Sackers advises on £760m buy-in for Smiths Industries Pension Scheme

Smiths Industries Pension Scheme has completed a buy-in with M&G for £760m. The transaction, which completed in July 2026, secures the benefits of over 10,000 members and their dependants. This is the Scheme’s fifth and final buy-in, following four earlier pensioner buy-ins with two other insurers, and covers all remaining members including pensioners and deferred members.

Sackers acted as the Scheme’s legal adviser, Hymans Robertson as risk transfer adviser, Aptia as Scheme administrator, Aon as Scheme actuary, and Gallagher as investment adviser.

Nicholas Godden, Chair of the Trustee of Smiths Industries Pension Scheme, said: “This buy-in with M&G reflects many years of careful planning and strong collaboration between the Trustee, Smiths Group and our advisers. On behalf of my fellow Directors, I would like to thank everyone involved in making the transaction possible, including all of our advisers and the Smiths Group in-house pensions team. Their collective expertise, commitment and support have been central to achieving this significant step in the Scheme’s journey.”