# Cushon Master Trust

Cushon Master Trust is a Pension Fund based in London, United Kingdom.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** London, United Kingdom
- **Region:** Europe
- **Address:** London, United Kingdom
- **Assets under management:** Undisclosed
- **Website:** cushon.co.uk

## Regulatory record

- **Reports private funds:** No

## About

Cushon Master Trust operates as a regulated multi-employer pension scheme designed to consolidate workplace D.C. pots and push member capital into unconventional asset classes. Founded by Ben Pollard, the trust became majority-owned by NatWest Group in 2023 and is now in the process of rebranding as NatWest Cushon. In December 2025, WTW (Willis Towers Watson) announced an agreement to acquire the master trust from NatWest, a transaction that would place one of the UK's most distinctive pension innovators inside a global advisory and administration firm. The trust's default investment strategy embeds allocations to venture capital, natural capital, renewable energy infrastructure, and social housing. Confirmed portfolio holdings include the Whitehouse Park affordable housing development in Milton Keynes, a low-carbon farming project in Bury St Edmunds, and renewable energy infrastructure across the UK and Europe. The trust acts as a direct institutional investor into these assets rather than relying solely on fund-of-fund layers, a posture that gives its corporate sponsors and pension members exposure to illiquidity premia typically reserved for defined-benefit schemes or endowments. Cushon is a signatory to the UN Principles for Responsible Investment, a member of the Institutional Investors Group on Climate Change, and a signatory to the Mansion House Compact — the UK government initiative to increase pension investment in private markets. The trust's board is chaired by Roger Mattingly, with Julius Pursaill serving as strategic adviser to the trustees. What structurally separates Cushon from peers is its technology stack and default-strategy design. Most UK master trusts default workers into passive equity and bond trackers. Cushon's defaults route contributions into a managed portfolio that includes private-market sleeves — an architecture that required FCA and TPR engagement on illiquidity management within daily-dealt D.C. structures. The WTW acquisition may standardise that approach across a much larger book of corporate clients.

## Sectors

- Real Estate
- Energy Transition & Renewables
- Infrastructure
- Venture Capital

## People

- Ben Pollard — Founder and CEO
- Roger Mattingly — Chair of the Board of Trustees
- Julius Pursaill — Strategic Adviser to the Trustees

## Questions

### How does Cushon's default investment strategy differ from a standard UK master trust?

Cushon's default fund allocates meaningfully to private markets — venture capital, renewable energy infrastructure, social housing, and natural capital — rather than the passive equity and bond glidepaths dominant in the UK master trust market. The trust manages illiquidity within the constraints of a daily-dealt D.C. structure, a design choice that distinguishes it from peers who limit private-market exposure to self-select funds. Holdings include direct stakes in projects such as the Whitehouse Park affordable housing development and the Bury St Edmunds low-carbon farming project.

### Who runs investment decisions at Cushon Master Trust?

Founder and CEO Ben Pollard leads the executive team. The board of trustees — chaired by Roger Mattingly, with Julius Pursaill as strategic adviser — provides governance oversight. Day-to-day investment strategy and manager selection sit with the executive team and its investment committee, while the trustee board holds fiduciary responsibility for member outcomes.

### How does Cushon source its private-market deals?

Cushon invests directly into private-market assets such as affordable housing developments, renewable energy infrastructure, and low-carbon farming projects, rather than aggregating exposure through fund-of-funds layers. The trust identifies opportunities through manager relationships, co-investment partnerships, and climate-aligned project origination networks. Its membership in the Institutional Investors Group on Climate Change and status as a Mansion House Compact signatory reinforce its access to institutional co-investment pipelines.

### Which sectors does Cushon explicitly avoid?

Cushon's strategy integrates ESG tilts across asset classes, but the trust has not published an explicit exclusion list for D.C. defaults. Its private-market holdings skew heavily toward climate-positive and social-impact assets, implying a de facto avoidance of fossil-fuel-linked infrastructure and speculative venture sectors misaligned with a long-horizon fiduciary mandate. The trust's UNPRI signatory status requires ongoing reporting on responsible investment integration across all exposures.

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- [Cumbria Pension Fund](https://altss.com/profile/cumbria-county-council-pension-fund)
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Last updated: 2026-08-11T02:43:31.692Z

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