The pensions big WTW is in talks to purchase the office retirement schemes platform owned by NatWest Group, the FTSE-100 lender.
The worth beneath negotiation was unclear on Friday.
Cushon manages belongings price £3.7bn, in response to the most recent figures supplied by NatWest, which purchased a controlling stake within the enterprise for £144m two years in the past.
The pensions enterprise serves roughly 650,000 members throughout roughly 21,000 employers.
NatWest owns an 85% stake in Cushon, with the rest held by the subsidiary’s administration.
For NatWest, a sale would mirror chief Paul Thwaite’s willpower to refocus the financial institution – which shed the final vestiges of taxpayer possession earlier this yr – on its core strategic priorities.
These embrace a bank-wide simplification programme and extra lively stability sheet and threat administration.
Cushon presents office pension merchandise in addition to a spread of office ISAs, together with Junior ISAs, Lifetime ISAs and Normal Funding Accounts.
NatWest’s acquisition of the enterprise was aimed toward diversifying its non-interest revenue by providing Cushon’s merchandise to the financial institution’s business and enterprise banking prospects.
The federal government introduced main pensions reforms this yr aimed toward driving higher scale and lowering pointless bureaucratic bills, with a view to outlined contribution schemes managing no less than £25 billion in belongings by 2030.
Chancellor Rachel Reeves this week hit wage sacrifice pension schemes with a multibillion pound tax raid, which has precipitated uproar inside the business.
NatWest and WTW have each been contacted for remark.
