On the go: Pension provider Cushon has acquired the Workers Pension Trust, a master trust in Northern Ireland, after raising £26m in a funding round.
Cushon acquired Construction First Limited, scheme funder of the Workers Pension Trust, used for auto-enrolment purposes by more than 5,000 employers. The master trust has more than 110,000 members and assets under management worth £330m.
In 2020, Cushon acquired the Salvus master trust, with the latest deal bringing the provider’s assets under management to £740m and total members to more than 200,000 people.
Cushon’s latest acquisition was made possible after a funding round, which included a £6m equity raise from Augmentum Fintech, and a further £20m credit facility from AshGrove Capital, with the goal to ensure the provider is well positioned for further acquisitions and consolidation of other master trusts.
Ben Pollard, chief executive of Cushon, said: “Following our entry into the pensions market last year, and launch of the world’s first net-zero pension, we’ve been keen to bring our unique technology-led proposition to as many employees as we can, as quickly as we can.
“This raise has the right balance of lending and equity to enable us to do just that. We are delighted to welcome the team at WPT to our expanding family and to have the support of such experienced investors to help us continue on our journey.”
Declan McErlean, managing director of Construction First Limited, noted that the Workers Pension Trust employers and members alike “will benefit from the investment, technology, and innovation that Cushon brings to workplace savings”.
He added: “Cushon is a natural fit for our members and employers. We believe this acquisition will allow us to enhance the employer experience and improve member outcomes.”
