Cushon acquires WPT master trust

Cushon has acquired Construction First Limited, scheme sponsor of the Workers Pension Trust (WPT), an auto-enrolment master trust in Northern Ireland that supports over 5,000 employers and around 110,000 employees, with investments totalling more than £330m.

The acquisition was made possible thanks to a now closed overall funding round of £26m, which included a £6m equity raise lead by Augmentum Fintech, and a further £20m in credit facility committed from AshGrove Capital.

Cushon previously acquired the Salvus Master trust in 2020 for an undisclosed sum, with this latest deal bringing the provider’s overall assets under management to £740m and total members to over 200,000.

Commenting on the news, Cushon CEO, Ben Pollard, 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.”

Construction First Limited managing director, Declan McErlean, added: “We are delighted to be joining the Cushon Group. Workers Pension Trust employers and members alike will benefit from the investment, technology, and innovation that Cushon brings to workplace savings.

“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.”

    Share Story:

Recent Stories


Are current roads into retirement delivering member value?
Laura Blows explores HSBC Master Trust’s recent report, Converting pension pots into incomes, with HSBC Retirement Services CEO, Alison Hatcher.

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

Pension portfolios – the role of asset-backed securities
Laura Blows is joined by Royal London Asset Management (RLAM) head of sterling credit research, Martin Foden, and its Senior Fund Manager, Shalin Shah to discuss the role of asset-backed securities (ABS) within pension fund portfolios
Incorporating ESG into fixed income
Laura Blows is joined by TCW head of fixed income ESG, Jamie Franco, to discuss incorporating environmental, social and governance (ESG) strategies into fixed income portfolios