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NatWest Group PLC is looking to sell Cushon, the workplace pensions provider it bought two years ago, Sky News reported on Friday. Sky News said the Edinburgh-based bank is working with advisers on a sale of Cushon, for which it paid £144 million for a controlling stake in. Sky sources said the bank was in ‘detailed talks’ with ‘a number of potential buyers’. Cushon offers workplace pension products as well as a range of workplace individual savings accounts. It serves 650,000 members across around 21,000 employers. Sky News said its master trust offering has close to £3 billion of assets under management and administration. NatWest holds an 85% stake in Cushon, while the rest is held by the subsidiary’s management. ‘A market source said that Cushon had drawn interest from a significant number of strategic players in the pensions market amid a growing push for consolidation,’ Sky News reported. The disposal would reflect the priorities of Chief Executive Paul Thwaite, which includes a simplification programme and more active balance sheet and risk management. A NatWest Group spokesperson said: ‘We do not comment on speculation. Our focus remains on delivering for our customers.’ Shares in NatWest were down 3.0% at 509.91 pence in London on Friday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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