Smiths Group extends pension de-risking

RNS Number : 2516E

Smiths Group PLC

03 July 2019

 

 

 

 

News Release

London, 3 July 2019

For immediate release

Smiths Group extends pension de-risking with £176m buy-in

Smiths Group plc ("Smiths" or "the Company") announces today that the Trustee of the Smiths Industries Pension Scheme (the "Scheme") has entered into a bulk annuity buy-in agreement with Canada Life.

Demonstrating the Company's commitment to de-risking its pension liabilities, the buy-in policy covers liabilities totalling £176m relating to over 2,000 legacy Scheme pensioners and dependants. This is the Scheme's second such policy with Canada Life. Through a series of buy-ins, around £0.8bn of the Smiths Industries Pension Scheme liabilities has now been insured.  Across the Company's two main UK schemes around £1.6bn of the liabilities are now insured.

Nicholas Godden, Chair of the Smiths Industries Pension Scheme Trustee, said:

"This is the second buy-in we have completed with Canada Life as part of our long-term de-risking strategy. We have made considerable strides to de-risk the Scheme and our aim is to continue to do so in the future."

John Shipsey, Chief Financial Officer, said:

"Our sustained focus, over many years, on de-risking the Group's pension liabilities has reduced volatility and led to lower funding obligations - freeing up capital for Smiths to invest in growth opportunities."

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Enquiries:

Investor enquiries
Jemma Spalton, Smiths Group [phone] [phone] [e-mail]	Marion Le Bot, Smiths Group [phone] [phone] [e-mail]
Media enquiries
Deborah Scott, FTI Consulting [phone] [phone] [e-mail]	Alex Le May, FTI Consulting [phone] [phone] [e-mail]

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

About Smiths Group

Smiths is a global technology company listed on the London Stock Exchange (SMIN) and operates a sponsored level one ADR programme (SMGZY). Its businesses share common characteristics (well-positioned in growing markets, technology-led, asset-light, digitising, with a high proportion of aftermarket revenues) and a common operating model (The Smiths Excellence System). For more information visit www.smiths.com.

 

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