Natwest has announced plans to acquire an 85 per cent shareholding of workplace savings and pensions fintech, Cushon, with 15 per cent to be retained by Cushon management.

The proposed acquisition, which is subject to regulatory approval and expected to complete in "late 2023", was highlighted by Natwest as its first opportunity to offer commercial customers and their employees a suite of financial wellbeing products.

Under the deal, the master trust workplace pension and other workplace savings would work alongside Natwest Group’s already established proposition offered to commercial customers, including a variety of borrowing and financing options.

Announcing the plans, Natwest stressed the need for employers to be equipped with the best tools in order to serve their workforce, with the acquisition the latest in a number of financial wellbeing-focused updates from Natwest Group.

Natwest wealth businesses chief executive, Peter Flavel, stated: “Cushon’s disruptive proposition will help NatWest Group achieve its strategic, purpose-led vision of helping customers save for the future and manage their financial wellbeing.

"On average, UK employees are due to outlive their savings by 10 years and we are committed to helping reduce this savings gap.

“We believe Cushon’s engaging, app-first pension will help customers by moving their pension and workplace savings schemes from a compliance burden to an employee benefit.”

Adding to this, Cushon co-founder and CEO, Ben Pollard, stated: “This is the next exciting chapter for a great British fintech as we join forces with a great British bank. Becoming part of NatWest Group will accelerate our plans for further technology-led innovation to improve the UK's financial wellbeing.

“Together, we look forward to driving more positive change in workplace savings and pensions.

"Cushon’s cutting edge technology and socially responsible investment funds will allow even more UK savers to benefit from a convenient, great value way to save; and understand the positive impact their life-long savings can have on issues that matter, such as climate change.”

CMS, which advised NatWest Group on the acquisition, corporate partner, Emma Clark, added: "We are delighted to have worked with our long-standing client NatWest, and to have supported such a strategically important transaction for the bank.”

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