Smiths fully insures 17,000 members with £760m M&G buy-in

Smiths Group today completed a £760m pension scheme buy-in with M&G for the Smiths Industries Pension Scheme, securing the benefits of more than 10,000 members in the latest step of the scheme’s de-risking programme.

The bulk purchase annuity buy-in was the fifth and final transaction for the scheme, covering all remaining pensioner and deferred members. After completion, all approximately 17,000 members of the Smiths Industries Pension Scheme were fully insured across five annuity policies.

Those policies are held with Prudential Assurance Company, M&G’s wholly owned subsidiary, alongside Canada Life and Pension Insurance Corporation. The latest transaction completed in July and was funded using the scheme’s existing assets, with no additional contribution required from Smiths.

Using existing assets meant the company did not need to inject new cash to complete the deal, while full insurance cover removes pension risk and future cash funding requirements from the scheme. Smiths said this also reduces balance sheet volatility and supports stronger free cash flow following completion of its strategic transformation.

Smiths said the latest buy-in secured benefits for more than 10,000 members and that the completed structure means every member of the scheme is now insured. Alliance News separately reported that all 32,500 members of Smiths’ main UK defined-benefit pension schemes are now fully insured — a total that includes the separate £900m buyout of the TI Group Pension Scheme completed in May 2026, indicating that the transaction completes insurance coverage across the group’s principal domestic schemes.

Sources: news.google.com · smiths.com