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Cushon confirms it has a clear path to achieving scale

Cushon, the workplace pensions business of the NatWest group, has welcomed the findings of the government’s final report covering the Pensions Investment Review.

Words by: Press comment

Published on 3rd June 2025

3 min read

PRESS RELEASE: 29th MAY 2025

The government has made it clear it wants to see a more consolidated industry with more Master Trusts operating at megafund level.

We have a clear path to achieving the scale threshold through a combination of continued organic growth and inorganic activity.

Around 1-in-4 businesses across the UK bank with NatWest – that's over 1.3 million companies. As well as continuing to grow organically through this channel and others such as employee benefit consultants, we want to facilitate consolidation of the existing pensions industry. The government’s report provides a clear direction to the industry to get to the target scale. Our technology and customer-experience are market-leading, and we have a proven track record in acquisitions, mergers and migrations.

Ben Pollard, CEO, Cushon, commenting on Cushon’s plans for 2030 and beyond.

Cushon acquired the Workers Pension Trust, a leading auto-enrolment trust in Northern Ireland, in 2021. It then successfully worked with The Pensions Regulator to consolidate the scheme into the Cushon Master Trust. This was the first ever merger of two master trusts and has created an industry blueprint for future master trust consolidation.

In addition to the first ever merger of two master trusts, we have over the past 2 years, successfully migrated nearly 7,000 employers and 230,000 pension savers to our tech.

Ben Pollard, CEO, Cushon

The power of NatWest

The pensions market is looking at sustainable, structural, long-term growth and Cushon is well positioned to capture this growth. The recent Mansion House Accord, of which Cushon is a signatory, has demonstrated the crucial role the market plays in the country’s economic future.

Cushon is a market-leader in both the experience it delivers to its customers, and in its ability to consolidate and grow. The growth strategy of the business is further amplified by access to the full scale and breadth of the NatWest Group, including the UK’s leading commercial bank.

Kristina Spasic, MD, Customer & Growth, Wealth Businesses, NatWest Group

In August 2024, Cushon became Cushon after NatWest Group acquired the fintech in June 2023. The name represents the fact that it offers its customers the best of both worlds: the peace of mind you’d expect from one of the UK’s largest banking groups, and the tech-led experience and innovation you expect from a great British fintech.

For more information, contact:

Tom Ellis, PR Director, the lang cat

T: 07840 848358

Email: tomellis@thelangcat.co.uk

About Cushon

Cushon is a fintech using its leading financial technology to engage savers and empower them to build a better financial future.

Cushon offers pension and savings products via a mobile app that provides a personalised experience, making it easy for customers to manage their money and invest in a way that aligns with their personal goals and beliefs.

With a solution that integrates with payroll and benefit platforms, Cushon's products are delivered via the workplace to reach as many savers as possible with £3bn currently invested. More than 21,000 employers and 650,000 savers currently use Cushon to help enhance the financial wellbeing of their workforce by providing employees with a simple and convenient way to save into pensions, ISAs and other products direct from pay.

Cushon is the trading name of Cushon Group Limited.

Cushon confirms it has a clear path to achieving scale

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