Press releases
Cushon extends its workplace savings proposition by acquiring Salvus Master Trust
Cushon is the first provider with a fully rounded digital wealth savings proposition in workplace
Following the acquisition Cushonhas over 70,000 customers and c£200m assets under management
Cushon are developing a ‘next generation’ pensions proposition underpinned by its market leading tech
The savings of existing members of the Salvus Master Trust will continue to be safe and secure and members will benefit from the advancements in technology
Published on 1st April 2020
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2 min read
Cushon, the Fintech business focused on workplace savings, has acquired Salvus Master Trust for an undisclosed sum. This is the first authorised master trust to be acquired following the introduction of The Pension Regulator’s master trust authorisation regime, which saw the number of master trusts fall from 90 to 38 as the regulatory bar was raised.
Cushon launched its workplace savings platform in 2017 and has already secured over 100 large employers who promote its platform to encourage healthy savings habits with the convenience of saving directly from pay. Cushon’s current proposition is geared around Individual Savings Accounts (ISAs) which are increasingly seen as an attractive adjunct to pensions as millennials prioritise savings for their first home and higher earners are impacted by the reduced annual and lifetime pension allowances.
Latest research from Cushon shows that almost three quarters (73.2%) of respondents agree that workplace savings shouldn’t just be about pensions – they should include other savings options, such as ISAs. And nine in ten (89.6%) expressed interest in exploring a “sidecar” model for their pension scheme – a workplace ISA running alongside their pension scheme.
The appetite for this kind of approach to workplace savings among employers is clear and still more innovation is needed. In the same research, nearly two-thirds (65.2%) of respondents believe that pension providers aren’t doing enough to introduce new and progressive products.
Our corporate clients have been telling us they want to see more innovation with workplace savings and to make pensions more engaging, much like we have been doing with the Cushon workplace ISA platform. We now intend to use our tech to help Employee Benefit Consultants and their clients better engage with employees and to make pensions more engaging.
Ben Pollard, Founder and CEO of Cushon
This deal will take Salvus to the next level and I look forward to working with Cushon and developing the technology so that Salvus employers and members alike can benefit from the fintech revolution.
Steve Goddard, Founder of Salvus
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