The Smiths Industries Pension Scheme has secured a £176m buy-in with Canada Life, its second with the insurer.
The buy-in is approximately 6% of the £3bn scheme's liabilities, and is Canada Life's first announced deal of 2019.
The scheme has now conducted three buy-ins across two insurers, and took advantage of "strong pricing opportunities" to reduce risk while improving return on scheme assets.
Trustee chairman Nicholas Godden said: "This is another key stride in our de-risking strategy, taking advantage of the strong backing of counterparties like Canada Life, and thanks to our advisers and the group's continued support."
Canada Life executive director Richard Priestley added: "We are very pleased to expand our relationship with Smiths Industries Pension Scheme. As we become more established in the bulk annuity market, more clients are recognising the value and security we offer."
The scheme was advised by Aon via the consultant's Compass bulk annuity platform. Risk settlement adviser Dominic Grimley said: "This transaction followed a period of careful market monitoring, where we waited for the right opportunities to emerge.
"All parties involved have considerable market experience and this encouraged a swift conclusion once pricing was accessible."
The deal is the eight bulk annuity secured by the scheme's sponsor, Smiths Group, which has two defined benefit schemes and £1.6bn of liabilities insured.
Last year, Canada Life secured £1.3bn of pension scheme liabilities in a record-breaking year for the bulk annuity market which saw £24.2bn of liabilities insured.
So far this year, insurers have disclosed they have backed around £13.1bn of liabilities, including one mammoth £4.6bn partial buyout of the Rolls-Royce UK Pension Fund by Legal & General.
The market has estimated total bulk annuity volumes for the year could surpass £30bn, with longevity swap deals amounting to several billions of pounds likely to be added on top.
Aviva Life & Pensions has concluded an £875m buy-in with its own staff pension scheme, following on from a similar transaction last year.
Just Group has completed a £74m pensioner buy-in with the UK pension scheme of a US-listed engineering business.
The Smiths Industries Pension Scheme has secured a £146m buy-in with Canada Life in its fourth bulk annuity and its sponsor’s tenth overall.
The Prudential Staff Pension Scheme has entered into a £3.7bn longevity swap with Pacific Life Re, insuring the longevity risk of over 20,000 pensioners.
The Baker Hughes (UK) Pension Plan has secured approximately £100m of liabilities through a buy-in with Just Group.