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

Written by Callum Conway

01/09/2025

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

The transaction, completed in June 2025, secures the benefits of all the scheme's members, which is sponsored by the London-based Philippine National Bank (Europe) plc.

Mercer acted as employee benefits consultant and lead broker on the deal, with Just Group using in-house legal support, and the trustees receiving legal advice from DLA Piper.

Commenting on the deal, Philippine National Bank (Europe) plc managing director, Cristy Vicentina, said that supporting its employees beyond their working years was a "core value" of the Philippine National Bank.

She continued that completing the buy-in with Just Group reflected the firm's commitment to the welfare of its staff and retirees, and she was "proud" to have played a role in securing their future and "grateful" to all parties involved for making it possible.

Chair of trustees, Nestor Pascual, added: “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," she said, describing the transaction as a "significant milestone" in the fund's journey to ensure financial security and peace of mind for its members.

Also commenting on the transaction, Just Group deal manager, Alma Goyanes-Payne, claimed that Beacon, the firm's price monitoring and bulk quotation service, was "critical" to the success of the buy-in.

"We tracked the pricing and when the conditions were favourable, we completed the transaction quickly," she explained, adding that the transaction was "evidence" that even the smallest schemes can secure their members’ benefits through the insurance market.

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

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