Workplace savings fintech firm Cushon has acquired financial services business Creative’s workplace pension scheme.
This is Cushon’s third workplace pension acquisition in two years, in line with regulatory goals to drive further consolidation in the market. With the addition of the 14,500 additional employers under Creative’s pension trust, this makes Cushon the fifth largest master trust pension provider in the UK, with its total customers figure now reaching 400,000.
According to Cushon, this is another key milestone in its journey to make a difference to society and deliver a better financial future for everyone. The acquisition, which is subject to regulatory approval, was supported by a fundraising round that was raised entirely from existing investors.
Cushon said the deal would enable savers to benefit from its digital experience and its net zero, sustainable pension.
Ben Pollard, chief executive and founder of Cushon, said that the acquisition of Creative not only doubled the reach of its app-first climate-friendly pension, but also incorporates the “talent, expertise and credibility” of the Creative business.
“This is another momentous step on our journey to ensure millions of people across the UK have the ability to access innovative workplace savings solutions in the palm of their hand, together with a right to feel optimistic for the future they are helping to build via their investments,” he said.
Creative chief executive Sally Webbe said she believes joining the Cushon group will allow the business to ensure its customers’ interests are both considered and protected.
“Our employers and customers alike will benefit from Cushon’s wider workplace savings offering and its innovative, technology-led approach that is unlike any other workplace savings provider in the market. We are excited to become a part of the Cushon Group, enhancing the offering for both our employers and customers and using market-leading innovation to improve engagement with pensions,” she said.