Workers Pension Trust consolidated into Cushon Master Trust

Cushon announces that the consolidation of the Workers Pension Trust (WPT) into Cushon Master Trust has been completed. This is the first time, since the master trust authorisation regime was introduced, that an intra-group merger of an acquired master trust into another has been completed under Continuity Option 1 of the Pensions Schemes Act 2017, following approval to proceed by the Pension Regulator (TPR) in June 2023.

Merging WPT into the Cushon Master Trust is the first key step to fully consolidating members and providing them access to the Cushon mobile app. This will give members a modern and convenient way to connect with their pension savings, leading to better outcomes in later life.

In 2021, Cushon acquired the Salvus Master Trust which became the Cushon Master Trust. The acquisition of WPT in June 2021 was followed by the acquisition of Creative Pension Trust in January 2022. The merger of WPT into the Cushon Master Trust is an important step in achieving industry consolidation and scale as Cushon continues to identify future acquisition opportunities in the next 12-24 months.

WPT was the leading auto-enrolment master trust in Northern Ireland where it supported over 5,000 employers and more than 138,000 employees with pension investments of more than £330m. 

Since its acquisition in 2021, WPT Master Trust has operated separately, with independent trustee boards. Following the merger, WPT assets and members are now part of the larger Cushon Master Trust under the governance of its board of trustees. 

In the next 12 months, members previously with WPT will be migrated on to the Cushon tech platform, giving them access to the Cushon mobile app. A review by the Cushon Master Trust trustees of these members’ default and self-select funds is also underway.  

Roger Mattingly, Chair of the Cushon Master Trust said:

“The merger of WPT into Cushon Master Trust is a first step on the consolidation journey. By consolidating two large workplace pension arrangements, the resources and financial support available to the Cushon Master Trust grows. This gives the Board of Trustees new opportunities to add value, with the aim of driving better outcomes.  

Members will not see immediate changes. However, as they are migrated to the Cushon platform in the coming months, they will gain access to Cushon’s app. Following the current review of the default and self-select funds, we anticipate that in the future, the WPT investments will likely switch to the Cushon Sustainable Investment Strategy.” 

 

Ben Pollard, Founder and CEO of Cushon said:

“Cushon is walking the walk when it comes to consolidation. In just over three years we have acquired three master trusts. Acquiring master trusts is only the first step in the consolidation journey.

The real win is merging them to create greater scale which is a good thing for pension savers. This merger is the first of its kind and with it Cushon is creating the blueprint for further industry consolidation.”