London, 21 July 2026 – Global law firm Hogan Lovells Cadwalader has advised Smiths, a leading industrial engineering company, on a £760 million bulk annuity buy-in for the Smiths Industries Pension Scheme with M&G.
The transaction, completed in July 2026, secures the benefits of more than 10,000 members and means that all approximately 17,000 members of the Scheme are now fully insured across five annuity policies with the Prudential Assurance Company, M&G’s wholly owned subsidiary, Canada Life and Pension Insurance Corporation.
The buy-in was completed using the Scheme’s existing assets, with no additional contributions required from Smiths.
The transaction forms part of Smiths’ ongoing strategy to de-risk its legacy pension obligations and provide greater financial security for scheme members, while reducing future funding requirements and balance sheet volatility.
Claire Southern, partner at Hogan Lovells Cadwalader, said: “We are delighted to have advised Smiths on this landmark transaction, which further strengthens the long-term security of members’ benefits.”
Simon Powell, Group Pensions Director at Smiths, said: “I am proud to have supported our trustees in completing these landmark bulk annuity transactions. The successful completion of these deals is a testament to the expertise, diligence and collaboration of the Smiths pensions team, our trustees and everyone involved. It reinforces our ongoing commitment to protect the long-term security of our members’ benefits and ensures long-term financial stability to Smiths.”
The Hogan Lovells Cadwalader team was led by partner Claire Southern, with support from senior associate Amol Chalisgaonkar and associate Sam Lamsdale.
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