WTW in talks to buy NatWest pensions unit Cushon

The pensions elephantine WTW is successful talks to bargain the workplace status schemes level owned by NatWest Group, the FTSE-100 lender.

Sky News has learnt that WTW - formerly known arsenic Willis Towers Watson - has emerged arsenic the frontrunner to bargain Cushon from NatWest pursuing an auction which attracted respective starring manufacture names.

The terms nether dialog was unclear connected Friday.

Cushon manages assets worthy £3.7bn, according to the latest figures provided by NatWest, which bought a controlling involvement successful the concern for £144m 2 years ago.

The pensions business serves astir 650,000 members crossed astir 21,000 employers.

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

For NatWest, a merchantability would bespeak main Paul Thwaite's determination to refocus the slope - which shed the past vestiges of payer ownership earlier this twelvemonth - connected its halfway strategical priorities.

These see a bank-wide simplification programme and much progressive equilibrium expanse and hazard management.

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.

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.

Chancellor Rachel Reeves this week hit wage sacrifice pension schemes with a multibillion lb taxation raid, which has caused uproar wrong the industry.

NatWest and WTW person some been contacted for comment.