Technology engineering organisation Smiths has completed a £142 million pension buy-in transaction with Aviva and under TI Group Pension Scheme.
The buy-in arrangement will insure the defined benefit (DB) pension liabilities of 1,224 members of the TI Group Pension Scheme, removing their investment and the long-term risks. Under the new transaction, members will see no change in the amount of benefits they receive, or the amount that they pay.
The transaction was led by Aon which negotiated and dealt with the risks of the agreed terms.
Chris Surch, chair of the trustee at the TI Group Pension Scheme, said: “This is our sixth annuity transaction, 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, our advisers and Aviva, all working as efficiently remotely as they had been when office based.”
