The Smiths Industries Pension Scheme has completed a £207m buy-in with Canada Life to insure pensioner benefits.
It is the second bulk annuity purchase for the scheme, which last year entered a £250m buy-in with Pension Insurance Corporation.
Both deals ensure a randomly-determined cross-section of liabilities to ensure a "UK norm" life expectancy has been insured, rather than an older or wealthier group of pensioners.
The deal is the seventh de-risking deal across the company's two UK schemes, with approximately £1.5bn of liabilities now insured. They had a combined funding level of 111% under the IAS19 accounting measure as of 31 July 2017.
The trustees were advised by Aon Hewitt, with the deal taking advantage of the "year's best pricing".
Trustee chairman Nicholas Godden said: "This is the first buy-in we have completed with Canada Life as part of our long-term de-risking strategy. We have made considerable strides to completely de-risk the scheme and this remains our long-term aim."
Canada Life executive director Richard Priestley added the deal had been completed quickly.
"Working intensively with Aon Hewitt and the Smiths Industries Pension Scheme, we helped deliver, at speed, a competitive price which allowed the scheme to complete the transaction within weeks from selecting their chosen insurer," he said.
"The deal further cements our progression into medium-sized deals and overall commitment to the bulk annuity market."
Aon Hewitt risk settlement adviser Dominic Grimley said the availability of attractive assets had made the deal easier to complete.
"The Smiths Industries Pension Scheme trustees and manager reacted quickly to market opportunities, allowing us to conclude broking within a few weeks of initial quotations and then to secure terms as favourable as we have seen for some years," he said.
"Canada Life was able to access attractive assets and reflect them appropriately in their pricing - under time pressure - to deliver the leading bid."
The trustees and the company are continuing to seek further de-risking opportunities, they said.
Without specialist help, smaller DB schemes are being left behind in a bulk annuity market increasingly focused on mega-deals, says Rob Dales.
Interest around DB consolidators is high but there remains regulatory uncertainty around their future. Lesley Carline looks at what the future might hold for this section of the market.
The Carter & Parker Limited Staff Retirement Benefits Plan (1975) has agreed a £9.3m bulk annuity deal with Canada Life.
The Aegon UK Staff Retirement and Death Benefit Scheme has secured a £144m buy-in with Phoenix, covering around a quarter of pensioner liabilities.
Pension Insurance Corporation (PIC) has agreed a £750m bulk annuity transaction, converting a pensioner longevity swap held by the Scottish Hydro Electric Pension Scheme (SHEPS) into a buy-in.