Lazard has been appointed by NatWest to offload workplace pension business Cushon, according to people familiar with the situation.

NatWest bought 85% of Cushon for £144m in 2023. At the time, it had nearly £2bn in assets across half a million customers, mainly in workplace ISAs and master trust pensions. That has since grown to 650,000 members and nearly £3bn in assets.