NatWest in talks to sell workplace pensions provider Cushon

NatWest Group is looking to offload Cushon, the workplace pensions supplier it acquired lone 2 years ago, arsenic its main enforcement refocuses 1 of Britain's biggest precocious thoroughfare banks connected its halfway strategical priorities.

Sky News has learnt that NatWest is moving with advisers connected a merchantability of Cushon, for which it paid £144m successful speech for a controlling stake.

City sources said the slope was successful elaborate talks with a fig of imaginable buyers of the business.

Cushon offers workplace pension products arsenic good arsenic a scope of workplace ISAs, including Junior ISAs, Lifetime ISAs and General Investment Accounts.

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NatWest's acquisition of the concern was aimed astatine diversifying its non-interest income by offering Cushon's products to the bank's commercialized and concern banking customers.

Cushon serves astir 650,000 members crossed astir 21,000 employers.

Its maestro spot offering has adjacent to £3bn of assets nether absorption and administration, with £17.4m successful gross generated from this country past twelvemonth - 97% of Cushon's full revenues.

NatWest owns an 85% involvement successful Cushon, with the remainder held by the subsidiary's management.

A marketplace root said that Cushon had drawn involvement from a important fig of strategical players successful the pensions marketplace amid a increasing propulsion for consolidation.

The authorities announced large pensions reforms this twelvemonth aimed astatine driving greater standard and reducing unnecessary bureaucratic expenses, with a presumption to defined publication schemes managing astatine slightest £25 cardinal successful assets by 2030.

A disposal of Cushon would bespeak the strategical priorities of Paul Thwaite, NatWest's main executive, which see a bank-wide simplification programme and much progressive equilibrium expanse and hazard management.

Under Mr Thwaite, NatWest has considered a tiny fig of larger-scale acquisitions, including that of Santander UK.

That woody did not advancement due to the fact that of NatWest's determination to wage a terms that would beryllium deemed charismatic by its shareholders.

NatWest returned to afloat backstage ownership earlier this twelvemonth erstwhile the authorities sold the past of the shares it acquired arsenic portion of the £45.5bn rescue successful 2008 of what was past Royal Bank of Scotland.

A NatWest Group spokesperson said: "We bash not remark connected speculation.

"Our absorption remains connected delivering for our customers."