TIDMSMIN

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 GBP176m 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 GBP176m 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 GBP0.8bn of the Smiths Industries Pension Scheme liabilities has now been insured. Across the Company's two main UK schemes around GBP1.6bn 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     Marion Le Bot, Smiths Group 
  +44 (0)20 7004 1637             +44 (0)20 7004 1672 
  +44 (0)78 6739 0350             +44 (0)75 8315 4386 
  jemma.spalton@smiths.com        marion.lebot@smiths.com 
 Media enquiries 
 Deborah Scott, FTI Consulting   Alex Le May, FTI Consulting 
  +44 (0)20 3727 1459             +44 (0)20 3727 1308 
  +44 (0)797 953 7449             +44 (0)7702 443 312 
  smiths@fticonsulting.com        smiths@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.

END

MSCBSGDRBDGBGCD

(END) Dow Jones Newswires

July 03, 2019 02:00 ET (06:00 GMT)

Smiths (LSE:SMIN)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Smiths Charts.
Smiths (LSE:SMIN)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Smiths Charts.