Just Group completes £1m buy-in with the Philippine National Bank

Just Group has completed a £1m full scheme buy-in with the Philippine National Bank Retirement Benefits Scheme. 

The scheme is backed by Philippine National Bank (Europe) plc, which serves the Filipino community in the UK. 

The deal, finalised in June 2025, covers all scheme members’ benefits.

Mercer acted as employee benefits consultant and led the transaction. 

Just Group used its in-house legal team, while DLA Piper advised the trustees.

Alma Goyanes-Payne, deal manager at Just Group, said: “Just Group’s price monitoring and bulk quotation service, Beacon, enabled by best-in-class technology and systems, was critical to the success of this buy-in. 

“We tracked the pricing and when the conditions were favourable we completed the transaction quickly. 

“It is evidence that even the smallest schemes can secure their members’ benefits through the insurance market.”

Goyanes-Payne added: “Just is committed to helping schemes of all sizes achieve their de-risking objectives and delivering an excellent member experience.”

Nestor Pascual, chair of trustees, said: “We are delighted to have secured the benefits of all members of the Philippine National Bank Retirement Benefits Scheme through this buy-in. 

“Partnering with Just Group and our advisers at Mercer has given us confidence that our members’ pensions are protected for the long term. 

“This transaction marks a significant milestone in our journey to ensure financial security and peace of mind for our members.”

Cristy Vicentina, managing director at Philippine National Bank (Europe) plc, said: “Supporting our employees beyond their working years is a core value of Philippine National Bank. 

“Completing this buy-in with Just Group reflects our commitment to the welfare of our staff and retirees. 

“We are proud to have played a role in securing their future and grateful to all parties involved for making this possible.”

Rebecca Giles, risk transfer consultant at Mercer, said: “It has been our pleasure to support the Trustees with this transaction, which delivered a highly favourable outcome for all parties. 

“Through thorough preparation and collaboration, the Scheme successfully completed the deal via Just’s Beacon service, ahead of schedule.”