Saturday 11 October 2025 1:07 pm
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Saturday 11 October 2025 1:08 pm
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Legal & General is reported to be eying Natwest’s pension provider.
Legal & General is eying a bid for Natwest’s pension provider Cushon as the financial services giant looks to beef up its segment in the retirement market.
The FTSE 100 giant is among a handful of potential buyers who have expressed interest in acquiring Cushon.
Such a deal with Legal & General would thrust the firm to over £36.5bn in assets, making it the largest commercial master trust in the UK.
The interest in Cushon, as reported by Sky News, includes “significant” competition with the pension business currently serving around 650,000 members.
Natwest owns an 85 per cent stake in Cushon. The remaining stake is held by the business’ management.
According to latest figures from Natwest, the subsidiary manages the over £3.7bn in assets.
The business specialises in workplace pension products but also offeres a range of ISAs, including junior and lifetime ISAs and more general investment accounts.
Read more
Natwest in talks to sell pension provider Cushon
Sale of Cushon drives Natwest chief’s strategy
The sale of Cushon would come at a time where Natwest chief Paul Thwaite looks to overhaul the group with a simplification programme. Thwaite’s plans involve realigning the bank on its core operations and targetting a more active balance sheet.
Earlier this year, the firm re-entered private ownership following the Treasury selling its final stake in the group – closing a chapter beginning in the fallout of the financial crisis.
A NatWest Group spokesperson declined to comment to Sky on the talks with Legal & General but had previously said in relation to an auction of Cushon: “We do not comment on speculation.
“Our focus remains on delivering for our customers.”
Legal & General laid out plans to bulk up its asset management arm, which oversees £1.1 trillion in assets, earlier this year.
The business set out targets for the coming year to notch over £500m in operating profit. If successful, this would mark a sharp jump from £400m in 2024.
Eric Alder, the chief executive of Legal & General’s asset management division, said: “Asset management’s synergistic relationship with the broader L&G Group provides a structural advantage as global demand accelerates for sophisticated investment solutions.”
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UK pension provider looks to launch defined benefit superfund
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