Smiths Group Plc announced that it had come upon an agreement with two of its major UK pension schemes. Under the agreement, the company would maintain its current annual contributions for slightly reduced recovery periods.

"These funding plans will be assessed at future triennial reviews and allow for contributions to be reduced in the event of improvements in the overall funding positions of the schemes at future triennial valuations," said Smiths Group in a statement.

The terms of the agreement were set following a valuation of the schemes. This valuation showed a deficit of GBP535 million (US$806 million) for Smiths Industries Pension Scheme and a deficit of GBP117 million for TI Group Pension Scheme.

Smiths Group Plc was a publicly listed global technology company in the London Stock Exchange. It was headquartered in London, UK and offered products and services that aimed to make the world "safer, healthier and more productive". Specifically, these products and services included engineered components, medical devices, energy, communications, and threat and contraband detection.