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\t\tLegal & General is reported to be eying Natwest\u2019s pension provider.\t<\/p>\n\t\t\tSaturday 11 October 2025 1:07 pm
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\t\t\tSaturday 11 October 2025 1:08 pm\n\t<\/p>\n
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\t\tLegal & General is reported to be eying Natwest\u2019s pension provider.\t<\/p>\n
Legal & General is eying a bid for Natwest\u2019s pension provider Cushon as the financial services giant looks to beef up its segment in the retirement market.<\/a><\/p>\n The FTSE 100 giant<\/a> is among a handful of potential buyers who have expressed interest in acquiring Cushon.<\/p>\n Such a deal with Legal & General would thrust the firm to over \u00a336.5bn in assets, making it the largest commercial master trust in the UK.<\/p>\n The interest in Cushon, as reported by Sky News<\/a>, includes \u201csignificant\u201d competition with the pension business currently serving around 650,000 members.<\/p>\n Natwest owns an 85 per cent stake in Cushon. The remaining stake is held by the business\u2019 management.<\/p>\n According to latest figures from Natwest, the subsidiary manages the over \u00a33.7bn in assets.<\/p>\n The business specialises in workplace pension products but also offeres a range of ISAs, including junior and lifetime ISAs and more general investment accounts.<\/p>\n \t\t\t\t\tRead more<\/p>\n \t\t\tNatwest in talks to sell pension provider Cushon<\/a><\/p>\n \tSale of Cushon drives Natwest chief\u2019s strategy<\/p>\n The sale of Cushon would come at a time where Natwest chief Paul Thwaite looks to overhaul the group with a simplification programme. Thwaite\u2019s plans involve realigning the bank on its core operations and targetting a more active balance sheet.<\/p>\n Earlier this year, the firm re-entered private ownership following the Treasury selling its final stake in the group \u2013 closing a chapter beginning in the fallout of the financial crisis.<\/a><\/p>\n 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: \u201cWe do not comment on speculation.<\/p>\n \u201cOur focus remains on delivering for our customers.\u201d<\/p>\n