Philippine National Bank has completed a £1m bulk purchase annuity buy-in with Just Group.
The scheme is sponsored by Philippine National Bank (Europe) plc, the London-based entity of Philippine National Bank which is dedicated to serving the Filipino community in the UK.
The transaction, completed in June 2025, insures the benefits of all members of the scheme.
“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,” said Nestor Pascual, Chair of Trustees.
“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. Just is committed to helping schemes of all sizes achieve their de-risking objectives and delivering an excellent member experience,” added Alma Goyanes-Payne, Deal Manager at Just Group.
Mercer was employee benefits consultant and lead broker on the transaction, Just Group used in-house legal support with legal advice provided to the trustees by DLA Piper.
“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,” said Rebecca Giles, Risk Transfer Consultant at Mercer.
