Workplace pension and savings fintech Cushon announced as latest member of Association of British Insurers (ABI)
Workplace pension and savings fintech Cushon has become the latest member of the Association of British Insurers (ABI) during a pivotal period of pension reform including the Chancellor’s recent Autumn Statement announcement aimed at unlocking investment in high-growth companies and improving member outcomes.
Cushon’s workplace pension and savings products engage savers and empower them to build a better financial future. Cushon offers a range of workplace ISAs, including the Lifetime ISA, and a pension which engages members through its innovative app. It’s also helping lead the charge in the pensions industry towards Net Zero. The Cushon Master Trust recently announced its target for its main default fund, to achieve a total 80% reduction in Scope 1 and 2 carbon emissions by 30th September 2030, compared to its independently verified 2022 benchmark. With one of the largest allocations in the Master Trust sector to private markets, Cushon is also a signatory to the Mansion House Compact.
Formed in 1985, the ABI is the voice of the insurance and long-term savings industry representing more than 300 firms who manage investments of £1.5 trillion. Cushon see the ABI’s work with Government, regulators and other stakeholders as critical, especially at the moment when there is so much regulatory change planned. In becoming a member of the ABI, Cushon aims to bring its expertise in areas such as decarbonisation and private markets to add to the great work the ABI is already doing.
Yvonne Braun, Director of Long-Term Savings at the ABI, says: “We’re delighted to welcome Cushon to the ABI and look forward enormously to working closely together.
From supporting savers with understanding their retirement needs, to leveraging private markets to deliver results for savers and help boost economic growth, Cushon’s expertise will be a great addition to our membership.”
Steve Watson, Director of Policy & Research at Cushon, says: “The pensions industry is at a pivotal moment and it’s vital that all major providers combine their voice to ensure change that delivers the best outcomes for savers. Industry bodies such as the ABI are crucial to this.
“Cushon continues to sponsor the joint PLSA/ABI annual Pay Your Pension Some Attention campaign to boost understanding and engagement around pensions. This is a great example of industry bodies and providers coming together to improve pensions.
“Cushon is one of the leading voices in areas including embracing the potential of private markets, decarbonisation and enhancing member engagement and we look forward to adding our expertise in these areas to the vital work the ABI does on behalf of the industry and savers.”
In October, the Cushon Master Trust announced its target to achieve an 80% reduction in scope 1 and 2 carbon emissions financed in its default fund by September 2030 compared to its independently verified benchmark of 118 tCO2e/$m invested. And in November, the fintech became the latest signatory to the Mansion House Compact, a voluntary expression of intent by DC pension funds to allocate at least 5% of their assets under management to unlisted equities by 2030.
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