Legal & General is reported to be eying Natwest’s pension provider.

Legal & General is eying a bid for Natwest’s pension provider Cushon as the financial services giant looks to beef up its segment in the retirement market.

The FTSE 100 giant is among a handful of potential buyers who have expressed interest in acquiring Cushon.

Such a deal with Legal & General would thrust the firm to over £36.5bn in assets, making it the largest commercial master trust in the UK.

The interest in Cushon, as reported by Sky News , includes “significant” competition with the pension business currently serving around 650,000 members.

Natwest owns an 85 per cent stake in Cushon. The remaining stake is held by the business’ management.

According to latest figures from Natwest, the subsidiary manages

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