The pensions giant WTW is in talks to buy the workplace retirement schemes platform owned by NatWest Group, the FTSE-100 lender.<\/p>\n
Sky News has learnt that WTW – formerly known as Willis Towers Watson – has emerged as the frontrunner to buy Cushon from NatWest<\/a> following an auction which attracted several leading industry names.<\/p>\n The price under negotiation was unclear on Friday.<\/p>\n Cushon manages assets worth \u00a33.7bn, according to the latest figures provided by NatWest, which bought a controlling stake in the business for \u00a3144m two years ago.<\/p>\n The pensions business<\/a> serves roughly 650,000 members across approximately 21,000 employers.<\/p>\n NatWest owns an 85% stake in Cushon, with the remainder held by the subsidiary’s management.<\/p>\n For NatWest, a sale would reflect chief Paul Thwaite<\/a>‘s determination to refocus the bank – which shed the last vestiges of taxpayer ownership earlier this year – on its core strategic priorities.<\/p>\n These include a bank-wide simplification programme and more active balance sheet and risk management.<\/p>\n Cushon offers workplace pension products as well as a range of workplace ISAs, including Junior ISAs, Lifetime ISAs and General Investment Accounts.<\/p>\n Read more from Sky News:
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