Workers Pension Trust and Cushon:

The Trustee of Workers Pension Trust (WPT) have worked with The Pensions Regulator to approve a consolidation of WPT into Cushon Master Trust. The Trustee believe that this exciting consolidation will increase benefits for all members, including access to Cushon technology, and improve member outcomes with better long-term value.

The Trustee will be writing to Employers and Members to outline the process involved in the consolidation so keep an eye out for important communications arriving from WPT over the next few months or contact the scheme to add your email address if you haven’t already.

Background:

The Funder of Workers Pension Trust (WPT), Construction First Limited (CFL), was purchased by Cushon Master Trust (CMT) on 01 June 2021. In November 2021, CFL changed its name to Cushon MTNI Limited.

The Trustee approved this acquisition by Cushon because of their holistic approach to workplace savings, market leading technology propositions, experience as an approved Scheme Funder of Cushon Master Trust and the extensive experience of their senior management team.

In December 2022, Cushon proposed to wind up WPT.

The WPT Trustee carried out a thorough assessment of this proposal and took legal and other professional advice, keeping The Pensions Regulator fully informed throughout the process. The aim of the assessment was to determine whether the Cushon proposal would benefit members.

The result of this assessment was that the WPT Trustee submitted a plan to merge into Cushon Master Trust which The Pensions Regulator have thoroughly reviewed and approved.

The Trustee supports the merger of WPT with Cushon Master Trust because of the benefits it will have on members including:

• Member access to the Cushon app - with access to the Cushon technology platform, members will be able to manage their pension in the same way they expect to manage so many other aspects of their lives today – through an easy-to-use app.
• Opportunities to invest sustainably – at first, there will be no change to the way members’ pension savings are invested. However, it is anticipated in the future, that they will be switched to a Cushon Sustainable Investment Strategy, so they can save for their future as well as doing good for the future of the planet. 
• Better long-term value - 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 that aim to drive better outcomes, like helping members to meet their retirement goals through better engagement that is designed to foster long-term financial well-being.

As of 2023, Cushon has over 530,000 customers, £1.8billion of pension savings and it collects £400million of annual contributions. Cushon works with over 22,000 employers and is the fifth largest Master Trust pension provider in the UK.

The Trustee of WPT is excited to bring members the news of this consolidation.