The pensions large WTW is in talks to purchase the office retirement schemes platform owned by NatWest Group, the FTSE-100 lender.
The worth below negotiation was unclear on Friday.
Cushon manages property price £3.7bn, based on the newest figures offered by NatWest, which purchased a controlling stake within the enterprise for £144m two years in the past.
The pensions enterprise serves roughly 650,000 members throughout roughly 21,000 employers.
NatWest owns an 85% stake in Cushon, with the rest held by the subsidiary’s administration.
For NatWest, a sale would replicate chief Paul Thwaite‘s willpower to refocus the financial institution – which shed the final vestiges of taxpayer possession earlier this yr – on its core strategic priorities.
These embrace a bank-wide simplification programme and extra energetic stability sheet and danger administration.
Cushon presents office pension merchandise in addition to a spread of office ISAs, together with Junior ISAs, Lifetime ISAs and Basic Funding Accounts.
NatWest’s acquisition of the enterprise was geared toward diversifying its non-interest earnings by providing Cushon’s merchandise to the financial institution’s industrial and enterprise banking clients.
The federal government introduced main pensions reforms this yr geared toward driving better scale and decreasing pointless bureaucratic bills, with a view to outlined contribution schemes managing at the very least £25bn in property by 2030.
Chancellor Rachel Reeves this week hit wage sacrifice pension schemes with a multibillion pound tax raid, which has brought about uproar throughout the business.
NatWest and WTW have each been contacted for remark.
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