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Pin to quick picksSmiths Group Regulatory News (SMIN)

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Smiths Group extends pension de-risking

3 Jul 2019 07:00

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."

 

END

 

 

Enquiries:

 

Investor enquiries

 

Jemma Spalton, Smiths Group

+44 (0)20 7004 1637

+44 (0)78 6739 0350

jemma.spalton@smiths.com

 

Marion Le Bot, Smiths Group+44 (0)20 7004 1672+44 (0)75 8315 4386marion.lebot@smiths.com

 

Media enquiries

 

Deborah Scott, FTI Consulting+44 (0)20 3727 1459+44 (0)797 953 7449smiths@fticonsulting.com

 

Alex Le May, FTI Consulting+44 (0)20 3727 1308+44 (0)7702 443 312smiths@fticonsulting.com

 

 

 

 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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