheme has completed a £760m bulk purchase annuity buy-in with M&G.
The transaction, which was completed in July 2026, secures the benefits of over 10,000 members and their dependants. This is the scheme’s fifth and final buy-in, following four earlier pensioner buy-ins with two other insurers, and covers all remaining members, including pensioners and deferred members.
“This buy-in with M&G reflects many years of careful planning and strong collaboration between the Trustee, Smiths Group and our advisers. On behalf of my fellow Directors, I would like to thank everyone involved in making the transaction possible, including all of our advisers and the Smiths Group in-house pensions team. Their collective expertise, commitment and support have been central to achieving this significant step in the Scheme’s journey,” said Nicholas Godden, Chair of the Trustee of Smiths Industries Pension Scheme.
“We are delighted to have been selected by the Trustee as their trusted partner for their fifth and final buy-in. This is an important milestone for the Smiths Industries Pension Scheme, completing its move to fully secure members’ benefits. It also highlights the strength of our proposition and our ability to support schemes of varying size and complexity, with a focus on delivering tailored solutions, excellent administration and a positive member experience,” added Rosie Fantom, Head of Bulk Annuity Origination & Execution at M&G.
Hymans Robertson acted as risk transfer adviser, Aptia as scheme administrator, Aon as scheme actuary, Gallagher as investment adviser and Sackers as the scheme’s legal adviser.
“We’re delighted to have supported the trustee in completing this final buy-in, securing the benefits of more than 10,000 members and their dependants. The insurance selection process placed significant emphasis on member experience, administration and implementation capability alongside pricing, ensuring an excellent outcome for the scheme,” said Michael Abramson, Partner at Hymans Robertson.
