TI Group has completed an insurance buy-in for its defined benefit pension scheme.
The transaction, with provider Pension Insurance Corporation, covers around £170 million of liabilities, taking the total liabilities insured by the scheme to more than £800 million.
Smiths Group, a global technology organisation, is the parent company and sponsoring employer of the TI Group Pension Scheme.
The scheme’s trustees were advised by consultancy Aon Hewitt and law firm Mayer Brown.
John Edwards, chairman of the trustees, said: “This transaction is part of a long-term policy to de-risk our pensioner liabilities.
“Our advisers and the team at PIC have been proactive and responsive to our needs in helping us to complete this transaction on terms that are attractive to the scheme.”
Paul Belok, partner at Aon Hewitt, added: “The approach has been measured and sensible, insuring tranches of the pension scheme as market conditions and other factors align to allow [it] to lock down risk over a number of years.”
