Smiths strikes £760m pension buy-in with M&G

(Sharecast News) - Smiths Group said on Tuesday that its Smiths Industries Pension Scheme completed a £760m buy-in with M&G, securing the benefits of more than 10,000 members and leaving all of the scheme's roughly 17,000 members fully insured. The FTSE 100 firm said the transaction was funded using existing scheme assets and required no additional contribution from the company.

It said the deal follows the £900m buyout of the TI Group Pension Scheme in May, which fully insured benefits for about 15,500 members.

Smiths said the transactions remove pension risk and future cash funding requirements, reduce balance sheet volatility and support stronger free cash flow following the completion of its strategic transformation.

At 0921 BST, shares in Smiths Group were up 1.29% at 2,597p.

Reporting by Josh White for Sharecast.com.

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