Cushon, the fintech workplace savings provider who recently pioneered the world’s first Net Zero Now pension, has announced that it’s actively seeking to acquire other Master Trusts and other pension focused businesses.
This announcement follows their acquisition of the Salvus Master Trust (recently renamed the Cushon Master Trust) in April last year which saw Cushon springboard into the pensions market. The technology that made them a market leader in workplace savings, is now the driving force behind their app-first, Net Zero Now pension with more innovation in the pipeline. And now they’re looking to expand the business to reach more customers faster.
Cushon have already begun a review of the market to identify candidates and are exploring a number of opportunities.
Ben Pollard, Founder and CEO, said: “With a 70% growth in assets under management since completion, the Salvus acquisition has been a real success story for Cushon and this has prompted a strong appetite for further deals – big or small.
“Our strategy is very clear; we’ve developed a market-leading pensions proposition and we want as many people as possible to benefit from our tech and at the same time help tackle climate change. We are agnostic about how those people become customers – organically or by acquisition, we don’t mind either way – the more the merrier!”
There are currently 37 Master Trusts (including the Cushon Master Trust) authorised by the Pensions Regulator, which is down from the 90 schemes that existed before the authorisation process started. There is an industry-wide expectation that there will be further consolidation and Cushon are looking to catalyse this.
Ben Pollard said: “We are reaching out to all of the other Master Trusts: if you are thinking about your options and think your members would benefit from an app-first experience that helps the fight on climate change, we would love to talk to you.”
Cushon was founded by Ben Pollard and Phil Hollingdale and is chaired by Duncan Howarth the previous CEO of UK Employee Benefits and International Chairman, Employee Benefits at JLT.