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.
The number of defined benefit (DB) scheme members with benefits protected by an insurer will double by the middle of the decade, according to Lane Clark & Peacock (LCP).
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.