Smiths Group has completed a £760m bulk purchase annuity (BPA) transaction with M&G for the Smiths Industries Pension Scheme.
The transaction, completed in July 2026, secures the benefits of over 10,000 members and their dependants. This is the pension fund’s fifth and final buy-in, following four earlier buy-ins with two other insurers, and covers all remaining members including pensioners and deferred members.
Hymans Robertson acted as risk transfer adviser, Aptia as scheme administrator, Aon as scheme actuary, Gallagher as investment adviser, and Sackers as the pension fund’s legal adviser.
Nicholas Godden, trustee chair at the scheme, said the buy-in reflects many years of “careful planning and strong collaboration” between the trustee, Smiths Group and advisers.
Rosie Fantom, head of bulk annuity origination and execution at M&G, added: “This is an important milestone for the Smiths Industries Pension Scheme, completing its move to fully secure members’ benefits. It also highlights the strength of our proposition and our ability to support schemes of varying size and complexity, with a focus on delivering tailored solutions, excellent administration and a positive member experience.”
