19th Sep 2025 15:21
(Alliance News) - 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 GBP144 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 GBP3 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.
By Michael Hennessey, Alliance News reporter
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