NatWest looking to offload workplace pensions provider Cushon - report
By Michele Maatouk
Date: Friday 19 Sep 2025
(Sharecast News) - NatWest is reportedly looking to offload Cushon, the workplace pensions provider it bought only two years ago.
According to Sky News, NatWest is working with advisers on a sale of Cushon, for which it paid £144m in exchange for a controlling stake.
City sources told Sky the bank was in detailed talks with a number of potential buyers of the business.
Cushon offers workplace pension products as well as a range of workplace ISAs, including Junior ISAs, Lifetime ISAs and General Investment Accounts.
NatWest's acquisition of the business was aimed at diversifying its non-interest income by offering Cushon's products to the bank's commercial and business banking customers.
Cushon serves roughly 650,000 members across approximately 21,000 employers.
Its master trust offering has close to £3bn of assets under management and administration, with £17.4m in revenue generated from this area last year - 97% of Cushon's total revenues, Sky said.
NatWest owns an 85% stake in Cushon, with the remainder held by the subsidiary's management.
A market source told Sky that Cushon had drawn interest from a significant number of strategic players in the pensions market amid a growing push for consolidation.
A NatWest Group spokesperson told Sky: "We do not comment on speculation.
"Our focus remains on delivering for our customers."
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